I can elaborate on the thinking behind our forecasts:
Our 2025 revenue forecast is EUR 39.3 million (30% growth)
Electricity storage: EUR 24.4 million (+30%)
Power quality solutions: EUR 13.5 million (+31%)
Services: EUR 1.3 million (+25%)
Electricity Storage
Before the latest announced EUR 4 million order, we estimated that approximately EUR 14 million of the EUR 24.4 million revenue would come from Alpiq, EUR 9 million from Lappeenranta, and EUR 2 million from Herrfors. We estimate that approximately one-third of the aforementioned projects will be recognized as revenue already during 2024 (mainly H2). A small portion of the revenue may also shift to 2026, although, to my understanding, the goal is to complete the projects during 2025. If we assume no significant delays, there could be upward pressure on the forecast, especially with the latest EUR 4 million Enertia order.
Power Quality Solutions
2024 has been difficult due to cyclical headwinds. The order outlook for 2025 is stronger. Of our EUR 13.5 million forecast, EUR 6.6 million is related to product sales (+10%) and EUR 6.9 million to projects (+60%). Project orders worth approximately EUR 10 million have been received in 2024, but a portion of this will already be recognized as revenue in H2 2024.
Service sales are growing, for example, due to the commissioning of electricity storage systems, but their share of total revenue is small.
I emphasize that these estimates are very indicative, as the company itself does not report different revenue categories. A revenue of over EUR 40 million is likely a realistic possibility, but I do not believe in over EUR 50 million without new large electricity storage orders that would need to be secured already in the first half of 2025.