Oatly Group AB announced its financial results for the first quarter ended March 31, 2025, reporting a slight revenue decrease of 0.8% to $197.5 million, though constant currency revenue increased by 0.7% to $200.6 million. The company's sold volume grew by 9.2% to 144.6 million liters.
Gross profit significantly improved to $62.3 million from $53.9 million in the prior year period, with the gross profit margin expanding by 449 basis points to 31.6%. This margin expansion was primarily driven by ongoing supply chain efficiencies across all segments.
The Adjusted EBITDA loss for the quarter narrowed to $3.7 million, a notable improvement from a loss of $13.2 million in Q1 2024. Net loss attributable to shareholders also decreased substantially to $12.4 million, compared to a loss of $45.8 million in the prior year period, benefiting from higher gross profit and fair value gains on Convertible Notes.
Segment performance showed mixed results: Europe & International revenue was flat on a constant currency basis, North America revenue decreased by 10.6% due to foodservice customer shifts and product discontinuations, while Greater China revenue surged by 39.2% on a constant currency basis, driven by a new foodservice customer and entry into the club channel.
Oatly reaffirmed its full-year 2025 outlook, continuing to expect constant currency revenue growth of 2% to 4% and Adjusted EBITDA in the range of $5 million to $15 million. Capital expenditures are still projected between $30 million and $35 million, as the company remains on track for its first full year of profitable growth as a public company.
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