Carbios (ALCRB) H2 2023 earnings summary

Executive summary

• 2023 milestones included construction beginning on the first industrial PET biorecycling plant in France, a long-term enzyme supply alliance with Novonesis, and an automated textile preparation line.

• Year-end cash was €191.8 million; construction and commercial deployment plans remain on schedule, with first significant client deliveries targeted for 2026.

Financial highlights

• Revenue recognized under IFRS 15 was €24 thousand in 2023, versus €70 thousand in 2022, from feasibility studies, tests, research services, and sample and raw-material deliveries.

• Operating loss was €28.878 million in 2023, versus €26.101 million in 2022; net loss was €27.224 million, versus €27.741 million.

• Operating expenses rose to €28.902 million from €26.173 million; average headcount increased to 134 from 104.

• Cash and cash equivalents increased to €191.821 million at Dec. 31, 2023, from €100.557 million a year earlier.

Outlook and guidance

• Construction of the Longlaville plant is planned through 2024; recruitment and training of plant operations staff are also targeted for 2024.

• First significant customer deliveries are targeted for 2026, subject to the stated provisional calendar; first PET technology licensing contracts are targeted for 2024.

• The plant is designed for annual processing capacity of 50,000 tonnes of PET waste; over 70% of required feedstock at full capacity was covered by agreements and an MOU.