Waga Energy (WAGA) H1 2024 earnings summary

Executive summary

• Revenue rose 87% year-over-year to €25.6m, with over 50% generated internationally, driven by biomethane sales, equipment contracts, and the commissioning of 5 new RNG units, including the first in the US.

• EBITDA improved to -€2.5m from -€3.1m in H1 2023, reflecting operational leverage and better gross margin.

• Net loss widened to -€8.7m due to higher depreciation and investments.

• 28 RNG production units in operation across France, Spain, US, and Canada, with 11 more under construction.

• Cash position strengthened to €78m after a €52m capital increase and new borrowings.

Financial highlights

• Revenue reached €25.6m in H1 2024, up from €13.7m in H1 2023 (+87%), with 72% from biomethane sales and purification services.

• EBITDA loss narrowed to -€2.5m from -€3.1m year-over-year.

• Net loss widened to -€8.7m, mainly due to increased asset amortization.

• Capex increased 20% to €24.6m, with significant investment in US assets and 14 units under construction at period end.

• Cash and cash equivalents at €78m as of June 30, 2024, up 33% year-over-year, bolstered by capital increase and new debt.

Outlook and guidance

• On track to meet 2026 guidance of €200m revenue and 4 TWh/year installed capacity, with EBITDA breakeven expected during 2025.

• 53% of 2026 revenue objective already reached as of June 2024.

• H2 2024 to focus on further capacity expansion and pricing optimization.

• Commercial pipeline increased 15% to 13.6 TWh/year for 165 projects.