HOPIUM: HOPIUM: 2023 annual results – A 2023 exercise of restructuring and strategic reorganization – A roadmap for a new future – 04/22/2024 at 9:00 p.m.

Press release

Paris, April 22, 2024 – 9 p.m.

HOPIUM

2023 annual results

A 2023 restructuring and strategic reorganization exercise

A roadmap for a new future

Paris, April 22, 2024 at 9 p.m. – HOPIUM

announces the publication of its annual accounts for the 2023 financial year which are, unsurprisingly, a continuation of the half-yearly accounts published on October 31, 2023. Indeed, HOPIUM does not generate, at this stage, any turnover the 2023 annual accounts remain mechanically burdened by the various investments made over the period.

Placed in receivership on July 19, 2023

[1]

, HOPIUM has also carried out a strategic reorganization of its activities in order to focus on the development of a hydrogen fuel cell for heavy mobility. This major reorientation required the implementation of a major cost reduction plan. The company has therefore focused its resources on an R&D program to demonstrate the maturity of its proprietary fuel cell technology and complete engine solutions. It plans to commercialize these solutions in early 2025. Throughout this development period, Hopium benefits from the support of its financial partner Atlas Special Opportunities, which works hand in hand with the new management on the turnaround.

“The year 2023 was marked by a profound reorganization within Hopium. Difficult but necessary decisions have been made to adapt to an ever-changing environment. The 2023 annual results reflect this difficult period and the challenges we have had to face, but I firmly believe in the strength of our vision and our ability to bounce back with resilience.

Today, we have an ambitious new roadmap, focused on the development of cutting-edge technology: the hydrogen fuel cell dedicated to heavy mobility.

This new strategic direction represents not only a commitment to innovation, but also an affirmation of our commitment to a more sustainable future. We are paving the way for clean, environmentally friendly and energy-efficient mobility. We firmly believe that this technology will be the next revolution in transportation.

Our teams are working hard to realize this vision and market our first solutions from the start of 2025. With this roadmap, competent and motivated teams, secure financing and encouraging first results, we are armed to shape the future of mobility.

I am convinced that our efforts will bear fruit. Hopium takes up the challenge and charts its path towards a more promising future. I thank all of our employees, our shareholders and partners for their continued support. »

Stéphane Rabatel, CEO of Hopium.

The Board of Directors of HOPIUM, meeting on April 19, 2024, approved the annual accounts as of December 31, 2023. The Group’s Statutory Auditors have carried out their audit work on these accounts and their reports are being issued. .

With regard to art L. 233-16 of the commercial code, the Company is not subject to the obligation to present consolidated accounts.

HOPIUM having not yet initiated the marketing of its fuel cells, the company has not achieved any turnover during the 2023 financial year.

In total, the

exploitation charges

for the financial year amounted to €12.3 million compared to €24.9 million for the previous financial year, mainly due to a significant reduction in payroll and a significant reduction in other purchases and expenses. external.

THE

personnel costs

amount in 2023 to €9.7 million, compared to €13.5 million for the 2022 financial year, a decrease of 28%. This decrease results from a significant reduction in the workforce as part of an agreement relating to a collective contractual termination initiated at the start of the financial year, and the company’s safeguard plan initiated in 2023 following the opening of the judicial recovery procedure. Thus, the total workforce at the close of the 2023 financial year stands at 35 employees compared to 120 employees at its opening.

THE

Other purchases and external expenses

amount to €2.1 million for the 2023 financial year, compared to €9.7 million in 2022. This significant drop is due to a sharp contraction in expenses linked to IT tools and software (€0.5 million compared to €1.3 million in 2022), fees to the company’s various advisors, as well as marketing expenses and costs linked to commercial and representation activities (€0.4 million compared to €1.5 million in 2022).

THE

operating profit

benefits from these reductions in charges and appreciates by €8.6 million. However, it remains mechanically in deficit in the absence of turnover and stands at -€12.3 million for the 2023 financial year compared to -€20.9 million last year.

THE

bottom line

stands at -€0.7 million (compared to -€2.7 million in 2022) and includes a financial depreciation of receivables held on the subsidiaries Hopium AG, UNA Blockchain and Hopium Lab for a total of €0.5 million.

THE

exceptional result

is, for its part, temporarily impacted by the exceptional charge of capitalized production from previous years for an amount of €17.6 million. This concerns all development expenses for assets relating to vehicle models designed by Hopium since its creation. This project was abandoned to focus development efforts on the design and marketing of fuel cells and its complete engine solutions.

Thus, the

net profit

for the 2023 financial year shows a loss of €30.7 million compared to €23.9 million for the previous financial year.

Financial structure

In February 2023, the Company obtained aid of 2 million euros from the Normandy Region, in the form of a zero-interest loan repayable after 18 months, the funds of which were allocated to the acceleration of projects R&D.

In addition, Hopium entered into a convertible bond financing contract on September 20, 2022 with the company Atlas Special Opportunities which was the subject of an amendment in July 2023

[2]

.

In total, since the start of the financial year, the Company has carried out 16 draws. The gross amount of these drawings amounted to €9.0 million for a net amount received of €8.945 million. As of the date of the press release, the maximum gross nominal amount that can be mobilized amounts to €7.0 million, covering the Company’s financing needs until the end of the 2024 financial year.

To date, and following all the drawings carried out on the Atlas financing line, 967 OCs have been converted, resulting in the creation of 45,525,409 new shares.

During the financial year, the Company thus carried out several capital increases for a total amount of €5.2 million through the conversion of bonds into shares, bringing the company’s share capital to €267,664.28, divided into 26,766,428 shares with a par value of €0.01 each.

Taking into account the loss-making results, shareholders’ equity stands at -€35.9 million as of December 31, 2023 and cash flow at -€0.2 million compared to -€10.4 million and -€1.3 million respectively. of the previous financial year. Financial debts amount to €15.3 million. As of the date of this press release, the company has cash of €0.2 million.

It is recalled that, according to the provisions of Article L. 225-248 of the Commercial Code, when due to losses, the company’s equity becomes less than half of the share capital, this is done within the legal deadlines. , either upon the early dissolution of the company, or upon the reconstitution of the company’s equity, up to at least 50% of the amount of the share capital. The provisions of this article are not applicable to companies in safeguard or receivership proceedings or which benefit from a safeguard or receivership plan.

A roadmap for shaping a new future

Hopium is now fully dedicated to the development of its hydrogen fuel cell and its fuel cell electric engine solutions, with the aim of marketing it in early 2025. The company has also reached an important milestone with the launch of prototype manufacturing. physics of commercial versions of its high-power fuel cell

[3]

.

Drawing on the expertise and know-how of its teams, Hopium will pursue a redefined roadmap. The latter will be detailed during the Webinar on April 25. The objective for Hopium is now to play a major role in the decarbonization of heavy mobility. To do this, the company benefits from the support of the company Atlas Special Opportunities, as part of the bond loan concluded on September 20, 2022 and amended in July 2023, and is also studying new financing in order to strengthen its cash flow and accelerate its development. .

Hopium obtained an extension of its observation period until July 17, 2024

[4]

. At the same time, the company is continuing discussions with potential industrial and commercial partners with the aim of defining a continuation plan enabling it to secure the continuation of its activity.

Availability of the 2023 Annual Financial Report

The Annual Financial Report for the period from 1

^er

January to December 31, 2023, bringing together the financial statements, the activity report and the Auditor’s report, has been filed with the AMF and is made available to the public. It can be consulted on the Company’s website, Investors section: www.hopium.com

Next appointment:

April 25, 2024 – 6 p.m.: Webinar on the Group’s new roadmap – Registration here

Contact :

Investor relations

S.Kennis and J.Gacoin

[email protected]

[1]

Press release of July 21, 2023

[2]

Press release of July 21, 2023

[3]

Press release of April 10, 2024

[4]

Press release of January 12, 2024

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