McPhy: McPhy Reports Annual Revenue Growth of +17% Overall and +25%
for its Electrolyzer Business
- Annual revenue of €18.8 million, up +17%
- Higher growth of +25% for the electrolyzer business,
representing a revenue of €13.7 million or 73% of the total
- Order intake negatively impacted by projects’ postponements,
despite a stronger tendering activity than last year
- Opening of the Gigafactory planned for the 2nd
quarter of 2024, on schedule
- Expected cash position of €62 million as of December
31st, 2023
Grenoble, February 5, 2024 - 6:00 pm CET
- McPhy Energy, specialized in low-carbon hydrogen
production and distribution equipment (electrolyzers and refueling
stations), today announces its revenue for the 2023 financial year,
ending December 31.
2023 Full-Year
Revenue1
In
€ million |
2023 |
2022 |
Change |
Total
Revenue |
18.8 |
16.12 |
+17% |
Stations (in the process of sale) |
5.1 |
5.1 |
- |
Electrolyzers |
13.7 |
11.0 |
+25% |
Jean-Baptiste Lucas,
Chief Executive Officer of McPhy, comments:
“2023 has been a contrasted year for McPhy. Although the
Group's commercial achievement has been slowed by a market that is
still structuring, it has signed its first significant contracts in
industry, one of the most promising fields of application for green
hydrogen, as evidenced by the large-scale innovative projects that
McPhy has won. The fall in order intake is offset by a wider
portfolio of opportunities, both of which can be largely explained
by the coming of larger projects, implying longer lead times.
Meeting this demand calls for major efforts: in innovation, to
increase the power of equipment; in industrialization, to move to
mass production and gain in competitiveness; as well as financial
efforts, to support investment and expansion in programs that
require substantial amount of capital. That is why we launched the
construction of our Gigafactory, soon completed, and are now
proceeding with the sale of our station business to a reference
partner capable of realizing the full potential of this appealing
industrial asset we have built up.”
Revenue within expected
range
Revenue for the 2023 financial
year amounts to €18.8 million, up
+17% versus 2022, in line with the double-digit growth
range given at the half-year results publication. Sales accelerated
in the 2nd half, compared with the 1st half,
driven mainly by the consumption of the backlog. The annual
2023 revenue for the continued
electrolyzer business reaches €13.7
million, up +25%. Electrolyzer sales
are divided between the supply of either large capacity McLyzer
(74%) or from the Piel range (26%).
Growth was fueled by major projects currently
under execution, and the initial benefits of contracts signed in
the industrial sector, such as the "green metal" project with the
Plansee Group3 and the low-carbon steel production
project with ArcelorMittal and VEO4. In addition, as
part of its partnership with L&T, McPhy recorded the first
revenues related to the initial acquisition price of its
pressurized alkaline electrolysis technology. Regarding the station
business in the process of sale, McPhy recorded stable revenue,
linked to a slowdown in subsidized programs in the mobility
sector.
Update on current business and
projects
In
€ million |
2023 |
2022 |
Change |
Firm Oder Intake |
13.0 |
29,4 |
-56% |
Total Backlog5 |
23.8 |
30.6 |
-22% |
Backlog – Electrolyzers |
20.1 |
22.2 |
-9% |
McPhy records a -56% drop in firm order
intake, which amounts to €13.0 million.
This noticeable decline, beyond the induced backlog consumption, is
mainly due to the postponement of the major 20 MW Djewels project,
for which the contract has been signed with HyCC during the second
half of 2023, but the final investment decision has not yet been
taken. As a result, and in line with its strict definition, McPhy
was unable to book this contract as part of its firm order intake
as initially anticipated, and the total backlog
therefore stood at €23.8 million at December 31,
2023, compared with €30.6 million at December 31, 2022.
However, McPhy has noted a significant increase
in tenders for the supply of large-scale electrolyzers over the
course of 2023. While this increase in project size has slowed
implementation and final investment decisions in 2023, it gives
McPhy a tender portfolio of 2.2 GW by 2030, a
two-fold increase on last year.
As an example, McPhy recently signed a major
contract with the Oil & Gas division of the Berlin-based HMS
GmbH Group, for the supply and commissioning between 2025 and 2027
of four McLyzer 3200-30, with a total capacity of 64 MW. With this
contract, McPhy plans to start manufacturing the McLyzer 3200-30 at
its newly constructed Gigafactory in Belfort with the design and
engineering of very-high-capacity electrolysis systems. This
contract has not been included in the firm order intake either,
pending the final investment decision.
The electrolyzer backlog, on
which the Company will now focus its efforts, stands at
€20.1 million, representing 84% of the
total backlog.
Termination of framework partnership
with Technip Energies and continued collaboration on the Djewels
project
Following a review of their respective business
models, McPhy and Technip Energies have decided to cease their
partnership by amicably terminating the Memorandum of Understanding
signed when Technip Energies acquired a stake in the Company in
2020. The termination of this partnership will not affect the
continued collaboration between McPhy and Technip Energies on the
Djewels project.
Continuing industrial
scale-up
Work on commissioning the future
Gigafactory at the Belfort site
is progressing according to plan, with the opening
scheduled for the 2nd quarter of 2024,
within budget. The opening of this site will enable McPhy to ramp
up over time its production capacity to 1 GW per
year.
At the same time, McPhy has increased its
production capacity to 300 MW (in two shifts) at
its San Miniato site, enabling the production of
stacks for the Djewels and HMS projects.
During the 2023 financial year, McPhy continued
to accelerate investments linked to the development of its business
and to expand its teams up to 265 employees, with 72 new employees
hired.
Outlook and financial
situation
The Group's cash position
should be around €62 million at December 31,
2023.
McPhy has undertaken to strengthen its financial
liquidity, with the implementation of the first steps in its
financing plan. In addition to the potential proceeds from the sale
of its station business and the establishment of an equity
financing line with Vester Finance6, the Group is in the
process of finalizing a lease financing for its Belfort
Gigafactory with a banking pool, representing a financing
of around €16 million.
This will give McPhy the financial resources it
needs to deliver another year of growth in 2024 on its future
perimeter and establish itself as a key European manufacturer of
electrolyzers for low-carbon hydrogen production.
Next financial event:
- Publication of 2023 full-year results:
March 7, 2024, after market close
ABOUT MCPHY
Specialized in hydrogen production and
distribution 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 is listed on Euronext
Paris (compartment C, ISIN code: FR0011742329, MCPHY).
CONTACTS
NewCap |
|
Investor Relations
Emmanuel Huynh
T. +33 (0)1 44 71 94 99
mcphy@newcap.eu |
Press Relations
Nicolas Merigeau
T. +33 (0)1 44 71 94 98
Gaëlle Fromaigeat
T.+33 (0)1 44 71 98 52
mcphy@newcap.eu |
Follow us on
@McPhyEnergy
1 Figures under audit at the date of
this document.
2 2022 revenue impacted by the
takeover of two older generation stations for commercial reason.
Restated, the 2022 revenue would amount to €18.2 million.
3 “McPhy Awarded a Landmark Contract
in the Industrial Field for Green Metal Project for Plansee Group
in Austria”, on May 9, 2023
4 “ArcelorMittal, VEO and McPhy to
Build Pilot Electrolysis Plant in Eisenhüttenstadt”, on April 5,
2023
5 Orders not yet recognized as
revenue.
6 “McPhy renews an equity
financing line with Vester Finance”, on December 19, 2023
- McPhy_CA 2023_VF2_EN_05022024
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