The electrolyser manufacturer McPhy is expected to remain afloat until the end of the first half of the year—possibly longer. It’s a precarious position for a group that currently holds an order book worth approximately €30 million.
McPhy reported consolidated revenue of €13.2 million for 2024, a figure that fell short of the expected €17.1 million due to the cancellation of several hydrogen station projects. This marks a 30% decline compared to 2023. Although the year was shaped by the company’s strategic exit from the station business, the electrolyser division now accounts for 92% of total turnover.
Despite a doubling of confirmed orders last year—reaching €28.1 million, of which €23.4 million is for electrolysers—McPhy remains deep in the red, posting a net loss of €74.1 million.
Several factors contribute to this situation, including delays in the Djewels project in the Netherlands.
As of 31 December 2024, McPhy’s cash reserves stood at just €39 million, down from €63 million the previous year. These funds are projected to last until the end of June. The company’s short-term survival hinges on several key payments:
- €11 million from Atawey, still outstanding from the sale of McPhy’s hydrogen station division. The Savoy-based buyer, itself reliant on external funding, may pay this amount in two instalments—or partially in shares.
- €13 million from the French government, due under the IPCEI scheme (Important Project of Common European Interest).
If both payments are received on schedule, McPhy may be able to operate until the end of the third quarter of 2025.
However, the company has acknowledged “significant uncertainty regarding the continuity of operations,” adding that “should the proposed solutions not materialise within the anticipated timeframe or fall short of expectations, the Group may be unable to realise its assets or meet its liabilities in the normal course of business.”
Key upcoming dates include the publication of the annual financial report by 30 April and the shareholders’ meeting on 17 June.
Read the press release.
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