McPhy reports lower revenues, expects operating loss for FY 2021

Ken Teegardin/CC BY-SA 2.0

January 26 (Renewables Now) - French hydrogen equipment maker McPhy Energy SA (EPA:MCPHY) booked revenues of EUR 13.1 million (USD 14.8m) in 2021, down by 4.4% year-on-year, and expects to close the year with an operating loss of EUR 25 million, according to the company’s unaudited figures presented on Tuesday.

The lower revenue result was in part due to global Covid-19-related restrictions coupled with the wait-and-see attitude of some stakeholders dependent on public mechanisms, McPhy said.

The supply of electrolysers made up 55% of revenues, with sale of McFilling hydrogen stations constituting the rest.

McPhy’s firm order intake for 2021 was down 4.4% on the year to EUR 19.2 million, while the backlog reached EUR 20.1 million as of the end of December, growing by 32.2%.

The operating loss was mainly related to “the structuring projects required for the transition to industrial scale currently being deployed,” but also included the financial impact of the potassium hydroxide leak from one of its electrolysers delivered to a customer in Germany.

During the second half of the year, McPhy was selected as the preferred supplier in a number of hydrogen projects in Europe, namely by Enel Green Power in Sicily, the GreenH2Atlantic consortium in Portugal and Parisian hydrogen taxi start-up Hype in Paris. However, McPhy adds that there projects can be expected to impact its revenues as of 2023.

Full-year results for 2021 are due on March 8.

(EUR 1.0 = USD 1.129)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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