McPhy

McPhy Reports Annual Revenue Growth of +17% Overall and +25% for its Electrolyzer Business

• Annual revenue of €18.8 million, up +17%
• Higher growth of +25% for the electrolyzer business, representing a revenue of €13.7 million or 73% of the total
• Order intake negatively impacted by projects’ postponements, despite a stronger tendering activity than last year
• Opening of the Gigafactory planned for the 2^nd quarter of 2024, on schedule
• Expected cash position of €62 million as of December 31^st, 2023

Grenoble, February 5, 2024 - 6:00 pm CET - McPhy Energy, specialized in low-carbon hydrogen production and distribution equipment (electrolyzers and refueling stations), today announces its revenue for the 2023 financial year, ending December 31.

2023 Full-Year Revenue¹

In € million	2023	2022	Change
Total Revenue	18.8	16.12	+17%
Stations (in the process of sale)	5.1	5.1	-
Electrolyzers	13.7	11.0	+25%

Jean-Baptiste Lucas, Chief Executive Officer of McPhy, comments: “2023 has been a contrasted year for McPhy. Although the Group's commercial achievement has been slowed by a market that is still structuring, it has signed its first significant contracts in industry, one of the most promising fields of application for green hydrogen, as evidenced by the large-scale innovative projects that McPhy has won. The fall in order intake is offset by a wider portfolio of opportunities, both of which can be largely explained by the coming of larger projects, implying longer lead times. Meeting this demand calls for major efforts: in innovation, to increase the power of equipment; in industrialization, to move to mass production and gain in competitiveness; as well as financial efforts, to support investment and expansion in programs that require substantial amount of capital. That is why we launched the construction of our Gigafactory, soon completed, and are now proceeding with the sale of our station business to a reference partner capable of realizing the full potential of this appealing industrial asset we have built up.”