Okwind: Revenue halved in first half of 2026, net loss of €9.4 million
Okwind Group published semi-annual accounts on October 22, 2026, which measure the initial effects of its transformation plan initiated in the fourth quarter of 2025. Personnel expenses were reduced by €2.5 million, but this decline was insufficient to offset the contraction in activity: EBITDA came in at -€7.5 million, compared to -€6.9 million a year earlier.
The specialist in solar trackers and energy self-consumption, based in Torcé, near Rennes, also reported its third-quarter activity. It has cash and equivalents of €2.1 million as of September 30, 2026, following the capital increase completed in July. Its order backlog stood at €12 million at that date.
Semi-annual revenue reduced from €13.4 million to €6.5 million
For the first six months of 2026, revenue stood at €6.5 million, compared to €13.4 million in the first half of 2025, representing a decline of 51%. Activity from business customers, which represents the bulk of sales, fell from €11.7 million to €5.7 million. Activity from individual customers declined from €1.0 million to €0.8 million, due to the discontinuation of these products, the impact of which the group quantifies at €0.9 million.
The company attributes this change notably to the slowdown in activity in the first quarter, in a context of reorganization following the Employment Protection Plan (PSE). In the third quarter, revenue reached €4.0 million, bringing the cumulative total for the first nine months to €10.5 million.
For the full year, the sole analyst tracked in the consensus anticipated, prior to publication, revenue of €19 million. When publishing its annual results on June 12, 2026, the group reported revenue of €23.8 million in 2025.
Expenses decline by 30% to 36%, net loss widens to €9.4 million
Cost reductions are visible across all operating line items. Personnel expenses fell by 30%, to €5.8 million, other operating expenses by 34%, to €4.7 million, and consumed purchases by 36%, to €3.8 million. Taxes and duties increased, however, from €0.2 million to €0.7 million.
These savings limited the deterioration of EBITDA, which moved from -€6.9 million to -€7.5 million while revenues were halved. Operating income improved, to -€7.9 million compared to -€8.4 million, due to depreciation and amortization expenses reduced from €1.6 million to €0.3 million.
Below this line, two elements weigh on the result. Net financial expenses reached €1.6 million, compared to €0.5 million a year earlier, and the first half of 2025 had benefited from a tax benefit of €2.2 million, absent this year. The group's net loss thus came in at -€9.4 million, compared to -€6.7 million. For reference, fiscal year 2025 ended with a net loss of €26.8 million.
Batteries and indirect distribution, with backlog reduced to €12 million
The commercial repositioning is reflected in the composition of activity. The offering combining solar trackers and batteries represented 44% of first-half revenue and 36.5% of order intake over the same period. The indirect sales channel, where Okwind acts as an equipment supplier, already accounts for 12% of semi-annual order intake.
In September, the group launched the commercialization of a new battery, the BESS 209, intended for customers with higher energy requirements, particularly in pig and poultry farming. For the coming months, management indicates its intention to rely on its storage solutions, on complementary sales to its installed base of more than 5,500 systems, and on its distribution partnerships, while continuing to control costs.
Commercial volumes remain nonetheless below expectations: cumulative order intake reached €11.4 million as of September 30, 2026, compared to €15.1 million a year earlier. The order backlog stood at €12 million, compared to €17.7 million as of September 30, 2025.
On the financing side, the capital increase had been presented in June as approximately €4 million. Completed in July with the support of historical shareholders, it brings cash and equivalents to €2.1 million as of September 30, 2026. The semi-annual financial report will be available before October 31, 2026.
