AGILYX ASA RESULTS FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2022

25 Apr 2023 07:30 CEST

OSLO, Norway – April 25, 2023 – Agilyx ASA (OSE: AGLX; OTCQX: AGXXF) (“Agilyx”
or “the company”), a technology company that enables customers to recycle the
most challenging post-use plastics to high value, virgin-equivalent products,
announced today its FY 2022 Financial Report.

Accelerating revenue generation and commercialization

Tim Stedman, Chief Executive Officer said:

“We achieved a number of milestones across the business in 2022 as we continue
to make progress on our mission to solve the challenge of plastic waste. We are
continuing to move projects through the pipeline with customers excited about
what our technology can bring. Engineering for the first Cyclyx Circularity
Center is progressing well and we continue to expect construction to commence
later this year.

We delivered a strong financial performance as we begin to accelerate our
growth, with significant increases in revenue and gross margin driven by growth
in Cyclyx volumes and our contract with Toyo Styrene. Our operational
achievements combined with our solid financial results, position us well to
realize the opportunities ahead; I am excited by our future prospects and proud
to be a part of such a pioneering business.”




USD 2021 2022 Change
Revenue 4,889,227 16,457,319 237%
Gross margin 63,408 572,962 804%
Net profit / (loss) (15,567,723) (23,384,654) -50%
Diluted earnings / (loss) per share (0.19) (0.28) -47%
Period end net cash 19,570,154 13,671,319 -30%


•Revenue growth accelerating with revenue up 237% to $16.5m and a significant
improvement in gross margin;
•The net loss widened due to business investment and costs associated with the
uplisting;
•Period end net cash of $13.7m was down on prior year and impacted by timing of
receipts; unaudited cash at 31 March 2023 was $12.0m;
•Cyclyx engagement is gaining momentum with 37 members now part of the
consortium, including TenCate Grass and Velcro;
•Conversion technology pipeline continues to progress although the macroeconomic
backdrop is having some impact on the speed of decision making.

Group trading performance
Group revenue increased to $16.5m (FY21: $4.9m), with increases in revenue at
both Agilyx and Cyclyx. Agilyx revenue rose to $7.2m (FY21: $2.9m) driven by
construction of our polystyrene project in Japan with Toyo Styrene. Cyclyx
revenue saw a significant increase to $9.2m (FY21: $1.9m) as volumes more than
tripled, and we saw continued interest in the consortium and 10 to 90 programs.
The gross margin increased to $573k (FY21: $63k) as the business begins to ramp
up.

Overhead costs were up significantly in the year driven by investment in the
business and one-off costs associated with the conversion to IFRS and uplisting
to the main Oslo Bors. Investment included the development of the eighth
generation of our core conversion technology as well as growing the Cyclyx
organization to ensure that we have the right capabilities to design and deliver
Circularity Centers.

The Group delivered a net loss of $23.4m (FY21: $15.6m), with a resulting
diluted loss per share of $0.28 (FY21: $0.19).

During the year the operating cash outflow was $15.3m and the investment cash
outflow was $3.5m, both in line with the prior year. We saw a significant
increase in cash from financing, with a net $13.4m inflow from the September
capital raising and a further $1.0m from ExxonMobil into Cyclyx. The resulting
net cash outflow was $5.9m (FY21: $19.3m).

As at 31 December 2022, the Group’s net cash position was $13.7m (FY21: $19.6m).
During the year we paid down our outstanding borrowings and there are no
outstanding debts on the balance sheet.

Outlook
Our operational achievements combined with our solid financial results last
year, position us well to realize the opportunities ahead. Cash collection in
the first quarter was strong and our unaudited net cash position at 31 March
2023 was $12.0m.

We are making good progress on our target of two technology licenses this year,
albeit the macroeconomic backdrop is having an impact on the speed of customer
decision making. Our TruStyrenyx partnership is beginning to yield tangible
results, with INEOS Styrolution progressing development of the first large scale
plant. Discussions are underway with Kumho about a license and we are continuing
to work with Shell on the European TruStyrenyx project, as well as other
projects. We have also entered into a strategic collaboration with BioBTX to
explore the production of renewable aromatic chemicals (benzene, toluene,
xylene: BTX) using our pyrolysis technology.

We expect Cyclyx to continue to grow volume and introduce further 10 to 90
takeback programs, building on the momentum from the Houston pilot program.
Engineering on the first Cyclyx Circularity Center is at an advanced stage and
we anticipate moving into construction in the second half of the year.

As we look ahead, I am excited by the enormous opportunity we see to accelerate
our growth and help solve the global challenge of plastic waste.
 
Additional information

2021 2022 Change
Financial KPIs (USD)
Agilyx revenue 2,939,353 7,224,548 146%
Cyclyx revenue 1,949,874 9,232,771 374%
Deferred revenue 1,376,452 5,945,535 332%

Non Financial KPIs
Agilyx volume in construction (kta) 0.0 3.3 100%
Cyclyx processed output (kta) 2.4 7.6 217%
Total recordable incident rate 3.7 1.1 -70%


Future reporting dates
Interim results for the six months ending 30 June 2023 will be reported on 22
August 2023.

Conference call
A webcast presentation (in English) will be held for analysts and investors
today at 9:00am (CET) hosted by Tim Stedman, CEO.

The event will be held on Microsoft Teams with viewers able to ask questions at
the end of the presentation. A file with the presentation deck is attached to
this announcement.

Dial in: www.microsoft.com/en-gb/microsoft-teams/join-a-meeting?rtc=1
Meeting ID: 260 621 346 861
Passcode: Zd2Btr

A recording of the presentation will be available after the event on our website
at www.agilyx.com/investors/reports-presentations/.

Enquiries

Louise Bryant, SVP Investor Relations & Sustainability
+44 7813 210 809
Louise.bryant@agilyx.com

Kate Ringier, VP Communications & Government Affairs
+ 41 43 883 0396
kate.ringier@agilyx.com

 
Notes to editors
Agilyx ASA is a technology company that enables customers to recycle
difficult-to-recycle post-use plastics to high value, virgin-equivalent
products. With a focus on diversion and conversion of plastic waste, Agilyx is
uniquely positioned with a molecular recycling technology offering and an
integrated feedstock solution by way of Cyclyx, an innovative feedstock
management consortium of partners that drives up global plastic recycling rates
by chemically fingerprinting plastic waste and matching it to appropriate
recycling processes. Agilyx was the first to establish a commercial-scale waste
polystyrene chemical recycling facility via pyrolysis enabling closed-loop
polystyrene plastic-to-plastic and holds 20 patents. Agilyx conversion
technology utilizes pyrolysis without a catalyst and can convert mixed waste
plastic to naphtha and fuels or depolymerize specific plastics such as
polystyrene and PMMA (acrylic) back into virgin-quality products. Learn more at
www.agilyx.com.

More information:
Access the news on Oslo Bors NewsWeb site

588389_Agilyx Annual Report-Final_SPREADS-Low Res.pdf
588389_FY22 Statement FINAL (1).pdf
588389_FY22 Results presentation FINAL.pdf