The continued loss-making was indeed a disappointment, and I may have to rethink my investment case and the weighting of Kempower in my portfolio. On the other hand, staying in the red is, as I understand it, a direct consequence of lower-than-forecast revenue. If and when that reaches the right level, the operating leverage will take care of the rest.
I for one would be interested in whether we were in the red at the EBITDA level as well, but I don’t think that is reported in Kempower’s reports. In Inderes’ quarterly estimates, it was 4.1 million in the black for Q2. Well, compared to the previous quarter (adj. EBIT −3.7 and EBITDA in Inderes’ papers -0.2), it must be clearly in the black, as the adj. EBIT is now “only” -1.9.
Bright spots: the gross margin that slightly exceeded consensus and the order intake in Europe outside the Nordics.
North American figures (MEUR and share of total):
| Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|
| Order intake | 16.7 (22%) | 21.3 (22%) | 11.0 (16%) | 10.9 (15%) |
| Revenue | 11.8 (16%) | 8.3 (11%) | 10.5 (16%) | 11.8 (17%) |
It looks like you are unfortunately right, at least for now.
On the other hand, there should be plenty of previously accumulated order backlog left in North America (and many, e.g., Q4’25 orders, had deliveries scheduled further into the future), so I believe it is quite possible that Q3/Q4 revenue will rise more sharply there, to a “decent” level.
But referring to the order intake (the last three quarters 21.3 → 11.0 → 10.9), some good news regarding the competitive situation in America is sorely needed. It’s a big mountain to climb, as admitted earlier in the thread.