(AOF) – Specialist in hydrogen production and distribution equipment, Mcphy Energy announced that EBITDA was -36.8 million euros for the year 2022 against -15.5 million euros in 2021. The operating loss reached 38.4 million euros against -23.5 million euros a year earlier. The group suffered a net loss of €38.2 million, compared to -€23.6 million in 2021. Net cash consumption amounted to -€41.7 million during the 2022 financial year.
McPhy has cash of €135.5 million as of December 31, 2022 compared to €177.2 million as of December 31, 2021.
However, turnover grew by 22% to 16.1 million euros. Restated for the takeover of two old-generation stations sold in previous years (the amount of which was deducted from first-half revenue), revenue would be €18.3 million. , up 39%.
This return to growth is mainly linked to the execution of the first orders within the framework of the major contracts signed during the previous years. Turnover is split between the supply of high-capacity McLyzer electrolyzers and the Piel range (68%) and the supply of stations (32%).
In addition, McPhy recorded a 53% jump in firm order intake to €29.4 million, bringing the order book to €30.6 million as of December 31, 2022, up 51% compared to December 31, 2021.
The level of its backlog and the continued ramp-up of the hydrogen market allow McPhy to anticipate another year of sustained growth in 2023.
AOF – LEARN MORE
Key points
– Specialist in production and distribution equipment for zero-carbon hydrogen, created in 2008;
– Turnover of €13.1 million achieved 45% in McFilling hydrogen stations, 39% in McLyser high-capacity electrolysers and 16% in Piel catalysts;
– Business model aiming for the minimum rank of 5
th
production and distribution of green hydrogen equipment by supporting customers in industry, mobility and energy in their decarbonization trajectories;
– Capital held 14.8% by EDF and 6% by BPI France -historic shareholders-, 4.6% by Chart Industry and 2.3% by Technip Energies -strategic shareholders-, Luc Poyer chairing the Board of Directors 10 members, Jean-Baptiste Lucas being the general manager;
– Solid financial position with shareholders’ equity of €205 million and, at the end of June, net cash of €142 million.
Challenges
– “Driving CleanEnergy Forward” corporate project to accelerate the deployment of zero-carbon energy ecosystems and high-capacity equipment;
– Innovation strategy financed by a reinforced R&D effort: new generations of electrolysers and stations for large-scale projects (100+MW electrolyzers, stations with 2+ tons per day of distribution capacity) / improvement of the electrical consumption of electrolysers / optimization of gas storage management;
– Environmental strategy integrated into the activity, with 100% of the electricity supply coming from renewable energies, 2025 roadmap currently being structured;
– Realization of the German Djewels project, the largest European zero-carbon hydrogen site;
– European Union agreement for the Gigafactory electrolyser production site in Belfort, the final investment decision for which will be taken in the autumn;
– Fallout from the increase in the order book of €29.1 million at the end of June, heavy industrial investments, in Miniato and Grenoble, and recruitment (doubling of the workforce between 2020 and 2022).
Challenges
– Ability to halve the price of green hydrogen by the end of the decade;
– Waiting for new business opportunities from numerous industrial partnerships –Chart Industries EDF, Enel, Hype, Plastic Omnium, Technip Energies, TSG;
– Regain of investor confidence after 6 loss-making years, including 2021 marked by the postponement of major projects and an industrial accident;
– After stable revenues and a doubling of the net loss on 1
er
semester, lowering of the 2022 objective to moderate revenue growth.
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