Lhyfe (LHYFE) H2 2024 earnings summary

Executive summary

• Achieved record €5.1m revenue in 2024, a fourfold increase year-over-year, driven by full capacity at Bouin and new deliveries and contracts in France and Germany.

• Expanded customer base to nearly 50, with significant offtake agreements in France, Germany, and the Netherlands, including a 5-year deal with H2 Mobility.

• Installed electrolysis capacity reached 22 MW, nearly quadrupling from 2023 and up 22x since IPO, with three sites under construction or extension and a 9.1 GW project pipeline.

• Signed MoU with Masdar to co-develop large-scale green hydrogen projects in Europe, strengthening blue-chip partnerships.

• Ranked 1st in Europe for ESG performance in the utilities sector by EthiFinance, with an ESG rating of 86/100.

Financial highlights

• Total revenues for 2024 reached €5.1m, up from €1.3m in 2023, mainly from Bouin site and increased sales in France and Germany.

• Adjusted EBITDA improved to €(25.7)m from €(28.1)m year-over-year, reflecting higher margins and cost management.

• Net loss narrowed to €(29.2)m from €(33.6)m in 2023; operating result at €(29.0)m, improved from €(34.4)m.

• Cash and cash equivalents at year-end 2024 were €72.1m, with €242m in secured subsidies, tripling year-over-year.

• Net cash position at €(8.0)m, equity at €71.8m, and total assets at €222.5m as of December 31, 2024.

Outlook and guidance

• 2025 hydrogen sales expected to increase 2–3x over 2024, with strong growth in partnership revenues and new sales strategy leveraging resellers.

• Ramp-up of new production units (Buléon, Bessières, Schwäbisch Gmünd) and construction progress at Croixrault and Le Cheylas.

• Long-term targets include €100m revenue and ~10% EBITDA margin by 2026, and 3 GW of assets under management with >30% EBITDA margin by 2030.