During the quarter, the company's 226 (200) solar PV installations produced a total of 59.0 (55.0) million kWh, an increase of 7.2% compared to the previous year. Through this, we have reduced carbon dioxide emissions by approximately 29,000 (27,000) tons. New contracts for an additional 6.3 (15.6) MW were signed during the quarter. Financially, the quarter showed sales of SEK 36.6 (46.3) million and a loss after financial items and tax of SEK -27.5 (-20.9) million. This quarter, the currency effect was SEK -0.5 (-1.8) million.

The quarter, in short
January 1st – March 31st

• As in the previous quarter, the adjusted electricity tariffs in Jiangsu and Anhui have had a negative impact on revenues in the period as expected. The effect of the lower electricity tariffs amounted to approximately SEK 3.9 million compared with the same period last year. Together with weaker solar radiation, a weaker currency and a higher proportion of sales directly to the network, this has resulted in lower revenues compared to the previous year. The tariff adjustments announced have now been implemented and further changes are not expected in the near future.
• The company installed a total of 9.4 (0.0) MW of roof-based solar PV installations and had 403.7 (340.1) MW installed capacity at the end of the quarter.
• 59.0 (55.0) million kWh were produced which reduced carbon dioxide related emissions by approximately 29,000 (27,000) tons.
• At the end of the quarter, the company had 4.0 (54.4) MW in subscribed orders.
• The company signed 6 (4) contracts amounting to a total installed capacity of 6.3 (15.6) MW.

 The quarter, in numbers
January 1st – March 31st

• Revenues (sales of electricity and subsidies) amounted to SEK 36.6 (46.3) million.
• Net sales (sales of electricity to customers and Grid) amounted to SEK 31.9 (38.2) million.
• Other operating income (subsidies and other) amounted to SEK 4.7 (8.1) million.
• Operating expenses amounted to SEK 45.8 (43.0) million
• Operating profit for the quarter amounted to SEK -9.2 (3.3) million.
• Interest expenses and similar charges amounted to SEK 17.8 (22.5) million.
• Loss for the quarter after financial items and tax amounted to SEK -27.5 (-20.9) million and was impacted by a currency effect of SEK -0.5 (-1.8) million. Adjusted for the currency effect, profit for the quarter amounted to SEK -27.0 (-19.1) million.
• Total cash flow for the quarter amounted to SEK -37.7 (-17.0) million.
• Earnings per share before dilution amounted to SEK -0.48 (-0.37).
• The number of employees at the end of the period was 20 (22).

 Significant events after the end of the period

•  The company signed 2 contracts amounting to an installed capacity of 6.3 MW.

For more information, please contact:

Max Metelius, CEO Gigasun AB (publ)
Phone: +46 (0) 72 316 04 44
E-mail: max.metelius@gigasun.se

Stefan Salomonsson, CFO Gigasun AB (publ)
Phone: +46 (0) 70 220 80 00
E-mail: stefan.salomonsson@gigasun.se

Certified Advisor is FNCA Sweden AB

About the operation

Gigasun operates in China through its wholly owned subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd (“ASRE”) and Longrui Solar Energy (Suqian) Co. Ltd. (“SQ”), and Suqian Ruiyan New Energy Co., Ltd. (“RY”).

The business model consists of financing, installing, owning and managing solar PV installations on customers' roofs in China. The customer does not pay for the solar PV installation, but instead enters an agreement to buy the electricity that the solar PV installation produces under a 20-year agreement. Current income comes from the sale of electricity to customers and governmental subsidies.

The goal is to have an installed capacity of 1,000 megawatts (MW) in the medium term.

This information is information that Gigasun AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-05-12 13:00 CEST.

Attachments

Gigasun Q1 2026 ENG