Pryme (PRYME) Q3 2025 earnings summary

Executive summary

• Achieved 468 tons of pyrolysis oil production in Q3 2025, with record output in July before a reactor sealing issue halted operations in late August, leading to extended downtime and repairs continuing into Q4.

• Sales of 548 tons of pyrolysis oil were completed at an average price of €1,425 per ton, with renegotiated main sales contract terms improving pricing and quality specifications.

• New CEO Guus Lemmers appointed in September 2025, with organizational changes and HR additions to support 5-shift production.

Financial highlights

• Q3 2025 revenue was €781k, up from €288k in Q2 2025 and €29k in Q3 2024; year-to-date revenue reached €1.07 million.

• Net loss for Q3 2025 was €3.53 million, an improvement from a €4.02 million loss in Q2 2025 and €4.74 million in Q3 2024.

• Cash balance at quarter-end was €4.7 million, with a Q3 cash burn of €4.6 million; additional funding of €5–6 million is required by end of Q1 2026.

• EU Horizon subsidies contributed €2.0 million in the first nine months of 2025, offsetting costs across several expense categories.

Outlook and guidance

• Q4 2025 production forecast is 600 tons of pyrolysis oil, with ongoing optimization tests to debottleneck the reactor and improve process performance.

• Focus remains on enhancing reliability, oil quality, and feedstock flexibility, with new feedstock types to be tested and preventive maintenance programs implemented.

• Pryme Two site selection and basic engineering to proceed in Q1 2026, contingent on sufficient production data from Pryme One.