Circa Group
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Circa Group (CIRCA) investor relations material

Circa Group has been delisted

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 funding, advancing the Resolute/ReSolute project, and developing high-value market applications, with a revised business plan prioritizing profitability and market-driven growth.

  • Operations at Resolute/ReSolute are paused pending environmental permit, with lease extended to 15 years and strong support from French authorities and local stakeholders.

  • Market interest and commercialization efforts intensified, with new supply, distribution, and collaboration agreements in pharma, cosmetics, and green solvents.

  • New CFO appointed in April 2024; Extraordinary General Meeting in August 2024 approved measures to facilitate capital raising.

Financial highlights

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

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

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

  • Fixed assets increased to EUR 34.4m at Q2 2024 from EUR 14.5m in Q2 2023; capitalized plant and equipment reached EUR 43m as of 30 June 2024.

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

Outlook and guidance

  • Funding solution of EUR 60m sought to cover needs through end of 2026, with all options under evaluation including asset sales.

  • Aim to secure environmental permit for Resolute/ReSolute by Q4 2024 and have the plant operational by end of 2025.

  • Continued focus on high-value applications, optimizing product mix, and expanding distribution agreements.

What assets might be sold for funding?
How does French support accelerate permit approval?
How will CMO partnerships scale pharma intermediates?
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