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Circa Group (CIRCA) investor relations material

Circa Group Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary22 Aug, 2024

Executive summary

  • Q2 2024 focused on securing EUR 60 million funding to cover needs through 2026, driven by project delays, cost escalations, and a revised business plan prioritizing high-value applications.

  • Strong French governmental and regional support for the Resolute project, with environmental permitting expected by end of October 2024.

  • Market interest remains high, with new supply and distribution agreements in pharmaceuticals, cosmetics, and green solvents.

  • Operations at FC5 advanced with new lab-scale facility and ISO 9001 certification, but are currently paused with minimal staffing.

  • Circa Group targets high-value, specialty applications as alternatives to fossil-based chemicals, with intensified commercialization efforts.

Financial highlights

  • Q2 2024 revenues and other income totaled EUR 136k, down from EUR 598k in Q2 2023; YTD 2024 revenues at EUR 279k versus EUR 772k YTD 2023.

  • Net loss before tax for Q2 2024 was EUR -2.08 million, compared to EUR -1.05 million in Q2 2023; YTD net loss before tax at EUR -4.02 million versus EUR -2.65 million YTD 2023.

  • Cash and cash equivalents at Q2 2024 stood at EUR 2.4 million, down from EUR 27.5 million in Q2 2023 and EUR 11.4 million at year-end 2023.

  • Fixed assets increased to EUR 34.4 million at Q2 2024 from EUR 14.5 million in Q2 2023; capitalized plant and equipment reached EUR 43 million.

  • EUR 4.4 million in grants received in Q2 2024; of EUR 20 million announced grants, EUR 16 million have been received to date.

Outlook and guidance

  • All funding options, including asset sales, are under evaluation to address a EUR 60 million funding need through 2026.

  • Focus remains on securing the environmental permit for Resolute by Q4 2024 and finalizing key customer agreements.

  • Targeting Resolute operational by end of 2025, with a business plan focused on high-value applications and market partnerships.

  • Continued efforts to secure distribution and offtake agreements to support commercialization.

  • Plant output to be rebalanced for sustainable market potential and near-term profitability.

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Frequently asked questions

Circa Group engages in the production of biochemicals for the pharmaceutical, agricultural and consumer goods industries, and independent research groups. The company develops microbial production platforms to produce fermentation products, such as high quality gummies, cosmetics, and sports nutrition products.

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