Pryme (PRYME) Q2 2025 earnings summary

Executive summary

• Production disruptions from two reactor incidents led to extended downtime, but no injuries or significant damage occurred; technical and procedural improvements have been implemented to prevent recurrence.

• Operations resumed in March and June, with 313 tons of pyrolysis oil produced in H1 2025; June production exceeded expectations in yield and quality.

• Key initiatives included installation of odor-control systems, validation of higher-quality feedstock, ISCC PLUS certification renewal, and cybersecurity program launch.

• Focus for H2 2025 is on optimization tests, addressing reactor bottlenecks, and improving reliability, oil quality, and feedstock flexibility.

Financial highlights

• Revenue for H1 2025 was €288k, up from €32k in H1 2024, driven by increased production and sales of pyrolysis oil.

• Net loss narrowed to €7.8 million from €10.1 million year-over-year, reflecting lower personnel costs and EU Horizon subsidies.

• Equity increased by €3.6 million to €10.5 million, supported by €11.4 million in new share issues.

• Cash and cash equivalents rose to €8.8 million at June 30, 2025, from €6.0 million at year-end 2024.

• Operating expenses increased due to higher maintenance, cleaning, and repair costs related to ramping up production.

Outlook and guidance

• Q3 and Q4 2025 production forecasts have been revised downward: Q3 expected at 900–1,600 tons, Q4 at 1,200–2,100 tons.

• Additional funding will be required in H2 2025 due to lower production forecasts and anticipated cash burn.

• Key focus areas include reactor optimization, reliability improvements, and testing new feedstock types.

• Site selection for future plants to accelerate in Q4 2025; Pryme Two basic engineering to begin once sufficient data is collected.