Pyrum Innovations (PYRUM) Q2 2026 earnings summary

Executive summary

• Achieved 37.6% year-over-year revenue growth in H1 2026, reaching €1.74 million, driven by expanded plant operations, though below expectations due to operational ramp-up delays.

• Successfully sold the first plant in Czech Republic and signed the first external plant purchase agreement, with advanced negotiations for a second in Greece.

• Secured over €50 million in European grants for projects in Greece and Sweden, supporting expansion and technology deployment.

• Enhanced political and industry recognition as a supplier of critical raw materials, benefiting from new EU regulations and market trends.

• Achieved key milestones including Pirelli joining as a major client for recycled materials and the launch of the Tyre-to-Tyre initiative.

Financial highlights

• Revenue for H1 2026 rose 37.6% year-over-year to €1.74 million (H1 2025: €1.27 million).

• Adjusted EBITDA remained stable year-over-year at -€4.36 million; EBIT declined 5.8% to -€6.30 million.

• Net loss widened to €7.0 million, impacted by lower grants and higher operating costs.

• Personnel expenses increased 10.6% as headcount rose from 93 to 100.

• Cash and cash equivalents declined to €6.1 million from €17.0 million at year-end 2025; equity ratio fell to 36.6%.

Outlook and guidance

• Full-year 2026 revenue guidance revised down to €4.2–5.3 million (previously €6.5–9.5 million), with total output projected at €11–14 million.

• EBIT forecast lowered to a loss of €10.0–12.5 million, reflecting delays in plant ramp-up and higher costs.

• Additional revenue expected from ramp-up of product sales and project services in H2 2026.

• Focus on increasing TTB and rCB volumes, finalizing project financing, and expanding into new markets.