FY 2018 Results

McPhy: a positive start to 2019 despite an operating income fall in 2018 as expected

• A 21% drop in revenue in 2018 compared to 2017, due notably (and as previously announced (1) ) to delays in the finalization of several orders
• As expected operating income for 2018 is 47% lower than in 2017, at -€9.4 million, due mainly to the fall in revenue over the year and trends in operating expense relating to business activity
• Cash of €14.9 million, following capital-boosting transactions in 2018
• Strategic partnership signed in June 2018 with EDF, thus becoming the company’s leading shareholder
• More than 5 million euros of orders received over the first two months of the year and confirmation of a return to revenue growth in 2019 in an ever-more buoyant market

La Motte-Fanjas, March 12, 2019 at 5:45pm – McPhy (Euronext Paris Compartment C: MCPHY, FR0011742329), a specialist in hydrogen production and distribution equipment, is today announcing its results for 2018, which were approved by the company’s Board of Directors.

We are determined to maintain this focus with clearly identified priorities: product development, strengthening our marketing in key areas, winning new markets and signing partnerships.

Pascal Mauberger, McPhy’s Chairman and Chief Executive Officer, commented: “As announced, our results for 2018 were affected by delays in the finalization of several orders and by the extension of the duration of certain existing projects for our clients.
Our teams remain mobilized to continue building McPhy’s technological leadership by launching new products such as the ‘Augmented McLyzer’ generation of electrolyzers, which will enable us to offer innovative solutions on a scale that matches our clients’ needs. We have also signed an agreement for our first hydrogen bus fueling station in France, creating a flagship reference in mass mobility. In addition, the industrial and commercial partnership agreement with EDF signed in 2018 is now fully operational and is manifesting itself in joint tender bids.
The early months of 2019 have shown that our strategy is bearing fruit, with more than €5 million in orders received. This is why we are determined to maintain this focus on growth with clearly identified priorities: product development, strengthening our marketing in key areas, winning new markets and signing partnerships. We are convinced that this strategy will allow McPhy to continue to grow and maintain its leadership in the fast-expanding market for low-carbon hydrogen.”

Simplified Income Statement

Simplified Income Statement

Change in operating expense in line with business activity

The increase in external costs and provisions was due to delays in the finalization of several orders, the extension of the duration of certain projects and additional costs incurred in the installation phases of these initial reference projects for McPhy. This resulted in an expected 47% drop in operating income in 2018 compared to 2017, to -€9.4 million.
The lessons learned on these first contracts have been factored in for contracts due to be delivered from 2019 on, and provisions have been made for additional costs to neutralize their impact on 2019 figures. Furthermore, despite the revenue decline, McPhy continued to strengthen its research and innovation efforts.
At December 31, 2018, McPhy had cash assets of €14.9 million, boosted by transactions to strengthen capital carried out in 2018.

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Download, below, the full PR to find out more about the “2018 Highlights” & “Confirmation of a return to growth in 2019”.

Next press release

2019 first half results – Thursday July 30, 2019 after market close

(1) Press releases of 24 October 2018 and 22 January 2019

About McPhy

In the framework of the energy transition, and as a leading supplier of hydrogen production, storage and distribution equipment, McPhy contributes to the deployment of clean hydrogen throughout the world.
Thanks to its wide range of products and services dedicated to the hydrogen energy, zero emission mobility and industrial hydrogen markets, McPhy provides turnkey solutions to its clients. These solutions are tailored to our client applications: renewable energy surplus storage and valorization, fuel cell car refueling, raw material for industrial sites.
As a designer, manufacturer and integrator of hydrogen equipment since 2008, McPhy has three development, engineering and production units based in Europe (France, Italy, Germany).
The company’s international subsidiaries ensure a global sales coverage of McPhy’s innovative hydrogen solutions.

McPhy is listed on NYSE Euronext Paris (Segment C, ISIN code: FR0011742329; ticker: MCPHY).


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Nicolas Merigeau
T. +33 (0)1 44 71 94 98

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T. +33 (0)1 44 71 20 40


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