EAM Solar reports H1 2025 loss amid relisting, legal costs

EAM Solar AS reported a net loss of €531,444 for the first half of 2025, with EBITDA at negative €120,681. These results reflect substantial legal costs of €226,730 and administrative expenses tied to its relisting on Euronext Growth and a 20:1 reverse share split, both completed in H1 2025. Revenues for the period were €595,708.

The company's liquidity remains challenged, particularly due to a €4.4m preliminary award in favor of UBI Leasing, which EAM has appealed. Power production for H1 2025 was 2,034 MWh, 24% below normal, attributed to reduced capacity from stolen PV modules. EAM has defined a civil legal strategy to recoup values lost from the P31 fraud and secured an agreement to acquire Energeia Italy Srl to reduce future operating costs.

Despite these challenges, EAM continues to pursue its legal strategy following the Supreme Court of Italy's decision on June 16, 2025, which upheld convictions against the State of Italy. The company intends to raise additional equity in the second half of 2025 to secure its going concern.