Pyrum Innovations AG
Pyrum Innovations AG publishes financial figures for the first nine months of 2023

Pyrum Innovations AG publishes financial figures for the first nine months of 2023

• Sales of EUR 842 thousand above previous year’s level (9M 2022: EUR 714 thousand)
• Consolidated net loss for the period of EUR -6,853 thousand (9M 2022: EUR -5,675 thousand)
• Adjustment of the annual forecast

Dillingen / Saar, 24 November 2023 – Pyrum Innovations AG (“Pyrum”, the “company”, ISIN: DE000A2G8ZX8), a pioneer in the sustainable recycling of end-of-life tyres (ELT) based on its patented pyrolysis technology, today published its consolidated financial report for the period from 1 January to 30 September 2023. The company’s results and net assets in the first nine months were primarily influenced by the high level of investment at the company’s headquarters in Dillingen/Saar, the further increase in personnel, as well as the lower than expected sales development due to the still unsatisfactory throughput in the plant for rCB milling and pelletising.

Sales in the first nine months totalled EUR 842 thousand, around 18% higher than in the same period of the previous year (9M 2022: EUR 714 thousand). Own work capitalised amounted to EUR 9,828 thousand (9M 2022: EUR 13,171 thousand) as construction of the plant expansion in Dillingen progressed according to plan. The decline corresponds to the reduction in the cost of materials required for the generation of own work as the plant expansion draws closer to completion. As expected, total output fell by around 24% year-on-year to EUR 10,722 thousand (9M 2022: EUR 14,156 thousand) due to a decline in own work.

In the reporting period, other operating income totalling EUR 456 thousand was generated (9M 2022: EUR 1.074 thousand), mainly resulting from investment grants of EUR 160 thousand and research grants of EUR 122 thousand. In the prior-year period, other operating income was dominated by research grants for the BlackCycle project. The consolidated net loss for the period amounted to EUR -6,853 thousand (9M 2022: EUR -5,675 thousand). Cash and cash equivalents as of 30 September 2023 amounted to EUR 4,410 thousand (31 December 2022: EUR 12,519 thousand).

Pascal Klein, CEO of Pyrum Innovations AG: “With the successes achieved so far in terms of commissioning our new pyrolysis plants, developing the project pipeline and expanding the partnership with BASF, we have taken decisive steps, the foundations of which were largely laid in the third quarter. The new financing framework with BASF will enable us to maintain our technological lead and make rapid progress with current projects. Parallel to the commissioning of the plant expansion in Dillingen, we are currently working on the realisation of our concrete rollout plans following our successful project acquisition phase of the last few months in order to create additional recycling capacities at other locations in the short and medium term and to meet the high demand for our products. The letter of intent with REMONDIS and the agreements we have concluded for the approval planning of new plants in Greece and the Czech Republic have enabled us to make significant progress.”

In the current fourth quarter, the focus will be on the hot commissioning of the new plants in Dillingen/Saar, the preparation of approval documents for the consulting contracts already signed, as well as the continued implementation of the targeted financing structure. Another task is the planned new plant in Saarland. In the course of preparing the authorisation documents and the detailed review of the existing new plant location, it became apparent that water protection requirements for the site would lead to considerable additional investment, which would jeopardise the economic viability of the location. An alternative, logistically ideally located site was identified some time ago and Pyrum is currently in advanced negotiations with the landowner. The first phase of the approval process for the new site will already begin next week when the construction project is presented to the local council. The aim remains to submit the application for approval in the short term and to break ground in the first half of 2024.

For the full year 2023, the management is currently expecting sales of between EUR 1.1 million and EUR 1.5 million. The sales targets previously set for the full year in the range of EUR 1.8 million to EUR 2.5 million can therefore no longer be realised from today’s perspective. Expectations for total output are now also slightly lower than the previous forecast (EUR 14 million to EUR 16 million) with a range of EUR 13 million to EUR 15 million.

Pyrum Innovations AG will be represented at this year’s Deutsches Eigenkapitalforum of Deutsche Börse AG next week from 27 to 29 November at the Steigenberger Airport Hotel Frankfurt, where CEO Pascal Klein and CFO Kai Winkelmann will present the company’s current business development (28 November, 5:25 – 5:55 pm (CEST), room New York) and will be available for 1on1 meetings with interested investors and analysts.

The consolidated interim report for the period from 1 January to 30 September 2023 of Pyrum Innovations AG is available on the company’s website at https://www.pyrum.net/investoren/finanzpublikationen/.

About Pyrum Innovations AG

Pyrum Innovations AG is active in the attractive recycling market for end-of-life tyres with its patented pyrolysis technology. Pyrum’s pyrolysis process is largely energy self-sufficient and, according to the Fraunhofer Institute, saves significantly more CO₂ emissions than today’s standard recycling processes for end-of-life tyres – especially compared to incineration in cement plants – and produces new raw materials such as pyrolysis oil, gas and recovered carbon black from the waste used as input materials. In this way, Pyrum closes the recyclable material loop and pursues a completely sustainable business model. As a pioneer, Pyrum Innovations AG was the first company in the end-of-life tyre recycling sector to receive REACH registration from the European Chemicals Agency (ECHA) for the pyrolysis oil it produces. This means that the oil is recognised as an official raw material that can be used in production processes. In addition, Pyrum has received ISCC PLUS certification for the pyrolysis oil and the recovered carbon black. Both products are thus considered sustainable and renewable raw materials. In addition, Pyrum has received ISO 14001 certification for its environmental management system and ISO 9001 certification for its quality management system. These achievements have also been recognised by international experts in the tyre industry. For example, Pyrum won the Best Tyre Recycling Innovation category at the inaugural Recircle Awards and has been nominated for the “Grand Prix Mittelstand” (“Großer Preis des Mittelstandes”) from the German state of Saarland.

https://www.pyrum.net/

Contact

IR.on AG
Frederic Hilke
Phone: +49 221 9140 970 
Email: pyrum@ir-on.com 

Pyrum Innovations AG
Dieselstr. 8
66763 Dillingen / Saar 
Email: presse@pyrum.net