2 days Ago By [email protected] (MENAFN)
Foussemagne (France), March 31, 2025 – 6:00 pm CEST – McPhy Energy , a leading European player in alkaline electrolyzer technology and manufacturing, today announces its consolidated results for the financial year 2024, ended December 31, approved today by the Company's Board of Directors. Simplified Income Statement 2024 Revenue Revenue for 2024 totaled €13.2 million , representing a 30% decline compared to 2023.
This slowdown was primarily due to: The electrolyzer business generated €15.8 million in revenue in 2024 and breaks down between the supply of McLyzer large capacity electrolyzers (85%) and the Piel range (15%). Over the year, the Group benefited from large-scale projects' contribution, including: Revenue of small and medium-capacity Piel electrolyzers , primarily dedicated to jewelry applications and occasionally for industrial use, amounted to €2.
4 million . Commercial Activity Update McPhy secured firm order intake totaling €28.1 million in 2024 , including €23.
4 million for the electrolyzer business alone, driven by: Overall, the backlog stood at €29.8 million as of December 31, 2024, up +25% compared to December 31, 2023, primarily driven by the electrolyzer business , now the Group's core activity, contributing €23.7 million.
Results Impacted by the Exit Cost of the Station Business In 2024, the Group continued investing in the development of its electrolyzer business, now the Group's sole business unit, particularly in its Belfort Gigafactory. Operating expenses remained stable and were kept under control, with a refocus on improving the 1MW stack and developing the XL electrolyzer. The downward trend in headcount stems from the station business sale to Atawey, which involved the transfer of 43 employees and the retention of staff at sites dedicated to electrolyzers.
As a result, personnel expenses fell by €(3.3) million in 2024 , reaching €20.8 million , with a total headcount at 220 as of December 31, 2024, compared to 265 as of December 31, 2023.
EBITDA remained stable at €(43.5) million in 2024 , compared with €(44.6) million in 2023.
It includes €13.4 million from the Group's share of the IPCEI 4 grant, corresponding to eligible expenses over the period. The Operating Income came to €(58.
3) million , reflecting a rise in depreciation costs from €2.8 million to €3.7 million due to the commissioning of industrial equipment, and a high level of provisions , up €2.
8 million to €11.2 million . In addition to provisions for completion losses on historical contracts, the Group also recognized provisions for contractual risks related to potential performance shortfalls, which may require the replacement of defective components.
Other income and expenses amounted to €(7.1) million , and included non-recurring fees relating to the implementation of the 2024 financing plan of €(2.3) million, capital loss from the sale of the station business of €(4.
0) million , and €(0.8) million in goodwill impairment. The fair value of assets held for sale (i.
e. those included in the sale of the station business), net of disposal costs, was determined by taking into account solely the fixed portion of the sale price (i.e.
€12 million). Despite active cash management, which generated financial income of €2.5 million , the financial result came to €(8.
6) million , penalized on the one hand by adjustments in the fair value of bonds held by McPhy in Hype and Atawey for €(15.3) million, offset by a loss in value of the bond debt held by EDF Pulse and EPIC Bpifrance 5 representing a positive impact of €7.0 million, and by interest expenses of €(2.
8) million. Taking these factors into account, Net Income for 2024 was €(74.1) million , compared with €(47.
4) million in 2023. Cash Position of €39.6 million as of December 31, 2024 Net cash burn amounted to €(23.
4) million in 2024, including: Cash Runway Based on the cash flow forecasts established by the Board of Directors on March 31, 2025, the Group is expected to have the necessary financial latitude to continue its operations until the end of H1 2025 , taking into account the following structuring assumptions: In addition, should the Group also benefit from: based on the cash flow forecasts, the Group could have the necessary financial latitude to continue its operations until the end of the 3 rd quarter 2025. The Group is actively exploring solutions that would enable all or part of its activities to operate after this date. This situation creates material uncertainty as to going concern .
If the sought-after solutions are not implemented within the expected timeframe or do not meet the required financial objectives , the Group might not be able to realize its assets and settle its liabilities in the normal course of business. In such a case, the application of IFRS accounting rules and principles in the normal context of continuing operations, particularly as regards the valuation of assets and liabilities, could become inappropriate. Next Financial Event: The 2024 annual financial report will be made available no later than April 30, 2025, on the Company's website ( ), in the "Investors" > "Financial Publications" > "Financial Reports" section, in accordance with legal requirements.
ABOUT MCPHY Specialized in hydrogen production equipment, McPhy is contributing to the global deployment of low-carbon hydrogen as a solution for energy transition. With its complete range of products dedicated to the industrial, mobility and energy sectors, McPhy offers its customers turnkey solutions adapted to their applications in industrial raw material supply, recharging of fuel cell electric vehicles or storage and recovery of electricity surplus based on renewable sources. As designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production centers in Europe (France, Italy, Germany).
Its international subsidiaries provide broad commercial coverage for its innovative hydrogen solutions. McPhy Energy is listed on Euronext Growth Paris (ISIN code: FR0011742329, ticker: ALMCP). CONTACTS Follow us on @McPhyEnergy 1 Press release dated July 17, 2024:“McPhy completes the disposal of its refueling stations business to Atawey” 2 Firm orders not yet accounted for in revenue.
3 As a reminder, in 2023, L&T and McPhy entered into a technology transfer and exclusive licensing agreement (Technology Licensing and Assistance Agreement) covering the Company's electrolyzer technology and the following territories: India, the countries of the South Asian Association for Regional Cooperation (Bangladesh, Sri Lanka, Nepal, Bhutan, Maldives), and the Gulf Cooperation Council countries (Saudi Arabia, United Arab Emirates, Oman, Qatar, Kuwait, Bahrain). 4 Subject of a public aid contract by the French State within the framework of the PIIEC ("Projet Important d'Intérêt Européen Commun") or IPCEI ("Important Project of Common European Interest") scheme known as "Hy2Tech" approved by the European Commission, concluded with Bpifrance on October 28, 2022. 5 EPIC Bpifrance acting on behalf of the French State under the French Tech Souveraineté Agreement dated December 11, 2020.
6 PIIEC ("Projet Important d'Intérêt Européen Commun") or IPCEI ("Important Project of Common European Interest") is a funding system that supports projects deemed essential to Europe's competitiveness, authorizing member states to finance initiatives beyond the limits usually set by European regulations. Within this framework, the McPhy electrolyser Gigafactory project will benefit from public aid from the French government, up to a maximum of 114 million euros, as part of the "Hy2Tech" PIIEC. Attachment MENAFN31032025004107003653ID1109375208 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind.
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