Oatly's second quarter 2025 results showed a 3.0% increase in revenue to $208.4 million and a significant improvement in gross margin to 32.5%. The Adjusted EBITDA loss narrowed to $3.6 million, an improvement of $7.4 million year-over-year. However, the company reported an increased net loss of $55.9 million, primarily due to fair value losses on Convertible Notes. The company is also undertaking a strategic review of its Greater China business.
Revenue increased by 3.0% to $208.4 million in Q2 2025 compared to the prior year, driven by growth in Europe & International.
Gross margin improved significantly to 32.5% in Q2 2025, a 3.3 percentage point increase, mainly due to supply chain efficiencies in Europe & International.
Adjusted EBITDA loss improved to $3.6 million in Q2 2025, compared to a loss of $11.0 million in the prior year period, reflecting higher gross profit and lower R&D expenses.
Net loss attributable to shareholders increased to $55.9 million in Q2 2025, up from $30.4 million in Q2 2024, primarily due to fair value losses on Convertible Notes.
Oatly has refined its 2025 outlook, adjusting constant currency revenue growth expectations downwards due to challenges in North America and Greater China, while reaffirming its Adjusted EBITDA guidance. Capital expenditures are also expected to be lower than previously anticipated.
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