7Baggers

Oatly
(NASDAQ:OTLY) 

OTLY stock logo

Oatly Group AB is a Swedish food company that produces alternatives to dairy products from oats. A liter of Oatly product consumed in place of cow's milk results in around 80% less greenhouse gas emissions, 79% less land usage and 60% less energy consumption.

Founded: 1994
Founder: Rickard Öste, Björn Öste 
CEO: Toni Petersson  
Sector: Consumer Defensive
Industry: Beverages—Non-Alcoholic
Consumer Defensive
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At a glance:
  • Profitability Still a Work in Progress: Oatly continues to focus on improving gross margins and reducing operating losses through cost actions, pricing, and operational efficiency, but sustained profitability remains an ongoing goal.
  • Volume and Demand Trends Are Key Near-Term Drivers: Near-term performance hinges on stabilizing volumes in key geographies and categories, especially amid consumer trade-down and competitive pressure in plant-based beverages.
  • Pricing, Mix, and Promotions Affect Revenue Quality: Revenue growth is influenced by pricing actions, product/channel mix, and promotional intensity, which can lift or pressure margins depending on execution and competitive dynamics.
  • Supply Chain and Capacity Utilization Matter for Margins: Manufacturing footprint optimization and better capacity utilization are important to improving unit economics; underutilization and logistics costs can weigh on results.
  • Liquidity and Cash Burn Remain a Focus for Investors: Investors closely watch cash burn, working capital management, and access to liquidity as the company funds operations and executes restructuring and efficiency initiatives.
Bull Thesis:
  • Strong Brand Equity and Consumer Loyalty: Oatly has cultivated a powerful, distinctive brand image that resonates deeply with health-conscious and environmentally-aware consumers, fostering strong loyalty and enabling premium pricing power in a competitive market.
  • Favorable Long-Term Market Trends: The global shift towards plant-based diets, driven by increasing consumer awareness of health, environmental, and ethical concerns, provides a significant and growing addressable market for Oatly's products, positioning it for sustained demand.
  • Expanding Product Portfolio and Geographic Reach: Beyond its core oat milk, Oatly is diversifying into new categories like ice cream, yogurt, and creamers, while also expanding its presence in key international markets (e.g., Asia), unlocking new growth avenues and revenue streams.
  • Strategic Foodservice Partnerships: Successful collaborations with major coffee chains (e.g., Starbucks) and other foodservice providers enhance brand visibility, drive trial, and secure consistent demand in high-volume channels, integrating Oatly into daily consumer routines.
Bear Thesis:
  • Intensifying Competition and Market Saturation: The oat milk category has become increasingly crowded with numerous new entrants, including large CPG companies and private labels, leading to increased price pressure, higher marketing spend, and potential market share erosion for Oatly.
  • Persistent Profitability Challenges and Negative Free Cash Flow: Despite revenue growth, Oatly continues to report significant operating losses and negative free cash flow, raising concerns about its path to sustainable profitability and its ongoing reliance on external funding to support operations and expansion.
  • High Valuation and Investor Expectations: Oatly's stock has historically traded at a premium, embedding high growth and profitability expectations. Failure to consistently meet or exceed these ambitious expectations could lead to further downward pressure on its share price.
  • Supply Chain and Production Scaling Issues: Challenges in scaling production capacity, managing its global supply chain, and navigating inflationary pressures on ingredients and logistics have led to inefficiencies, higher costs, and potential missed sales opportunities, hindering its ability to meet demand profitably.
Main Competitors:
  • Chobani (Chobani Oat Milk), Chobani, a major player in the yogurt market, has aggressively expanded into plant-based milks, directly competing with Oatly in the oat milk category. They leverage strong brand recognition and extensive distribution to offer a range of oat milk products, including barista blends, at competitive price points.
  • Califia Farms (Califia Farms Oatmilk, Almondmilk), Califia Farms is a prominent competitor across the broader plant-based milk sector. While known for almond milk, they have a significant and growing presence in oat milk, competing on taste, variety, and distribution, often targeting similar health-conscious and environmentally aware consumers as Oatly.
  • Danone North America (Silk brand) ($DANOY) (Silk Oat Yeah Oatmilk, Silk Almondmilk, Silk Soymilk), Danone, through its Silk brand, is a long-standing leader in plant-based milks. Silk has heavily invested in its 'Oat Yeah' line, directly challenging Oatly's market share by leveraging Danone's vast distribution network, marketing power, and established relationships with retailers and consumers.
  • HP Hood LLC (Planet Oat brand) (Planet Oat Oatmilk), Planet Oat, a brand under HP Hood LLC, is a significant direct competitor in the oat milk segment. It competes by offering a widely available and often more affordably priced range of oat milk products, appealing to a broad consumer base and vying for shelf space in mainstream grocery stores.
Moat:
Oatly operates in a highly competitive and rapidly expanding plant-based milk market. Its main competitors include established dairy companies diversifying into plant-based alternatives, large food conglomerates leveraging their distribution power, and other dedicated plant-based brands. Competition primarily revolves around product innovation (e.g., barista blends, new flavors), taste profile, price point, distribution reach, and sustainability messaging. Oatly's initial success was built on its unique branding and focus on oat milk, but as the category matures, it faces increasing pressure from rivals offering similar products and vying for shelf space and consumer loyalty.
Income Statements:
Quarterly
Annual
    Unit: USD2025-10-29 2025-06-30 2025-03-31 2025-02-12 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-05-03 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-05-25 2022-05-04 2022-03-09 2021-12-31 2021-11-15 2021-08-16 
                          
      revenue
    		222,796,000 208,354,000 197,530,000 214,316,000 214,316,000 208,000,000 202,195,000 199,155,000 204,121,000 187,595,000 195,987,000 722,238,000 195,645,000 195,068,000 183,026,000 177,958,000 643,190,000 166,186,000 185,925,000 185,925,000 171,062,000 146,151,000 
      yoy
    		3.96% 0.17% -2.31% 7.61% 4.99% 10.88% 3.17% -72.43% 4.33% -3.83% 7.08% 305.85% -69.58% 17.38% -1.56% -4.29% 276.00% 13.71%     
      qoq
    		6.93% 5.48% -7.83% 0.00% 3.04% 2.87% 1.53% -2.43% 8.81% -4.28% -72.86% 269.16% 0.30% 6.58% 2.85% -72.33% 287.03% -10.62% 0.00% 8.69% 17.04%  
      cost of goods sold
    		-156,449,000 -140,729,000 -135,200,000 -152,699,000 -152,699,000 -145,979,000 -143,239,000 -145,257,000 -156,343,000 -155,034,000 -158,331,000 -642,211,000 -161,557,000 -164,015,000 -178,044,000 -149,814,000 -488,177,000 -150,338,000 -156,330,000 -156,330,000 -126,185,000 -107,544,000 
      gross profit
    		66,347,000 67,625,000 62,330,000 61,617,000 61,617,000 62,021,000 58,956,000 53,898,000 47,778,000 32,561,000 37,656,000 80,027,000 34,088,000 31,053,000 4,982,000 28,144,000 155,013,000 15,848,000 29,595,000 29,595,000 44,877,000 38,607,000 
      yoy
    		7.68% 9.04% 5.72% 14.32% 28.97% 90.48% 56.56% -32.65% 40.16% 4.86% 655.84% 184.35% -78.01% 95.94% -83.17% -4.90% 245.42% -58.95%     
      qoq
    		-1.89% 8.50% 1.16% 0.00% -0.65% 5.20% 9.38% 12.81% 46.73% -13.53% -52.95% 134.77% 9.77% 523.30% -82.30% -81.84% 878.12% -46.45% 0.00% -34.05% 16.24%  
      gross margin %
    		29.78% 32.46% 31.55% 28.75% 28.75% 29.82% 29.16% 27.06% 23.41% 17.36% 19.21% 11.08% 17.42% 15.92% 2.72% 15.81% 24.10% 9.54% 15.92% 15.92% 26.23% 26.42% 
      research and development expenses
    		-4,524,000 -4,605,000 -4,391,000 -3,728,000 -3,728,000 -10,867,000 -10,898,000 -4,642,000 -5,328,000 -4,684,000 -5,321,000 -22,262,000 -5,714,000 -7,035,000 -5,245,000 -5,718,000 -16,771,000 -4,264,000 -5,675,000 -5,675,000 -4,052,000 -3,952,000 
      selling, general and administrative expenses
    		-75,146,000 -84,111,000 -77,498,000 -81,973,000 -81,973,000 -79,743,000 -84,261,000 -78,742,000 -80,721,000 -87,125,000 -106,695,000 -412,799,000 -98,855,000 -107,901,000 -103,765,000 -97,060,000 -353,929,000 -104,073,000 -118,900,000 -118,900,000 -85,090,000 -83,132,000 
      other operating income and (expenses)
    		-3,601,000 -1,025,000 968,000 -65,619,000 -65,619,000 -368,000 -2,876,000 1,073,000 -204,344,000 -8,100,000 -1,120,000  -1,088,000 49,250 -340,000 205,000  332,000 2,313,000 -92,250 -192,000  
      operating income
    		-16,924,000 -22,116,000 -18,591,000 -89,703,000 -89,703,000 -28,957,000 -39,079,000 -28,413,000 -242,615,000 -67,348,000 -75,480,000 -395,985,000 -71,569,000 -125,031,000 -104,368,000 -74,429,000 -213,743,000 -92,157,000 -92,667,000 -92,667,000 -44,457,000 -48,104,000 
      yoy
    		-81.13% -23.62% -52.43% 215.71% -63.03% -57.00% -48.23% -92.82% 238.99% -46.13% -27.68% 432.03% -66.52% 35.67% 12.63% -19.68% 380.79% 91.58%     
      qoq
    		-23.48% 18.96% -79.27% 0.00% 209.78% -25.90% 37.54% -88.29% 260.24% -10.77% -80.94% 453.29% -42.76% 19.80% 40.22% -65.18% 131.93% -0.55% 0.00% 108.44% -7.58%  
      operating margin %
    		-7.60% -10.61% -9.41% -41.86% -41.86% -13.92% -19.33% -14.27% -118.86% -35.90% -38.51% -54.83% -36.58% -64.10% -57.02% -41.82% -33.23% -55.45% -49.84% -49.84% -25.99% -32.91% 
      finance income and (expenses)
    		-47,557,000 -31,916,000 9,411,000 -1,149,000 -2,818,000 -4,284,000 10,389,000 -17,377,000 24,833,250 112,841,000 -11,512,000  -1,996,000 -1,126,750 -7,491,000 -593,000  3,577,000 7,480,000 -2,196,250 3,831,000  
      loss before tax
    		-64,481,000 -54,032,000 -9,180,000 -90,852,000   -28,690,000 -45,790,000        -75,022,000 -215,048,000 -88,580,000 -85,187,000   -58,800,000 
      income tax expense
    		-923,000 -1,914,000 -3,351,000 -505,000 -798,500 -1,389,000  -54,000           5,434,000 -694,750 -567,000 -264,000 
      loss for the period
    		-65,404,000 -55,946,000 -12,531,000 -91,357,000   -30,441,000 -45,844,000               
      attributable to:
    		                      
      shareholders of the parent
    		-65,287,000 -55,911,000 -12,430,000 -91,206,000 -91,206,000 -34,560,000 -30,384,000 -45,799,000 -298,663,000 44,085,000             
      non-controlling interests
    		-117,000 -35,000 -101,000 -151,000 -151,000 -70,000 -57,000 -45,000 -112,000 -74,000             
      loss per share, attributable to shareholders of the parent:
    		                      
      basic and diluted
    		-0.11 -0.09  -0.15   -0.05 -0.08   -0.15  -0.13 -0.21 -0.18 -0.12  -0.15 -0.13 -0.14 -0.07 -0.11 
      loss per ads, attributable to shareholder of the parent
    		                      
      basic and diluted
    		-2.15 -1.86                     
      weighted-average common shares outstanding:
    		                      
      basic and diluted
    		606,332,281 601,195,247  598,226,750 596,886,163  596,242,505 595,060,257 593,600,863  593,189,505  592,319,923 592,031,935 592,163,619 591,945,667  591,777,001 591,777,001 549,080,310   
      loss per share, attributable to shareholders of the parent:
    		                      
      basic
    		  -0.02                    
      diluted
    		  -0.03                    
      loss per ads, attributable to shareholder of the parent
    		                      
      basic
    		  -0.42                    
      diluted
    		  -0.51                    
      weighted-average common shares outstanding:
    		                      
      basic
    		  598,559,840   597,968,449    594,255,240             
      diluted
    		  999,176,184   597,968,449    994,871,584             
      profit before tax
    		    -26,930,250 -33,241,000   -28,766,000 45,493,000             
      profit for the period
    		    -27,728,750 -34,630,000   -29,571,250 44,011,000             
      profit per share, attributable to shareholders of the parent:
    		                      
      basic
    		    -0.048 -0.06                 
      diluted
    		    -0.048 -0.06                 
      income tax benefit
    		      -1,751,000  -805,250 -1,482,000      3,032,000 2,655,000 1,121,000     
      earnings per share, attributable to shareholders of the parent:
    		                      
      basic
    		        -0.05 0.07             
      diluted
    		        -0.065 -0.07             
      income before tax
    		          -86,992,000 -397,394,000 -73,565,000 -68,865,250 -111,859,000     -32,465,250 -40,626,000  
      income tax benefit/
    		          273,000 4,827,000  2,015,750 3,910,000        
      loss for the period, attributable to shareholders of the parent
    		          -86,719,000            
      other operating (expenses) and income
    		           -40,951,000           
      finance income
    		           15,256,000     14,435,000      
      finance expenses
    		           -16,665,000     -15,740,000      
      loss for the year, attributable to shareholders of the parent
    		           -392,567,000     -212,393,000      
      loss per share, attributable to shareholders of the parent, basic and diluted
    		           -0.66     -0.39      
      weighted-average common shares outstanding, basic and diluted
    		           592,031,935     549,080,310      
      income tax (expense)/benefit
    		            -2,012,000          
      loss for the period attributable to shareholders of the parent
    		            -75,577,000 -66,849,500 -107,949,000 -71,990,000  -87,459,000 -79,753,000 -33,160,000 -41,193,000 -59,064,000 
      other operating income
    		                1,944,000      
      other operating income and expense
    		                     373,000 
      finance income and expenses
    		                     -10,696,000 
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-10-29 2025-09-30 2025-06-30 2025-03-31 2025-02-12 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-05-03 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-05-25 2022-05-04 2022-03-31 2022-03-09 2021-12-31 2021-11-15 2021-09-30 2021-08-16 2021-06-30 
                                
        assets
      		                          
        non-current assets
      		                          
        intangible assets
      		134,432,000 134,432,000 133,628,000 126,842,000 116,208,000 116,208,000 127,135,000 121,180,000 121,921,000 130,326,000 121,135,000 122,171,000 127,688,000 128,301,000 127,688,000 119,693,000 129,644,000 145,925,000 142,244,000 142,244,000 145,925,000 145,925,000 151,594,000 151,594,000 154,804,000 154,804,000 
        property, plant and equipment
      		298,939,000 298,939,000 304,565,000 301,538,000 294,199,000 294,199,000 352,138,000 342,470,000 345,661,000 360,286,000 501,923,000 504,743,000 492,952,000 505,930,000 492,952,000 597,265,000 598,814,000 509,648,000 547,131,000 547,131,000 509,648,000 509,648,000 426,228,000 426,228,000 373,059,000 373,059,000 
        right-of-use assets
      		41,124,000 41,124,000 43,541,000 44,951,000 45,555,000 45,555,000 56,270,000 57,030,000 84,064,000 88,393,000 104,575,000 109,379,000 108,598,000 113,257,000 108,598,000 149,467,000 159,908,000 158,448,000 165,724,000 165,724,000 158,448,000 158,448,000 129,434,000 129,434,000 82,774,000 82,774,000 
        other non-current receivables
      		42,138,000 42,138,000 45,140,000 44,287,000 44,331,000 44,331,000 44,450,000 44,444,000 44,934,000 44,378,000 47,752,000 47,240,000 7,848,000 44,382,000 7,848,000 7,502,000 7,851,000 5,534,000 5,526,000 5,526,000 5,534,000 5,534,000 977,000 977,000 730,000 730,000 
        deferred tax assets
      		4,562,000 4,562,000 4,698,000 4,325,000 4,561,000 4,561,000 8,428,000 5,417,000 9,743,000 10,203,000 14,803,000 14,717,000 5,860,000 3,637,000 5,860,000 4,954,000 3,293,000 2,293,000 2,469,000 2,469,000 2,293,000 2,293,000 435,000 435,000 253,000 253,000 
        total non-current assets
      		521,195,000 521,195,000 531,572,000 521,943,000 504,854,000 504,854,000 588,421,000 570,541,000 606,323,000 633,586,000 790,188,000 798,250,000 742,946,000 795,507,000 742,946,000 878,881,000 899,510,000 821,848,000 863,094,000 863,094,000 821,848,000 821,848,000 708,668,000 708,668,000 611,620,000 611,620,000 
        current assets
      		                          
        inventories
      		63,810,000 63,810,000 65,851,000 64,762,000 65,602,000 65,602,000 81,793,000 79,816,000 76,845,000 67,882,000 83,537,000 102,825,000 114,475,000 108,207,000 114,475,000 89,326,000 104,439,000 95,661,000 98,933,000 98,933,000 95,661,000 95,661,000 78,023,000 78,023,000 57,074,000 57,074,000 
        trade receivables
      		95,717,000 95,717,000 102,597,000 94,645,000 103,366,000 103,366,000 102,177,000 103,678,000 107,833,000 112,951,000 99,708,000 102,835,000 100,955,000 106,676,000 100,955,000 118,333,000 109,518,000 105,519,000 98,864,000 98,864,000 105,519,000 105,519,000 88,697,000 88,697,000 82,458,000 82,458,000 
        current tax assets
      		5,334,000 5,334,000 5,933,000 6,034,000 6,095,000 6,095,000 3,742,000 7,023,000 3,079,000 2,505,000 202,000 307,000 243,000 254,000 243,000 296,000 306,000 435,000 569,000 569,000 435,000 435,000 467,000 467,000 235,000 235,000 
        other current receivables
      		20,410,000 20,410,000 17,968,000 19,477,000 15,738,000 15,738,000 13,068,000 15,879,000 19,130,000 33,820,000 33,343,000 33,925,000 17,818,000 32,197,000 17,818,000 23,803,000 28,968,000 32,229,000 35,227,000 35,227,000 32,229,000 32,229,000 33,179,000 33,179,000 31,244,000 31,244,000 
        prepaid expenses
      		14,260,000 14,260,000 11,203,000 11,734,000 9,402,000 9,402,000 12,260,000 12,194,000 15,600,000 16,928,000 17,673,000 22,244,000 23,413,000 26,909,000 23,413,000 17,010,000 25,152,000 27,711,000 21,317,000 21,317,000 27,711,000 27,711,000 33,166,000 33,166,000 26,876,000 26,876,000 
        cash and cash equivalents
      		58,903,000 58,903,000 67,931,000 74,428,000 98,923,000 98,923,000 119,333,000 142,728,000 209,025,000 249,299,000 283,184,000 340,730,000 82,644,000 78,830,000 82,644,000 105,603,000 182,201,000 295,572,000 219,045,000 219,045,000 295,572,000 295,572,000 403,054,000 403,054,000 524,238,000 524,238,000 
        total current assets
      		258,434,000 258,434,000 271,483,000 271,080,000 299,126,000 299,126,000 332,373,000 361,318,000 431,512,000 483,385,000 517,647,000 602,866,000 482,251,000 353,073,000 482,251,000 369,114,000 543,482,000 807,064,000 666,188,000 666,188,000 807,064,000 807,064,000 941,751,000 941,751,000 1,044,810,000 1,044,810,000 
        total assets
      		779,629,000 779,629,000 803,055,000 793,023,000 803,980,000 803,980,000 920,794,000 931,859,000 1,037,835,000 1,116,971,000 1,307,835,000 1,401,116,000 1,225,197,000 1,148,580,000 1,225,197,000 1,247,995,000 1,442,992,000 1,628,912,000 1,529,282,000 1,529,282,000 1,628,912,000 1,628,912,000 1,650,419,000 1,650,419,000 1,656,430,000 1,656,430,000 
        equity and liabilities
      		                          
        equity
      		                 105,000         
        share capital
      		107,000 107,000 107,000 106,000 106,000 106,000 106,000 106,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 1,628,103,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 105,000 
        treasury shares
      		                          
        other contributed capital
      		1,628,156,000 1,628,156,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,045,000 1,628,103,000  1,628,103,000 1,628,103,000 1,628,103,000 1,628,103,000 1,628,103,000 1,628,103,000 1,628,103,000 1,628,103,000 
        other reserves
      		-236,768,000 -236,768,000 -222,137,000 -249,465,000 -274,160,000 -274,160,000 -236,972,000 -253,648,000 -252,427,000 -233,204,000 -271,888,000 -265,002,000               
        accumulated deficit
      		-1,372,806,000 -1,372,806,000 -1,310,599,000 -1,258,141,000 -1,249,303,000 -1,249,303,000 -1,161,600,000 -1,130,341,000 -1,104,136,000 -1,060,952,000 -766,976,000 -817,351,000 -665,524,000 -733,054,000 -665,524,000 -548,096,000 -448,650,000 -308,423,000 -385,845,000 -385,845,000 -308,423,000 -308,423,000 -238,267,000 -238,267,000 -206,642,000 -206,642,000 
        equity attributable to shareholders of the parent
      		18,689,000 18,689,000 95,416,000 120,545,000 104,688,000 104,688,000 229,579,000 244,162,000 271,587,000 333,994,000 589,286,000                
        non-controlling interests
      		1,195,000 1,195,000 1,303,000 1,336,000 1,435,000 1,435,000 1,629,000 1,669,000 1,733,000 1,787,000 1,874,000                
        total equity
      		19,884,000 19,884,000 96,719,000 121,881,000 106,123,000 106,123,000 231,208,000 245,831,000 273,320,000 335,781,000 591,160,000                
        liabilities
      		                          
        non-current liabilities
      		                          
        lease liabilities
      		27,033,000 27,033,000 29,508,000 30,456,000 31,724,000 31,724,000 36,189,000 37,734,000 68,966,000 72,570,000 83,934,000 87,418,000 82,285,000 88,191,000 82,285,000 119,995,000 125,101,000 126,516,000 128,662,000 128,662,000 126,516,000 126,516,000 108,469,000 108,469,000 65,666,000 65,666,000 
        liabilities to credit institutions
      		116,312,000 116,312,000 115,746,000 115,739,000 116,216,000 116,216,000 115,056,000 115,486,000 115,317,000 114,249,000 115,340,000 115,211,000 2,668,000 2,725,000 2,668,000 4,420,000 4,519,000 5,987,000 5,312,000 5,312,000   3,802,000 3,802,000 4,454,000 4,454,000 
        provisions
      		5,962,000 5,962,000 9,317,000 11,953,000 14,857,000 14,857,000 1,667,000 1,559,000 1,558,000 10,716,000 5,301,000 6,600,000 7,194,000 7,422,000 7,194,000 9,303,000 12,740,000 11,033,000 12,977,000 12,977,000 11,033,000 11,033,000 8,204,000 8,204,000 8,163,000 8,163,000 
        total non-current liabilities
      		149,307,000 149,307,000 154,571,000 158,148,000 162,797,000 162,797,000 152,912,000 154,779,000 185,841,000 197,535,000 205,212,000 209,866,000 92,147,000 99,017,000 92,147,000 131,943,000 140,825,000 140,226,000 144,249,000 144,249,000 140,226,000 140,226,000 123,283,000 123,283,000 80,964,000 80,964,000 
        current liabilities
      		                          
        convertible notes
      		386,783,000 386,783,000 328,981,000 311,172,000 324,395,000 324,395,000 320,191,000 317,047,000 332,520,000 323,528,000 281,541,000 400,244,000               
        trade payables
      		70,862,000 70,862,000 64,688,000 52,145,000 60,152,000 60,152,000 57,303,000 47,163,000 46,259,000 64,368,000 59,443,000 81,201,000 82,516,000 66,912,000 82,516,000 66,097,000 97,155,000 93,043,000 75,621,000 75,621,000 93,043,000 93,043,000 70,929,000 70,929,000 64,316,000 64,316,000 
        current tax liabilities
      		730,000 730,000 1,349,000 1,358,000 1,476,000 1,476,000 762,000 1,292,000 2,675,000 2,732,000 2,684,000 4,299,000 5,515,000 3,713,000 5,515,000 2,436,000 1,585,000 567,000 742,000 742,000 567,000 567,000 679,000 679,000 768,000 768,000 
        other current liabilities
      		8,262,000 8,262,000 7,568,000 7,794,000 7,998,000 7,998,000 7,666,000 11,983,000 14,770,000 13,873,000 11,544,000 11,644,000 11,823,000 10,259,000 11,823,000 10,540,000 12,941,000 9,614,000 14,392,000 14,392,000 9,614,000 9,614,000 8,631,000 8,631,000 20,567,000 20,567,000 
        accrued expenses
      		109,332,000 109,332,000 112,675,000 106,358,000 103,719,000 103,719,000 123,859,000 125,205,000 119,218,000 121,338,000 117,155,000 116,475,000 123,037,000 117,746,000 123,037,000 133,911,000 144,012,000 117,473,000 123,292,000 123,292,000 117,473,000 117,473,000 91,195,000 91,195,000 84,705,000 84,705,000 
        total current liabilities
      		610,438,000 610,438,000 551,765,000 512,994,000 535,060,000 535,060,000 536,674,000 531,249,000 578,674,000 583,655,000 511,463,000 645,453,000 341,907,000 318,597,000 341,907,000 236,873,000 280,261,000 243,387,000 240,110,000 240,110,000 243,387,000 243,387,000 186,993,000 186,993,000 180,493,000 180,493,000 
        total liabilities
      		759,745,000 759,745,000 706,336,000 671,142,000 697,857,000 697,857,000 689,586,000 686,028,000 764,515,000 781,190,000 716,675,000 855,319,000 434,054,000 417,614,000 434,054,000 368,816,000 421,086,000 383,613,000 384,359,000 384,359,000 383,613,000 383,613,000 310,276,000 310,276,000 261,457,000 261,457,000 
        total equity and liabilities
      		779,629,000 779,629,000 803,055,000 793,023,000 803,980,000 803,980,000 920,794,000 931,859,000 1,037,835,000 1,116,971,000 1,307,835,000 1,401,116,000 1,225,197,000 1,148,580,000 1,225,197,000 1,247,995,000 1,442,992,000 1,628,912,000 1,529,282,000 1,529,282,000 1,628,912,000 1,628,912,000 1,650,419,000 1,650,419,000 1,656,430,000 1,656,430,000 
        current assets - sum
      		         483,385,000 517,647,000                
        assets held for sale
      		            142,703,000  142,703,000            
        current liabilities - sum
      		         583,655,000 511,463,000                
        liabilities directly associated with the assets held for sale
      		            48,471,000  48,471,000            
        deferred tax liabilities
      		          637,000 637,000  679,000  2,645,000 2,984,000 2,677,000 2,610,000 2,610,000 2,677,000 2,677,000 2,797,000 2,797,000 2,670,000 2,670,000 
        total equity attributable to shareholders of the parent
      		           545,797,000 791,143,000 730,966,000 791,143,000 879,179,000 1,021,906,000 1,245,299,000 1,144,923,000 1,144,923,000 1,245,299,000 1,245,299,000 1,340,143,000 1,340,143,000 1,394,973,000 1,394,973,000 
        short-term investments
      		               14,743,000 92,898,000  192,233,000 192,233,000 249,937,000 249,937,000 305,165,000 305,165,000 322,685,000 322,685,000 
        foreign currency translation reserve
      		            -171,483,000 -164,130,000 -171,483,000 -200,875,000 -157,652,000  -97,440,000 -97,440,000 -74,486,000 -74,486,000 -49,798,000 -49,798,000 -26,593,000 -26,593,000 
        consolidated statement of financial position
      		                          
        other paid in capital
      		                 -74,486,000         
        other non-current liabilities
      		                      11,000 11,000 11,000 11,000 
        shareholder loans
      		                          
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-03-31 2022-12-31 2022-09-30 2022-05-04 2022-03-31 2021-12-31 2021-09-30 
                        
          operating activities
        		                
          net loss
        		 -55,946,000 -12,531,000 -91,357,000 -34,630,000 -30,441,000 -45,844,000 -298,775,000     -87,459,000  -79,753,000  
          adjustments to reconcile net loss to net cash flows
        		                
          —depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets
        		12,260,000 12,294,000 11,181,000 11,932,000 12,713,000 12,308,000 13,013,000 14,446,000 12,559,000 12,233,000  12,158,000 10,731,000 10,731,000  7,922,000 
          —write-downs of inventories
        		1,345,000 749,000 3,611,000  1,041,000 -235,000 752,000  6,649,000 3,468,000       
          —impairment loss on trade receivables
        		 -258,000 242,000 -328,000 -82,000 71,000 105,000 150,000     -207,000   94,000 
          —share-based compensation
        		3,080,000 3,453,000 3,592,000 3,503,000 3,301,000            
          —movements in provisions
        		-4,232,000 -1,429,000 -6,241,000 23,106,000 -2,013,000 -32,471,000 -3,036,000 25,894,000 7,650,000 -1,596,000       
          —finance (income) and expenses
        		47,557,000 31,916,000 -9,411,000  4,284,000 -10,389,000 17,377,000  -112,841,000        
          —income tax expense
        		923,000 1,914,000 3,351,000 505,000 1,389,000 1,751,000 54,000 5,674,000     -1,121,000   567,000 
          —impairment reversal related to discontinued construction of production facilities
        		      -884,000          
          —other
        		-101,000 -85,000 -1,000 134,000 -10,000 1,267,000 50,000   -478,000  5,000 8,000 8,000  6,000 
          interest received
        		191,000 290,000 745,000 1,494,000 894,000 2,441,000 3,456,000 4,602,000 2,711,000 346,000 369,000 430,000 668,000 668,000 822,000 632,000 
          interest paid
        		-5,978,000 -5,885,000 -5,944,000 -5,751,000 -5,765,000 -6,509,000 -6,493,000 -6,592,000 -6,255,000 -3,752,000 -3,911,000 -2,888,000 -3,067,000 -3,067,000 -2,359,000 -1,768,000 
          income tax paid
        		-674,000 -868,000 -806,000 1,939,000 -1,558,000 -2,746,000 -1,021,000 -3,097,000 -2,810,000 -1,031,000 -983,000 -935,000 -476,000 -476,000 -492,000 -1,360,000 
          changes in working capital:
        		                
          —increase in inventories
        		958,000 -270,000 -689,000         -3,867,000 -4,247,000 -4,247,000  -21,788,000 
          —decrease in trade receivables, other current receivables, prepaid expenses
        		4,358,000 -832,000 7,214,000 -8,378,000 7,241,000 9,111,000 6,812,000 -9,469,000     8,903,000    
          —increase in trade payables, other current liabilities, accrued expenses
        		       4,866,000 -21,048,000   -7,249,000 869,000 869,000  -7,793,000 
          net cash flows from operating activities
        		 -1,447,000 -13,558,000 -10,236,000 -18,179,000 -46,935,000 -39,078,000 -14,147,000 -38,389,000 -71,212,000 -53,722,000 -87,948,000 -68,938,000  -65,236,000  
          investing activities
        		                
          purchase of intangible assets
        		-786,000 -630,000 -291,000 -616,000 -666,000 -291,000 -482,000 -558,000 -823,000 -983,000 -672,000 -1,280,000 -1,435,000 -1,435,000 -611,000 -667,000 
          purchase of property, plant and equipment
        		-2,290,000 -3,118,000 -6,660,000 -11,657,000 -7,836,000 -13,935,000 -5,712,000 -16,504,000 -10,126,000 -27,139,000 -31,141,000 -59,250,000 -53,278,000 -53,278,000 -87,100,000 -52,281,000 
          proceeds from sale of property, plant and equipment
        		304,000   6,796,000 4,013,000 6,385,000 14,007,000          
          other
        		6,000 107,000 302,000 -31,000 -112,000            
          net cash flows from investing activities
        		    -4,601,000 -6,955,000 7,813,000      -1,447,000  -38,279,000  
          financing activities
        		                
          repayment of liabilities to credit institutions
        		-686,000 -673,000 -647,000 -666,000 -652,000 -653,000 -707,000 -4,760,000 -408,000 -339,000 0 0 -528,000 -528,000 -529,000 -547,000 
          payment of loan transaction costs
        		0 0 -1,020,000 0 0 0 -4,965,000        0 0 
          repayment of lease liabilities
        		-3,558,000 -2,414,000 -3,397,000 -2,399,000 -3,358,000 -10,834,000 -3,054,000 -2,278,000 -4,031,000 -3,592,000 -1,950,000 -3,103,000 -3,637,000 -3,637,000 -2,344,000 -1,648,000 
          proceeds from exercise of warrants
        		              0 0 
          cash flows from financing activities
        		 -3,087,000 -5,064,000     -7,038,000       -2,873,000 -2,195,000 
          net decrease in cash and cash equivalents
        		-9,253,000 -8,105,000 -25,271,000    -39,991,000      -74,550,000 -74,550,000   
          cash and cash equivalents at the beginning of the period
        		0 0 98,923,000  0 0 249,299,000  0 82,644,000  0 295,572,000 295,572,000  0 
          exchange rate differences in cash and cash equivalents
        		225,000 1,608,000 776,000 -1,601,000 3,395,000 -920,000 -283,000 4,362,000 -2,932,000 2,717,000 1,925,000 -2,956,000 -1,977,000 -1,977,000 -1,094,000 -1,464,000 
          cash and cash equivalents at the end of the period
        		-9,028,000 -6,497,000 74,428,000  -23,395,000 -66,297,000 209,025,000  -57,546,000 78,830,000  -76,598,000 219,045,000 219,045,000  -121,184,000 
          net income
        		         -75,577,000 -125,169,000   -87,459,000   
          adjustments to reconcile net income to net cash flows
        		                
          —impairment (gain)/loss on trade receivables
        		             -207,000   
          —increase/(decrease) in trade payables, other current liabilities, accrued expenses
        		                
          net cash flows used in operating activities
        		             -68,938,000   
          net cash flows used in investing activities
        		             -1,447,000   
          cash flows used in financing activities
        		                
          net cash flows (used in)/from investing activities
        		 -3,571,000 -6,649,000     -17,062,000         
          —decrease in trade payables, other current liabilities, accrued expenses
        		  -7,871,000    -14,612,000          
          —impairment of property, plant and equipment and right-of-use assets and intangible assets
        		                
          —write-down of inventories
        		                
          —loss on disposal of property, plant and equipment and intangible assets
        		                
          —impairment related to discontinued construction of production facilities
        		   22,370,000 0            
          —impairment related to closure of production facility
        		                
          —decrease in inventories
        		   11,654,000 -959,000 -2,729,000 -11,422,000 15,484,000         
          investments in financial assets
        		       0 0        
          proceeds from sale of assets held for sale
        		       0 0 43,998,000       
          proceeds from convertible notes
        		       0 0        
          proceeds from liabilities to credit institutions
        		       0 -102,000 52,736,000     0 0 
          cash flows (used in)/from financing activities
        		   -3,065,000 -4,010,000 -11,487,000 -8,726,000          
          net increase in cash and cash equivalents
        		   -18,809,000 -26,790,000   -38,247,000  -6,531,000     -106,388,000 -119,720,000 
          cash and cash equivalents at january 1
        		                
          cash and cash equivalents at december 31
        		                
          —finance income
        		                
          —finance expenses
        		                
          —impairment related to assets held for sale
        		                
          proceeds from short-term investments
        		          14,751,000 77,939,000 53,266,000 53,266,000 100,594,000  
          —loss on disposal of property, plant and equipment
        		               0 
          —share-based payments expense
        		      2,615,000 4,687,000 6,290,000 8,047,000  8,503,000 10,037,000 10,037,000  9,568,000 
          payment of loan transaction cost
        		                
          —income tax expense/
        		         2,012,000       
          —loss/(gain) on disposal of property, plant and equipment
        		                
          —decrease/(increase) in inventories
        		         3,524,000       
          —increase in trade receivables, other current receivables, prepaid expenses
        		           -7,082,000    -17,126,000 
          cash flows from/(used in) financing activities
        		                
          net increase/(decrease) in cash and cash equivalents
        		                
          depreciation of property, plant and equipment and right-of-use assets and amortization of intangible assets
        		                
          impairment of property, plant and equipment and right-of-use assets
        		                
          impairment related to assets held for sale
        		                
          impairment loss/(gain) on trade receivables
        		                
          write-down of inventories
        		                
          share-based payments expense
        		                
          movements in provisions
        		                
          finance income
        		                
          finance expenses
        		                
          income tax (benefit)/expense
        		                
          (gain)/loss on disposal of property, plant and equipment and intangible assets
        		                
          increase in inventories
        		                
          decrease/(increase) in trade receivables, other current receivables, prepaid expenses
        		                
          increase in trade payables, other current liabilities, accrued expenses
        		                
          proceeds from financial instruments
        		               0 
          purchase of short-term investments
        		              -50,000,000 -5,790,000 
          net cash flows from/(used in) used in investing activities
        		                
          proceeds from issue of shares, net of transaction costs
        		              0 0 
          repayment of shareholder loans
        		              0 0 
          net (decrease)/increase in cash and cash equivalents
        		          -24,884,000      
          —impairment gain on trade receivables
        		         -342,000       
          —finance income and expenses
        		         1,996,000   -3,577,000 -3,577,000  -3,831,000 
          —(increase)/decrease in trade receivables, other current receivables, prepaid expenses
        		         -7,120,000       
          —(decrease)/increase in trade payables, other current liabilities, accrued expenses
        		         -12,942,000       
          net cash flows from/(used) in investing activities
        		         15,876,000       
          net cash flows from/(used) in financing activities
        		         48,805,000       
          finance expenses and (income)
        		                
          income tax benefit
        		                
          net cash flows from/(used in) investing activities
        		          -17,062,000      
          —income tax (benefit)/expense
        		             -1,121,000   
          —gain/(loss) on disposal of property, plant and equipment
        		                
          net cash flows (used in)/from financing activities
        		                
          —gain on disposal of property, plant and equipment
        		                
          net cash flows from financing activities
        		                
          impairment loss on trade receivables
        		                
          finance costs
        		                
          income tax expense
        		                
          loss on disposal of property, plant and equipment and intangible assets
        		                
          increase in trade receivables, other current receivables, prepaid expenses
        		                
          proceeds from / (payments for) financial instruments
        		                
          redemption of warrants
        		                
          proceeds from shareholder loans
        		                
          investments in financial instruments
        		                
          cash flows from/from financing activities
        		            -4,165,000    
          —decrease/(increase) in trade receivables, other current receivables, prepaid expenses
        		             8,903,000   
          cash flows used in/from financing activities
        		             -4,165,000   
          —impairment of property, plant and equipment and right-of-use assets
        		                
          proceeds from /(payments for) financial instruments
        		                
          contingent consideration paid
        		                
          shareholder´s contributions received