CARBIOS announces fiscal-year 2024 financial results

11 Apr 2025 06:45 CEST

• Cash of €109 million on December 31, 2024
• PET biorecycling plant in Longlaville: adjusted schedule and confirmed intention for construction resumption once additional financing has been secured
• Significant progress made towards signing several binding commercial contracts in first half of 2025
• Roll-out of a reorganization and cost-cutting plan in 2025: cash-burn reduced by 40% and strategic capabilities maintained

Clermont-Ferrand (France), 11 April 2025 (6:45 am CEST). CARBIOS, (Euronext Growth Paris:  ALCRB), a pioneer in the development and industrialization of biological technologies to reinvent the life cycle of plastic and textiles, today reported its operating and financial results for the financial year 2024. The financial statements as of December 31, 2024, were approved by the Company’s Board of Directors at their meeting on April 10, 2025[1].

[1] The audit of the financial statements for the year ended December 31, 2024 is being finalized at the date of this communication.

Key highlights

1.  Update on the first PET biorecycling plant in Longlaville

·       A construction schedule postponed by 6 to 9 months, operational ambitions maintained and renegotiations with suppliers which should enable construction work on the plant to be resumed within budget, subject to the conclusion of the necessary additional financing.

·       Significant progress in concluding supply and off-take agreements.

2.     Update on the financing

CARBIOS plans to finance its plant project using part of its available cash (€109 million 
at 31 December 2024, including €19 million of investments classified as financial assets),
€42.5 million of Public grants (State aid scheme approved by the EU in February 2025) not yet received and therefore not included in available cash, and additional financing, notably non-dilutive, currently under advanced discussion with public and private partners, including potential support from the French Government (Bpifrance Assurance Export) for a debt guarantee of up to 
€86 million (eligibility for the Strategic Projects Guarantee scheme confirmed in November 2024).  

3.  International business development to sign licensing agreements

Ongoing negotiations within the framework of the LOIs signed with the various partners.

4. Carbiolice

First sales of CARBIOS Active in North America, where the FDA[1] approval and BPI[2] certification have been granted.

5. Tangible progress in terms of Sustainability

B Corp™ label and ISO 9001 & 14001 certifications obtained and further improvement in 
extra-financial rating by EthiFinance with a score of 83/100.

6.  Patent portfolio development

Strengthening of the IP portfolio of 58 patent families and 502 titles, with the granting of 28 new patents in various key countries.

7.  New appointments (March 2025)

·       Isabelle PARIZE as Chairwoman of the Board

·       Vincent KAMEL as Chief Executive Officer

Reorganization and cost-cutting plan

As part of the cost-cutting measures to ensure the full implementation of its industrial and commercial strategy and make progress on financing the plant, while ensuring rigorous financial management, CARBIOS launched a reorganization project that could result in job cuts at CARBIOS and CARBIOS 54[3], possibly affecting around 40% of positions[4].

Consolidated Financial position

 

For 2024, the Group’s income stood at €136 thousand, compared to €24 thousand for 2023. It is mainly related to feasibility studies, tests, and research services, as well as deliveries of CARBIOS Active products by Carbiolice.

Operational expenses stood at €37,643 thousand for 2024, compared to €28,902 thousand for 2023. This €8,741 thousand difference is mainly due to:

-    An increase in personnel cost of €3 million;

-    An increase in the use of external consulting services of €4.9 million; and

-    An increase in depreciation charges of €1.8 million.

Within operating expenses, Net R&D expenses stood at €14,285 thousand for 2024, compared to €10,958 thousand for 2023.

The (€37,507) thousand operating loss reflects an intensification of efforts to structure the Group’s activities, marked by commercial efforts to address the market and sell licences, increased use of external consulting services and sustained development of R&D activities, notably on the biorecycling of PET plastics and polyester fibers.

Net financial income of €4,394 thousand corresponds to financial income from cash investments and capitalization costs of loans relating to the Longlaville plant.

The net loss for the period stood at (€33,113) thousand, compared to (€27,224) thousand for 2023.

At the end of 2024, CARBIOS had a solid balance sheet of €279.9 million and equity of €199.7 million, a decrease of €34.6 million compared to 2023, due to the net loss recorded over the period. In addition, current liabilities for 2024 are up by €16 million, mainly due to trade payables.

At the end of 2024, the Group closed out with a financial reserve of €109 million. This amount includes €90 million of cash and cash equivalents, as well as €19 million of financial assets partly pledged with certain suppliers. The cash outflow of €102 million for 2024 is mainly attributable to the construction of the Longlaville plant, to operating activities, and to the classification as financial assets of the Group’s aforementioned investments for which pledges have been put in place.  

2024 Universal registration document availability

The 2024 Universal registration document will be made available to the public and filed with the French market authorities (AMF) by 30 April 2025 at the latest. An English version will follow shortly.

[1] FDA = Food and Drug Administration

[2] BPI = Biodegradable Products Institute 

[3] Wholly owned subsidiary of CARBIOS for its industrial operations in Longlaville

[4] Cf. January 28, 2025 press release

[5] The audit of the financial statements for the year ended December 31, 2024 is being finalized at the date of this communication.

APPENDIX

Consolidated Statement of Income
(non-audited accounts[1])

Consolidated Balance Sheet
(non-audited accounts)

Consolidated Cash Flow Statement
(non-audited accounts)

[1] The audit of the financial statements for the year ended December 31, 2024 is being finalized at the date of this communication.