Metacon (META) Q4 2024 earnings summary

Executive summary

• Order intake increased nearly fivefold year-over-year to EUR 19.8 million, driven by large-scale electrolysis projects and strategic partnerships, notably with Motor Oil Hellas and PERIC.

• Revenues for Q4 2024 rose to SEK 16.8 million from SEK 1.4 million in Q4 2023, mainly from the 30 MW electrolysis plant project.

• Full-year revenues declined to SEK 42.8 million from SEK 67.2 million year-over-year, reflecting project timing and revenue recognition.

• Net loss widened to SEK -137.9 million for 2024, attributed to higher costs from scaling operations and technical upgrades.

• Two share issues in 2024 raised SEK 173.7 million, strengthening the balance sheet and supporting growth.

Financial highlights

• Q4 EBITDA was SEK -33.4 million (Q4 2023: -17.4 million); full-year EBITDA was SEK -123.0 million (2023: -62.1 million).

• Q4 EBIT was SEK -36.3 million (Q4 2023: -20.6 million); full-year EBIT was SEK -134.2 million (2023: -73.4 million).

• Earnings per share for 2024 were SEK -0.21 (2023: -0.07).

• Cash and cash equivalents at year-end were SEK 124.4 million, up from SEK 27.0 million, with SEK 45.3 million blocked as collateral.

• Equity ratio at year-end was 62.0% (2023: 70.0%).

Outlook and guidance

• Strong order backlog and ongoing large-scale projects position the company for revenue growth in 2025.

• Market demand for green hydrogen is accelerating, supported by EU targets and investments in hydrogen infrastructure.

• Focus remains on scaling delivery capacity, internal organization, and process efficiency to achieve profitability.