Pryme (PRYME) Q1 2025 earnings summary

Executive summary

• Q1 2025 marked by operational challenges, including a reactor leak and brief production window, but progress was made in testing and process optimization.

• 154 tons of pyrolysis oil produced in March after repairs; further testing to clarify plant capacity by end of Q2.

• Ongoing renegotiation of main sales contract to align with market conditions and revised capacity.

• Leadership change: Benoît Morelle appointed interim CEO in March 2025.

Financial highlights

• No revenue recognized in Q1 2025 due to off-spec product; inventories increased.

• Net loss of EUR 3.8 million in Q1 2025, compared to EUR 45.7 million loss in 2024 (which included a EUR 24 million impairment).

• Cash and cash equivalents at quarter-end: EUR 5.7 million, down from EUR 6.0 million at year-end 2024.

• EUR 4 million raised via private placement in February 2025; share capital increased and consolidated.

Outlook and guidance

• Q2 2025 production guidance reduced to up to 250 tons due to April reactor incident and downtime.

• Q3 and Q4 2025 production forecasts maintained at 1,500–2,500 tons and 3,000–4,000 tons, respectively, but expected at lower end of ranges.

• Significant uncertainty remains for Q2 due to ongoing repairs and root cause analysis.