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Receivable impairments and returned stacks pushed German AEM electrolyser maker Enapter’s 2025 EBITDA losses far beyond forecasts.

The company reported –€18.1m (– $20.7m) in EBITDA, double its forecasted range of –€9m (–$10.2m) to –€10m (–$11.5m) for the year. Revenues reached €22.1m ($25.3m), beyond its estimates of €20m ($22.9m) to €22m ($25.2m).

Enapter attributed the losses to around €3m ($3.4m) in impaired receivables and €4.5m ($5.2m) in costs linked to returned electrolyser stacks that had already been delivered to customers.

Excluding those costs, the company said EBITDA would have been –€10.6m (–$12.2m), compared to the –€6.9m (–$7.9m) reported in 2024.

While the reason for returns and identity of the customers have not been revealed, Enapter said it expects to recognise the revenue for the returned stacks in 2026.

The firm ended 2025 with an order backlog of around €36m ($41.3m), with approximately €29m ($33.3m) expected to be recognised this financial year.

These results come after Enapter slashed its 2025 revenue guidance from previous estimates of €39m ($44.7m) to €42m ($48.2m) after certification setbacks at its Chinese joint venture.

The company launched its Wolong Enapter Hydrogen Technologies outfit in February 2024 to produce electrolysers for China’s fast-growing domestic hydrogen market.

Despite manufacturing its first 1MW electrolyser in 2024, varying certification requirements and “customer-specific designs” slowed acceptance and rollout.

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