Oatly Q1 Revenue Climbs 15.6% to $228.3M as EBITDA Hits $5M
Oatly generated $228.3 million in Q1 revenue, up 15.6% year-over-year and 8.1% on a constant currency basis, driven by stronger European and North American sales. Gross margin rose to 33.4%, while adjusted EBITDA swung to a $5.0 million profit and net loss narrowed to $12.0 million.
1. Revenue and Volume Trends
Oatly reported first quarter revenue of $228.3 million, a 15.6% increase versus prior year and an 8.1% gain on a constant currency basis. Growth was driven by a 27.1% jump in Europe & International sales and a 3.8% rise in North America, while Greater China sales declined 2.1%. Sold volume rose 5.6% to 152.6 million liters.
2. Margin Expansion and Profitability
Gross profit reached $76.3 million, lifting gross margin to 33.4%, up 188 basis points on improved supply chain efficiency and product mix. Adjusted EBITDA turned positive at $5.0 million, an $8.7 million swing, and net loss narrowed slightly to $12.0 million from $12.4 million a year ago.
3. 2026 Outlook
Oatly reiterated its 2026 guidance of constant currency revenue growth between 3% and 5%, adjusted EBITDA of $25 million to $35 million, and capital expenditures of $20 million to $30 million, reflecting confidence in its growth playbook and cost reduction initiatives.