- In the first quarter of 2022 the Company doubled its revenue to EUR 9.137 million (+99.9% YoY) leading to a record consolidated Q1 EBITDA of EUR 2.024 million (+811.7% YoY).
- The management of the Company confirms its full-year 2022 guidance of consolidated revenues of EUR 65 million and EBITDA of EUR 18 million.
- The Company switched 43.5 MWp of its Hungarian IPP portfolio to selling clean electricity on a merchant basis at rising market prices, without relying on governmental subsidies.
Amsterdam – 11 May 2022 – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (‘Photon Energy Group’ or the ‘Company’) today announced unaudited financial results for the first quarter of 2022, ending on 31 March 2022, posting doubled Q1 revenues of EUR 9.137 million (+99.9% YoY) and an all-time record Q1 EBITDA of EUR 2.024 million (+811.7%).
Q1 2022 Highlights
The first quarter results demonstrated the Company’s determination to successfully accelerate its growth across all its business lines and markets, as it delivered the strongest first quarter in the Company’s history.
The Company took important steps to underpin the growth of its business, including the decision to temporarily switch most of the Group’s Hungarian IPP portfolio to a merchant model; as of April 2022, these power plants are not dependent on any kind of support mechanism. As a result, the Company will see revenues from the sale of electricity generated by the Group’s growing portfolio benefit from rising electricity prices globally.
On the project development front, the Company constructed and grid-connected a 1.4 MWp power plant in Hungary after the reporting period and the development of its first project deploying the unique RayGen technology is well on track. The power plant is planned to have a generation capacity of 300 MWp and an energy storage capacity of 3.6 GWh, making it the Company’s largest project to date as well as the largest renewable energy storage project in the world. In Europe, the Company has developed a project pipeline of 475 MWp in Hungary, Poland, and Romania; in the Romanian market the Company is preparing to break ground on its first project in the country.
Increases in other revenue streams are mainly attributable to the great momentum experienced by the Company’s component trading business line, which distributes modules, inverters and batteries.
‘We have been very proud to see our strategy crystalise with these strong Q1 figures. The expansion of our proprietary portfolio and the shift from feed-in-tariffs to entering the electricity market on a merchant basis will create significant new market opportunities for us. In addition, we expect dynamic growth opportunities in our other business lines, such as technology trading, which we are well prepared to realise. Given the current development and our outlook, we feel comfortable in confirming our revenue and EBITDA guidance for 2022,’ commented Georg Hotar, CEO of Photon Energy Group.
Financial Metrics
In the first quarter of 2022, the Company doubled its revenue to EUR 9.137 million, compared to EUR 4.571 million in Q1 2021 (+99.9% YoY). This increase is primarily attributable to higher revenues from the production of electricity generated by the Company’s new power plants operating on a merchant basis (14.6 MWp connected to the grid in August 2021 and 1.4 MWp December 2021) as well as the high electricity prices on the market-linked direct sales component of the ‘Green Bonus’ support scheme, into which the Czech portfolio switched since the beginning of the year.
This strong performance led to a record consolidated Q1 EBITDA, improving by 811.7% to EUR 2.024 million and incurred a positive Q1 EBIT of EUR 0.528 million compared to an EBIT loss of EUR -1.475 million in the same period last year.
The Company therefore significantly reduced its loss before taxation to EUR -1.349 million (from a EUR
-3.050 million loss for the same period last year), despite higher interest costs connected to its first green bond issuance in November 2021. Consequently, net profit significantly improved, though it remained in the red with a net loss of EUR -1.491 million in Q1 2022, compared to EUR -3.169 million a year ago.
Providing a more extensive picture of the Company’s value creation, the Company reports a positive consolidated total comprehensive income for the first quarter amounting to EUR 1.789 million, in line with the amount recorded last year for the same period which included a positive revaluation of our investment in RayGen further to its capital increase.
Based on the above, and the Group’s operating leverage manifesting across all its business lines, the Company’s management confirms its target to increase consolidated revenues to EUR 65.0 million from EUR 36.4 million in 2021, representing a 78.8% increase YOY, leading to an increase of EBITDA to EUR 18.0 million from EUR 9.6 million in 2021 (+87.8% YOY).
Q1 2022 Results Presentation
The Company will host a live webcast on Thursday 12 May at 09:00 am CEST to present its first-quarter results followed by a Q&A session. Attendees are invited to submit questions during the session through the chat feature or in advance via email to ir@photonenergy.com.
About Photon Energy Group
Photon Energy Group delivers solar energy and clean water solutions around the world. Its solar power services are provided by Photon Energy; since its foundation in 2008, Photon Energy has built and commissioned solar power plants with a combined capacity of over 100 MWp and has power plants with a combined capacity of 91.9 MWp in its proprietary portfolio. It is currently developing projects with a combined capacity of 775 MWp in Australia, Hungary, Poland and Romania and provides operations and maintenance services for 280 MWp worldwide. The group’s second major business line, Photon Water, provides clean water solutions including treatment and remediation services, as well as the development and management of wells and other water resources. Photon Energy N.V., the holding company for Photon Energy Group, is listed on the Warsaw, Prague and Frankfurt Stock Exchanges. The company is headquartered in Amsterdam, with offices in Australia and across Europe.
Media Contact
Martin Kysly
Head of Marketing and Corporate Communications
Tel. +420 774 810 670
E-mail: martin.kysly@photonenergy.com
Investor Contact
Emeline Parry
Investor Relations and Sustainability Manager
Tel. +420 702 206 574
E-mail: emeline.parry@photonenergy.com
