Strong growth in McPhy's 2022 Annual Revenue and Firm Order Intake
- Annual revenue of €16.0 million, driven by +37% growth in the
second half of the year
- +56% increase in the backlog1, generated by firm order intake
of €29.4 million for the year 2022
- Industry landmark contract signed end of the year for a
low-carbon steel project in Germany with one of the world's leading
steel groups
- Launch of the Gigafactory project in Belfort after obtaining
IPCEI funding2
- Expected net cash position of around €135 million at December
31, 2022
Grenoble, January 24, 2023 - 5:45 pm CET -
McPhy Energy, specialized in low-carbon hydrogen production and
distribution equipment (electrolyzers and refueling stations),
today announces its revenue for the 2022 financial year, ending
December 31.
2022 Full-Year Revenue3
In €
million |
2022 |
2021 |
% change |
First semester |
5.2 |
5.2 |
- |
Restated first semester4 |
7.4 |
5.2 |
+42% |
Second semester |
10.8 |
7.9 |
+37% |
Total revenue |
16.0 |
13.1 |
+22% |
Restated revenue |
18.2 |
13.1 |
+39% |
|
|
|
|
Firm order intake |
29.4 |
19.2 |
+53% |
Backlog |
31.3 |
20.1 |
+56% |
Jean-Baptiste Lucas, Chief Executive Officer
of McPhy, comments: "The year 2022 marks McPhy's return to a
momentum more consistent with both its potential and those of
low-carbon hydrogen, with an increase of nearly 40% in our revenue
and more than 50% in order intake. These are the first indications
of upcoming deployments in low-carbon hydrogen as the market is
getting more structured. The first grants under the Hydrogen PIIEC
will foster the development of production capacities and will
shortly be followed by a second wave of funding, which will fuel
demand and the transition to larger-scale projects. Therefore, the
launch of our Gigafactory project on the Belfort site in the second
half of the year is a major strategic step forward. Indeed, it will
allow us to lower the cost of our electrolyzers and increase their
capacity in order to provide competitive low-carbon hydrogen very
quickly. We are thus approaching 2023 with confidence in our
ability to generate sustained growth and enthusiastic about the
idea of building a first-rate industrial tool, which is an
essential condition to remain at the forefront of the low-carbon
hydrogen revolution”.
Return to sustained growth in sales in
2022
Revenue for the 2022 financial
year is up 22% compared to 2021, to €16.0 million. Restated
for the takeover of two old generation stations sold during
previous financial years (the amount of which was deducted
from the revenue for the first half of the year), revenue
would amount to €18.2 million compared with €13.1 million in
2021, representing a growth of +39%. This return to growth
primarily results from the materialization of the first orders
under the major contracts signed over the past years. The revenue
breakdown between the supply of electrolyzers of large capacity
McLyzer and of Piel range (68%) and the supply of stations
(32%).
Commercial momentum strengthened by the
signing of a landmark industrial contract
In the course of the first semester, McPhy
signed a contract with a subsidiary of Eiffage to equip a site in
Belfort with a 1 MW electrolyzer and a recharging station capable
of distributing up to 800 kg/day to fuel a fleet of hydrogen buses.
The Group also received two first orders in the framework of its
strategic partnership with Hype to supply: (i) two alkaline
electrolyzers with a capacity of 2 MW for the first and upgraded to
4 MW for the second, as well as (ii) two Dual Pressure stations
with a capacity of 800 kg per day each to be installed in the Paris
region. During the second half of the year, McPhy also finalized an
8-year maintenance contract with Siemens Energy. McPhy teams will
manage the maintenance of the hydrogen production equipment on the
CEOG project site.
At the end of the year, the Group recorded a
landmark order in the industrial sector with a joint venture
controlled by one of the world's leading steel groups. The
agreement includes the equipment of an innovative low-carbon steel
production project at a plant in Germany, close to McPhy's design
and engineering site in Wildau. The agreement, favoured by the
geographical proximity, illustrates the relevance of the Group's
European operating set-up. The agreement covers the supply of two
McLyzer electrolyzers with a capacity of 1 MW each, as well as a
Dual Pressure 350/700 bar station dedicated to the supply of
forklift trucks and trailer trucks. It has also been agreed of a
5-year long-term services contract. The first deliveries of
low-carbon steel should take place in the first half of
2024.
Strong increase in order intake and
backlog
All of these elements allow McPhy to record a
+53% growth in firm order intake, which
amounts to €29.4 million, bringing the order backlog to
€31.3 million at December 31, 2022, up +56% compared to
December 31, 2021.
As of 31 December 2022, McPhy had a portfolio of
projects signed, commissioned and/or under execution representing a
total of 45 MW and 40 stations. The Group had furthermore been
identified as a preferred partner and/or selected supplier for 148
MW and 56 stations, bringing its references to 193 MW and 96
stations.
Acceleration of industrial scale-up with the
launch of the Gigafactory project
The eligibility of McPhy's electrolyzer
Gigafactory project to the IPCEI scheme was approved by the
European Commission in July, allowing the signing of a public aid
contract with the French State represented by Bpifrance, for a
maximum amount of €114 million. On that basis, McPhy has
officially made a final investment decision and received a first
payment of €28.5 million from Bpifrance. Work has already begun on
the commissioning of the future plant on the Belfort site, with a
launch scheduled for the first half of 2024, followed by a gradual
ramp-up to reach an annual production capacity of 1 GW.
Concurrently, McPhy continued its efforts to
scale up the electrolyzer part of the business by increasing
its production capacity to 300 MW on its San Miniato site,
in order to meet market demand while awaiting for the commissioning
of the Gigafactory.
For the Stations part, McPhy has
finalized the regrouping of all the activities of this business
line on its new site in the heart of Grenoble in an existing
industrial building of more than 4,000 sqm. This new site will have
a production capacity of 150 units per year.
Continuation of an active recruitment
policy
McPhy has recruited 85 new employees (of
which 66 on permanent contracts) in fiscal year 2022,
demonstrating its ability to attract talent in a competitive market
and in an industry where skills are crucial. The Group now accounts
205 employees and will keep up its active recruitment policy though
at a slower pace.
Outlook
Given the acceleration of development
investments and the rise in the number of employees in the second
half of the year, the Group estimates that its EBITDA will amount
to €-34 to €-37 million for the fiscal year 2022. The Group's net
cash position should therefore be around €135 million, including
the initial payment of €28.5 million from Bpifrance as part of the
launch of the Gigafactory.
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.
Next financial communication:
- Publication of 2022 Results: March 7 2023, 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 B, ISIN code: FR0011742329, MCPHY).
CONTACTS
NewCap |
|
Investor Relations Emmanuel HuynhT. +33 (0)1 44 71 94
99mcphy@newcap.eu |
Media Relations Nicolas MerigeauT. +33 (0)1 44 71 94
98mcphy@newcap.eu |
Follow us on
@McPhyEnergy
1 Orders not yet recognized as revenue
2 PIIEC ("Important Project of Common European
Interest") or 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. The PIIEC or IPCEI Hydrogen ("Hy2Tech") was authorised
by the European Commission on 15 July 2022.
3 Figures under audit as of the date of this
document
4 Revenue excluding the amount of the takeover
of two old technology stations for commercial reasons
Mcphy Energy (EU:MCPHY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Mcphy Energy (EU:MCPHY)
Historical Stock Chart
From Jul 2023 to Jul 2024