McPhy Energy (MCPHY) H2 2024 earnings summary

Executive summary

• 2024 revenue declined 30% to €13.2 million, mainly due to the disposal of the refueling station business and project terminations; restated revenue was €17.1 million.

• Electrolyzer revenue grew 15% to €15.8 million, now 92% of restated revenue, with large-scale project contributions.

• Completed sale of hydrogen refueling station business to focus on electrolyzer core operations and industrial scale-up.

• Order intake doubled to €28.1 million, and backlog rose 25% to €29.8 million, driven by electrolyzer contracts.

• Workforce reduced to 220 employees post-divestment, with a diverse and highly qualified team.

Financial highlights

• EBITDA: €(43.5) million, stable year-over-year; operating income (EBIT) at €(58.3) million.

• Net result: €(74.1) million, significantly lower than €(47.4) million in 2023, impacted by non-cash and one-off items.

• Cash position at year-end: €39.6 million, down from €63.0 million at end-2023.

• Cash burn of €23.4 million in 2024.

• Shareholders' equity dropped to €19.9 million from €88.2 million year-over-year.

Outlook and guidance

• Cash horizon extends until end of H1 2025, with significant uncertainty regarding going concern; solutions under exploration.

• May extend to Q3 2025 if additional funding is secured.

• Gradual production ramp-up at Belfort gigafactory, with XL stack production starting H2 2025 and first commercial production in H1 2026.