McPhy Energy: McPhy Reports 2024 Annual Revenue of €13.1 million and Provides a Business Update

Unaudited 2024 revenue of €13.1 million, impacted by termination compensation related to some refueling station projects. Restated for this impact, revenue amounts to €17.1 millionElectrolyzer business grew by +15% to €15.8 million, representing 99% of the restated total revenueOrder intake doubled to €28.1 million as of December 31, 2024Cash position of approximately €39 million 1as of December 31, 2024, and reduced cash horizon until the course of Q3 2025, in the absence of the...

LA MOTTE FANJAS, 19/02/2025 (informazione.news - comunicati stampa - energia)

, a leading European player in alkaline electrolyzer technology and manufacturing, today announces its unaudited revenue for the 2024 financial year, ended December 31, and provides an update on its cash horizon.

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%).

In 2024, 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:

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

The Group updated its 2025 cash flow forecasts.

Those consider a of approximately , compared to €63.0 million as of December 31, 2023, and the following assumptions:

Based on these forecasts and assumptions, McPhy is expected to have sufficient funding to finance its operations .

This situation generates significant uncertainty regarding the Group's ability to continue as a going concern. The Group is actively exploring strategic solutions to extend its cash horizon and support its operational requirements within its scope of activity, now refocused on electrolyzers.

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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All figures are currently being audited as of the date of this document.
Negative revenue due to compensation for termination.
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).

IPCEI ("Important Project of Common European Interest") is a funding scheme that supports projects deemed essential for Europe's competitiveness, allowing Member States to fund initiatives beyond the limits usually set by European regulations. In this regard, the McPhy electrolyzer Gigafactory project will receive public funding from the French government, for an amount up to €114 million, as part of the “Hy2Tech” IPCEI.

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