McPhy Energy (MCPHY) Trading Update summary

Financial performance and revenue

• 2024 unaudited revenue reached €13.1 million, down 30% year-on-year due to project delays and contract terminations.

• Restated revenue, excluding termination compensation, was €17.1 million, with 99% from electrolyzers.

• Electrolyzer business grew 15% to €15.8 million, driven by large-scale projects in Austria, Sweden, Germany, and French Guiana.

• Small and medium-capacity Piel electrolyzers contributed €2.4 million, mainly for jewelry and industrial uses.

Commercial activity and order intake

• Firm order intake doubled to €28.1 million in 2024, with €23.4 million from electrolyzers.

• Major contracts included the Rouen Vallée Hydrogène project and a firm supply contract with AAK.

• Signed an agreement with Larsen & Toubro for technology transfer and exclusive licensing of the McPhy XL product.

• Three new maintenance contracts will generate recurring revenue.

• Total backlog rose 25% to €29.8 million, with €23.7 million from electrolyzers.

Cash position and outlook

• Cash position was approximately €39 million at year-end 2024, down from €63 million in 2023.

• Cash horizon extends to Q3 2025, assuming receipt of public aid and partial payment from the refueling station business sale.

• Excluding near-term cash from the Atawey sale, runway shortens to end of Q2 2025, raising going concern uncertainty.

• Strategic solutions are being actively explored to extend the cash horizon and support operations.