Summa Defence’s 500 million euro revenue target sounds ambitious, especially since the 2024 outcome was significantly loss-making: an operating loss of approximately 10 MEUR before depreciation and a final loss of as much as 37 MEUR. At the same time, strong growth and profitability are communicated externally.
Now, Sybimar is being acquired through a share exchange, a circular economy company that has previously focused on drying for fish farming and greenhouses – very far from the defence sector. It feels like Meriaura’s owners’ own investments are being moved into the group with their own shares.
There are also contradictions related to the financing: there is talk of 28 MEUR capitalization, but at the same time, one of the main owners, Koskela, is in enforcement for 370,000 €. So where do those millions concretely come from?
Lightspace, highlighted as a flagship, has practically been on the verge of bankruptcy – financing received through Summa saved it. Now there’s talk of AI-AR glasses for battlefields, even though revenue has been only 400,000 € per year and no customer has been named.
In addition, fresh financial statements are not available from several group companies (e.g., Lännen Tractors, Aquamec, MCE AB). The question arises as to how the company’s due diligence has been performed and in what condition the financial administration is, when aiming for a stock exchange listing.