McPhy Energy: 2024 Annual Results and Update on Financial Situation

2024 revenue of €13.2 million, impacted by termination compensation related to some refueling station projects. Restated for this impact, revenue amounts to €17.1 millionElectrolyzer revenue grew by +15% to €15.8 million, representing 92% of total restated revenueOrder intake doubled to €28.1 million as of December 31, 2024EBITDA stable at €(43.5) million, reflecting adjustment of expenses to low level of activity Net income of €(74.1) million, significantly impacted by the disposal...

LA MOTTE FANJAS, 31/03/2025 (informazione.news - comunicati stampa - energia)

, 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.

                                                

for 2024 totaled , representing a compared to 2023. This slowdown was primarily due to:

The business generated 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 , primarily dedicated to jewelry applications and occasionally for industrial use, amounted to .

McPhy secured totaling , including for the business alone, driven by:

Overall, the at as of December 31, 2024, up compared to December 31, 2023, primarily driven by the , now the Group's core activity, contributing

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, fell , reaching , with a total headcount at as of December 31, 2024, compared to 265 as of December 31, 2023.

at , compared with €(44.6) million in 2023. It includes €13.4 million from the Group's share of the IPCEI grant, corresponding to eligible expenses over the period.

The came to , reflecting a rise in from €2.8 million to due to the commissioning of industrial equipment, and a high level of , up €2.8 million to . 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.

amounted , and included non-recurring relating to the implementation of the 2024 financing plan of of the station business of , and 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 , the , 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 representing a positive impact of €7.0 million, and by interest expenses of €(2.8) million.

Taking these factors into account, was , compared with €(47.4) million in 2023.

amounted in 2024, including:

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 , 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

. If the sought-after solutions , the Group 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.

The 2024 annual financial report will be made available no later than April 30, 2025, on the Company's website (www.mcphy-finance.com), in the "Investors" > "Financial Publications" > "Financial Reports" section, in accordance with legal requirements.

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).

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Press release dated July 17, 2024: “McPhy completes the disposal of its refueling stations business to Atawey”

Firm orders not yet accounted for in revenue.

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).

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.

EPIC Bpifrance acting on behalf of the French State under the French Tech Souveraineté Agreement dated December 11, 2020.

PIIEC (" ") or IPCEI (" ") 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.

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