SMA Solar posts €65.4 million loss in 2025 amid weak demand and pricing pressure
Image: SMA Solar
German inverter manufacturer SMA Solar Technology reported a net loss of €65.4 million (US$75.5 million) for 2025, attributing the result to a series of one-off factors, including declining inverter prices, subdued market demand and broader macroeconomic challenges.
The company’s latest financial report confirms preliminary results released earlier this month. SMA Solar recorded full-year revenue of €1.516 billion, down 0.9% from €1.53 billion in 2024.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €106.6 million, within the previously forecast range of €50 million to €180 million. However, this figure excludes one-off items linked to macroeconomic conditions; when these are taken into account, overall earnings fall into negative territory.
The reported loss aligns with the company’s revised forecast issued in September, which projected losses of between €30 million and €80 million. This marked a significant downgrade from an earlier outlook that had anticipated earnings of up to €80 million.
In response to market conditions, SMA Solar announced plans last year to cut 350 jobs as part of a cost-saving strategy, citing continued weakness in the residential PV inverter segment. This trend is reflected in the declining contribution of the small-scale segment to overall revenue.
In 2025, the company’s large-scale and project solutions division generated €1.2688 billion in revenue, representing a 7.9% year-on-year increase and accounting for 83.7% of total sales.
By contrast, the home and business solutions segment recorded €247.2 million in revenue, down from €354.1 million in 2024. As a result, the segment’s share of total revenue declined from 23.1% to 16.3% over the same period.
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