Pyrum Innovations (PYRUM) Q1 2024 earnings summary

Executive summary

• Sales increased 54% year-over-year to €336k, driven by higher production volumes, though rCB sales proceeds were below expectations.

• Total output declined 32% year-over-year to €2.18m due to lower own work capitalized as plant expansion nears completion.

• Net loss widened to €2.68m from €2.24m year-over-year, reflecting higher personnel and operating expenses.

• Major plant expansion at Dillingen is nearing completion, with the third reactor operational and throughput ramping up.

• Multiple new plant projects are advancing in Germany and across Europe, with a strong project pipeline.

Financial highlights

• Revenue: €336k (Q1 2024) vs €218k (Q1 2023), up 54%.

• EBITDA: €-1.93m (Q1 2024) vs €-1.61m (Q1 2023).

• EBIT: €-2.46m (Q1 2024) vs €-2.16m (Q1 2023).

• Net income: €-2.68m (Q1 2024) vs €-2.24m (Q1 2023).

• Cash at period end: €7.07m (Q1 2024) vs €4.28m (Q4 2023).

Outlook and guidance

• 2024 sales expected between €3.0m and €4.0m, with plant operation and consulting as main drivers.

• Total output forecasted at €25m–€30m for 2024.

• EBIT expected between €-11.0m and €-13.0m for the Group in 2024, reflecting high investment and expansion.

• Further financing and capital increases planned to support growth and maintain balance sheet health.