Management attributed the 11% annual revenue decline to a deliberate 'refocus' on core business scope and the transition to a more optimized organization, which filtered out non-core resources.

The 51% improvement in adjusted EBITDA was driven by aggressive cost discipline, including a 25% reduction in labor and operating expenses through organizational rightsizing.

Gross margin expansion of 410 basis points to 38.3% for the full year resulted from bill of materials (BOM) cost improvements and positive pricing effects, despite product mix headwinds.

North American performance remained a strategic highlight with 16% year-over-year growth, significantly outperforming a flat regional EV market through gains in software and services.

Management identified the pending capital restructuring as a temporary commercial headwind, noting that some customers are awaiting financial clarity before finalizing large-scale DC fast charger orders.

The company is pivoting from a product-oriented to a customer-oriented model, doubling service capacity and insourcing technical support to rebuild trust and recover lost accounts.

Q1 2026 guidance assumes revenue between €33M and €36M, with adjusted EBITDA narrowing to a loss between €5M and €3M as sales initiatives begin to take hold.

The 'ReShape' sales strategy focuses on three pillars: recovering lost customers via extended warranties, active new customer acquisition, and the consolidation and further development of existing customers through stricter monitoring and dedicated support.

Management expects the finalization of the debt refinancing in the 'coming weeks' to act as a primary catalyst for growth by removing restrictions on participating in large RFQs and tenders.

Future growth in the U.S. is expected to be decoupled from EV sales volatility through the expansion of Quasar 2, which is positioned as a home energy management solution rather than just a charger.

The rollout of the Supernova Power Ring and CTEP-certified commercial products is intended to capture high-power public charging demand and the California commercial market.

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A milestone commercial agreement was reached to restructure €170.5M in debt, featuring a €55M syndicated term loan maturing in 2030 with a backloaded amortization schedule, a €63.2M bullet instrument, and a €52.3M syndicated working capital line.

The refinancing includes a proposed €22.5M liquidity injection, comprised of €12.5M in new trade commitments and a €10.0M equity investment from shareholders and public funds.

Inventory was reduced by 32% year-over-year to €47.5M, successfully meeting reduction targets and releasing significant cash from operations.

Management flagged the removal of U.S. federal incentives and tax credits as a near-term headwind that contributed to a 40% year-over-year decline in the U.S. EV market during Q4.

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