MPC Energy Solutions reports revenue growth and margin improvements in first quarter; group EBITDA positive for the first time in history

AMSTERDAM and OSLO, Norway, April 30, 2024 /PRNewswire/ -- MPC Energy Solutions ("MPCES", "Company") published its financial results for the first quarter of 2024 today.

An increase in proportionate energy output to 30.0 GWh (Q1 2023: 15.8 GWh) resulted in proportionate project revenues and EBITDA of USD 2.8 million and USD 1.8 million, respectively, up from USD 1.7 million and USD 0.7 million in the first quarter of 2023. The quarter also marks a significant milestone for the company, reporting a positive group EBITDA for the first time in history.

"The first quarter results demonstrate that we have done our homework," said Stefan H.A. Meichsner, Chief Financial Officer of MPCES. "As projected, the scalability of our business is becoming visible. Now that we have five power plants in operation, we see significant growth in energy output, revenues, profits, and cash flows from projects.

MPCES today owns and operates five power-producing assets across Latin America and the Caribbean with an aggregate capacity of around 79 MWp. 2024 is the first time the entire portfolio will be fully operational for a whole year. The Company expects revenues in 2024 to increase to USD 12 million and project EBITDA to grow to USD 8.5 million, nearly doubling the 2023 EBITDA.

 "The cost cutting measures we started implementing in late 2023 bear fruit, with overhead expenses being 30% lower than in the same period a year ago. We report positive group-level EBITDA for the first time in our company's short history, and we are well on target to meet our 2024 objectives," Meichsner added.

Earlier this year, the Company commenced construction of a 65 MWp solar PV plant in Guatemala, its largest project to-date, which is expected to commence operations in mid-2025. This project alone is expected to generate revenues of more than USD 8 million per year at EBITDA margins above 80 percent once operational.

For Q1 2024, the MPCES Group reported the following key financials (unaudited):

in thousand USD unless stated otherwise, negative values in "()"	Q1 2024	Q1 2023
Consolidated financials
Revenue