McPhy Energy (MCPHY) H1 2024 earnings summary

Executive summary

• Completed sale of station business to Atawey for €12m, enabling focus on electrolyzer core business and international expansion.

• Opened France's first electrolyzer gigafactory in Belfort, ramping up to 1 GW/year capacity and enabling mass production.

• Secured new industrial contracts with AAK, PLANSEE, Hype, and VALOREM, and resumed CEOG project.

• Extended partnership and signed technology transfer agreement with Larsen & Toubro for next-generation electrolyzer stacks.

• Funding plan executed, securing financial resources through early 2026.

Financial highlights

• H1 2024 revenue rose 35% year-over-year to €9.5m, driven by 120% growth in electrolyzer sales.

• EBITDA loss widened to €(24.7)m from €(21.6)m in H1 2023, mainly due to legacy project execution challenges and low activity.

• Net result was a loss of €(32.0)m, compared to €(23.5)m loss in H1 2023, impacted by €0.8m goodwill and €4.2m asset impairments.

• Cash position at June 30, 2024 was €57.6m, down from €63.0m at year-end 2023.

• Purchases nearly doubled to €10.3m due to higher equipment and installation costs.

Outlook and guidance

• Full-year 2024 revenue estimated at €18–22m.

• Backlog remains solid at €10.8m as of June 30, 2024, with new order intake of €21.6m in H1.

• Gradual production ramp-up at Belfort gigafactory, with XL stack production targeted for H1 2026.

• Focus on industrial sector for commercial growth, leveraging operational Gigafactory.