Pryme (PRYME) Q2 2024 earnings summary

Executive summary

• Achieved first oil production at Pryme One in Q1 2024, with all three process steps operational shortly after.

• Produced 120 metric tons of pyrolysis oil in H1 2024, with 114 tons in Q2, marking significant operational progress.

• Focus expanded from commissioning Pryme One to developing a growth plan and scouting sites for future plants.

• Secured ISCC PLUS certification and completed first shipment and invoicing of pyrolysis oil to an external customer.

• Completed a €12 million private placement, bringing in Taranis Investment Limited as a new shareholder.

Financial highlights

• H1 2024 revenue was €32k, with a gross margin of €0 due to high cost of sales and low production volumes.

• Net loss for H1 2024 was €10.1 million, compared to a €3.0 million loss in H1 2023.

• Cash and cash equivalents increased to €10.4 million as of June 30, 2024, up from €8.2 million at year-end 2023.

• Total assets stood at €60.2 million, with group equity at €31.7 million as of June 30, 2024.

• Operating cash flow was €1.2 million, with €1.3 million net cash from financing activities in H1 2024.

Outlook and guidance

• Targeting production and sales of 250–500 metric tons of pyrolysis oil in Q3 2024.

• Aims to achieve breakeven production rates of around 250 metric tons per week by end of Q4 2024.

• Plans to finalize site selection for 4–6 new plant locations in Q3 2024.