Lhyfe (LHYFE) H1 2024 earnings summary

Executive summary

• Revenue quadrupled year-over-year to €1.7m in H1 2024, driven by new contracts, full capacity at Bouin, and ramp-up of production sites in France and Germany.

• Major new long-term offtake contracts signed in France and Germany, including a 5-year deal with H2 Mobility Deutschland and a 10-year supply to HYmpulsion.

• Secured up to €149m grant from the French government for the 100 MW Green Horizon project near Le Havre.

• Over €243m in secured subsidies as of June 2024, tripling year-over-year.

• Strategic shift to a co-development model with investors to accelerate profitability and resource allocation.

Financial highlights

• H1 2024 revenue reached €1.7m, a fourfold increase compared to H1 2023.

• Adjusted EBITDA improved to €(13.1)m from €(14.3)m year-over-year, reflecting higher margins and cost management.

• Net result narrowed to €(14.0)m from €(15.9)m in H1 2023, with EPS at €(0.29).

• Cash and cash equivalents stood at €92.8m as of June 2024.

• Shareholders' equity at €86.5m as of June 2024.

Outlook and guidance

• 2024 revenue expected to quadruple to ~€5m, with installed capacity targeted at 20 MW by year-end.

• By 2026, aims for €100m revenue and 10% adjusted EBITDA margin; by 2030, 3 GW installed capacity and >30% EBITDA margin.

• Strategic focus on co-development to accelerate profitability and resource agility.