Lhyfe (LHYFE) H1 2024 earnings summary

Executive summary

• Revenue quadrupled year-over-year to €1.7m in H1 2024, driven by new contracts and ramp-up of production sites in France and Germany.

• Significant progress on project pipeline, with major new sites in France, Germany, Sweden, and the UK, and over €243m in secured subsidies.

• Strategic shift to co-development model with investors to accelerate profitability and resource allocation.

• Confirmed guidance to quadruple 2024 revenue to ~€5m and target 20 MW installed capacity by year-end.

• Board and governance changes, including committee reorganization and amendment of BSPCE Premium options criteria.

Financial highlights

• Revenue rose to €1.7m in H1 2024 from €0.4m in H1 2023, reflecting commercial ramp-up.

• Adjusted EBITDA improved to €-13.1m from €-14.3m year-over-year, aided by higher sales and cost containment.

• Net result was €-14.0m, an improvement from €-15.9m in H1 2023, with EPS at €-0.29.

• Cash and cash equivalents stood at €92.8m at June 30, 2024, down from €114.3m at year-end 2023 due to investments.

• Shareholders’ equity decreased to €86.5m, mainly due to the period loss and share-based payment expenses.

Outlook and guidance

• 2024 revenue expected to quadruple to ~€5m, with installed capacity targeted at 20 MW by year-end.

• By 2026, aims for €100m revenue and 10% adjusted EBITDA margin; by 2030, 3 GW installed capacity and >30% EBITDA margin.

• Strategic focus on co-development to accelerate profitability and resource agility.