Sweden: SolTech reports increased sales, but SEK 91.10mn net loss for Q3 2022

Swedish solar energy company SolTech has reported a SEK 91.10mn (EUR 8.28mn USD 8.56mn) net loss for Q3 2022. This compares with a SEK 10.60mn net loss in Q3 2021. Net turnover increased from SEK 267mn to SEK 483mn. Organic growth was 44%. Operating result, however, dropped from a SEK 4.60mn profit to a SEK 85mn loss, and EBITDA dropped from a SEK 29.30mn profit to a SEK 55.30mn loss. In Q3 2022, EBITDA was negatively impaced by profit effects from Swedish electrical engineering company NEAB Gruppen, which went bankrupt, of SEK 44.50mn, by component shortages and price increases for construction components.