Photocat (PCAT) H2 2024 earnings summary

Executive summary

• Achieved positive EBITDA of 54,000 DKK in H2 2024 despite a 17% revenue decline compared to H2 2023, reflecting improved operational efficiency and cost control.

• Secured a strategic licensing agreement with a major European company, strengthening bitumen IPR and expanding market reach.

• Integrated bitumen technology into a Finnish facility and expanded the dust control portfolio via acquisition and partnership with Essity.

• The Badalona project, the world's largest photocatalysis demonstration, continues to deliver strong environmental and economic results.

Financial highlights

• H2 2024 revenue was 5.3 million DKK, down from 6.4 million DKK in H2 2023; FY 2024 revenue was 12.1 million DKK, down from 15.0 million DKK in FY 2023.

• Gross profit for H2 2024 was 2.7 million DKK (vs. 3.0 million DKK in H2 2023); FY 2024 gross profit was 6.2 million DKK (vs. 6.3 million DKK in FY 2023).

• EBITDA improved to 54,000 DKK in H2 2024 from -157,000 DKK in H2 2023; FY 2024 EBITDA was 743,000 DKK, up from 347,000 DKK in FY 2023.

• Net loss widened to -2.2 million DKK in H2 2024 (vs. -1.3 million DKK in H2 2023); FY 2024 net loss was -2.6 million DKK (vs. -1.9 million DKK in FY 2023).

• Cash at hand increased to 306,000 DKK at year-end 2024 (vs. 230,000 DKK at year-end 2023).

Outlook and guidance

• 2025 guidance projects revenue of 11.0–13.0 million DKK and positive EBITDA of 0.5–1.5 million DKK, indicating continued growth focus.

• Over 55 specialized, recurrent customers and strong demand for sustainable solutions position the company for future expansion.