Hoffmann Green Cement Technologies (ALHGR) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €3.3M, up 95.7% year-over-year, driven by international expansion, market diversification, and a €2M upfront license fee in the US.

• EBITDA improved to -€3.09M from -€3.65M, reflecting business growth despite higher commercial and R&D expenses, and is on track to reach breakeven in 2024.

• Net loss widened to -€5.2M from -€3.6M, mainly due to increased amortization and a negative financial result.

• Cash and cash equivalents at June 30, 2024, stood at €24.8M, supporting ongoing development plans.

• Significant partnerships and contracts signed with major French and international construction groups, including entry into B2C retail and renewable energy sectors.

Financial highlights

• Operating income was -€5.03M, a slight improvement from -€5.13M year-over-year.

• Gross cash outflow for the semester was €7.9M; equity stood at €62.0M.

• Two convertible bond (OCEANE) issues raised €10M in H1 2024.

• Cement volumes sold increased 6.7% to 7,833 tonnes.

• Order book grew to over 270,000 tonnes, up by 10,000 tonnes in H1 2024.

Outlook and guidance

• Targeting 3% market share in France and €120M–€130M revenue by 2026.

• Plans to build a third plant (H3) in Dunkerque, raising total capacity to 550,000 tonnes/year by 2026.

• International growth via licensing, aiming for four operational units and €10M revenue abroad by 2026.

• EBITDA breakeven expected in 2024, with a 40% EBITDA margin targeted by 2026.

• Positive operating income targeted from 2025.