Octopus energy reports loss for the year as investments weigh

Octopus Energy, a British company, reported a pre-tax loss for the year ending Tuesday. This was due to spending heavy amounts to expand its business, including the Kraken technology platform, which it intends to spin off.

The UK's biggest energy supplier is investing heavily in services such as heat pumps, solar panels, and electric vehicles. It has also strengthened its plans to spin-off its AI driven?unit, Kraken Technologies.

Octopus?, which is a subsidiary of D1 Capital Partners, announced on Monday that the business unit was now valued at $8.65 billion as an independent entity.

Octopus CEO and founder Greg Jackson stated that the company was investing in services that would define a new era for?energy. He added that Octopus had about 10 million global customers.

The company posted a loss of 260.1 millions pounds ($350.7) for the year ending April 30th, 2025. This compares to a profit of 76.6 million pounds the previous year.

The total group revenue, including contracts, increased 10% to 13,68 billion pounds. $1 = 0.7417 pounds (Reporting and editing by Vijay Kishore in Bengaluru).

(source: Reuters)