Pryme (PRYME) Q4 2024 earnings summary

Executive summary

• Pryme focused on optimizing its first plant, Pryme One, with over 500 hours of operation and 341 metric tons of pyrolysis oil produced in 2024.

• Production ramp-up was slower than anticipated due to process optimization and technical challenges, leading to a revised annual capacity estimate of 16,700 metric tons.

• No serious safety incidents or lost time injuries were reported in 2024.

• Marieke Bleyenbergh was appointed interim CEO in November 2024; changes occurred in the supervisory board following a private placement.

Financial highlights

• Q4 2024 revenue was EUR 41,000, with a gross margin of EUR -36,000 and a net loss of EUR 26.1 million for the quarter.

• Full-year 2024 net loss reached EUR 40.9 million, significantly impacted by a EUR 20.4 million impairment on Pryme One.

• Cash and cash equivalents at year-end were EUR 6.0 million, up from EUR 4.6 million at the end of Q3 2024.

• EUR 4.0 million was raised in a private placement in December 2024.

Outlook and guidance

• Production volumes for 2025 are expected to be limited in H1 due to ongoing repairs and component testing, with ramp-up to near full capacity targeted by year-end.

• Expected production: Q1 2025 up to 200 tons, Q2 750–1,250 tons, Q3 1,500–2,500 tons, Q4 3,000–4,000 tons.