Ennogie, which sells solar roofing and energy systems, has defied declining revenues and reduced its deficit by cutting staff costs significantly, shows the company’s financial statement for the first quarter of 2025.
At the same time, Ennogie Solar Group is maintaining its guidance for 2025 of revenue in the range of DKK 55-62m (EUR 7.4-8.3m) and earnings before interest, taxes, depreciation, and amortization (EBITDA) of DKK 0-2m.
The solar company’s revenue fell by 14% in the first quarter to DKK 4.4m, mainly due to a decline of DKK 0.5m in sales in Denmark.
In the first quarter, Ennogie generated 94% of its sales in the German market, up from 85% in the first quarter of 2024 and 44% in the first quarter of 2023.
Order intake amounted to DKK 10.4m, which is slightly below the DKK 10.7m recorded in the first quarter last year.
At the end of the quarter, the order book was valued at DKK 29m.
Measured on an operating earnings, EBITDA improved to a loss of DKK 4.1m from a loss of DKK 5.4m, driven by staff cost cuts totalling DKK 2.3m, corresponding to a reduction of 39%.
Free cash flow improved significantly to DKK 0.6m from a loss of DKK 11.5m in the first quarter of last year.
English edit by Daniel Frank Christensen
