Translation: Original published in Finnish on 2/19/2026 at 7:50 am EET.

Source: Inderes

Solar Foods will publish its H2’25 report on Thursday, February 26, 2026. The company's earnings release can be viewed here at 12:30 pm EET. On earnings day, our focus will be on the commercialization of Solein in the US and the next steps for the Factory 02 project. The project is supported by a significant funding round that was completed in January. Although H2 revenue will remain low, management's comments on Solein's commercialization progress and order book will be all the more important.

First steps towards commercialization of Solein

We expect Solar Foods' H2 revenue to have settled at 0.3 MEUR. At this stage, revenue is still relatively insignificant and consists of Solein deliveries to select partners from the Factory 01 demonstration plant. During the second half of the year, the company announced new commercial initiatives, particularly in the United States, such as collaborating with Ambrosia Collective to launch a protein powder in early 2026. In the report, we will pay particular attention to comments on Solein's reception in the US Health & Performance market, which is central to the company's commercialization strategy. However, achieving significant revenue growth will still require greater production capacity and progress in Solein’s commercialization processes.

Cash flow should be examined alongside the result

We expect Solar Foods' adjusted operating loss to have been -4.7 MEUR in H2. The earnings level continues to be weighed down by significant investments in product development, sales, and organizational growth for an industrial-scale ramp-up. The result is supported by other operating income, consisting mainly of grants received, such as IPCEI support. We note that Solar Foods capitalizes a significant portion of its development costs on the balance sheet, which mitigates the impact on the income statement but underscores the importance of monitoring cash flow. Due to the unprofitable result, the company's balance sheet position has weakened during the review period, which we believe warrants close attention. However, the approximately 25 MEUR share issue carried out in January has eliminated the acute liquidity risk after the review period, giving the company peace of mind to promote the Factory 02 project.

Eyes on Factory 02 investment decisions and partnerships

We do not expect Solar Foods to provide guidance for the current year. With the growing order book, we predict that revenue will increase. At the same time, however, growth investments will weigh on EBIT, pushing it to a deeper loss than in the previous year. In terms of the investment narrative, however, we are particularly interested in the progress of the Factory 02 project planned in Lappeenranta. The directed share issue carried out in January and the entry of the industrial player GEA as an anchor investor and technology partner were significant steps for the project's credibility. We believe that GEA's commitment as a process equipment supplier validates the company's technology and improves the conditions for scaling up to an industrial level. Solar Foods' largest owner and strategic partner, Fazer's participation in the share issue also strengthens confidence in the upcoming factory investment. Solar Foods aims to make the final investment decision within the current year, which is a critical milestone for the investment case.

Another key area we are monitoring is the conversion of memoranda of understanding (MoUs) into binding supply agreements. Currently, the company has MoUs that already cover 100–120% of the planned production volume for the first two phases of Factory 02. Concluding binding agreements would indicate strong industrial demand for Solein and significantly facilitate securing the necessary financing for the factory. Additionally, we expect potential updates on the progress of the EU novel food authorization and the US FDA-notified GRAS status, as these are essential for advancing Solein's commercialization.