(BFM Stock Exchange) – The title of the electrolysis manufacturer won the Paris Stock Exchange after reporting tensions on its cash, suggesting significant uncertainty about the continuity of its exploitation.

On the Paris Stock Exchange, the day of the day is called McPhy. The manufacturer of electrolysis collapses from 32.6%, around 2:30 p.m. to 0.586 euros, thus falling to historic low. Society is in a very delicate situation. It reported to the market tensions in its treasury on the sidelines of very degraded 2024 annual results.

In terms of fiscal 2024, the company unveiled a common operating loss at 58.3 million euros for a turnover already published, down 30% over one year, to 13.2 million euros.

The net loss also dug, to reach 74.1 million euros, against a net deficit of 47.4 million euros in 2023. The company explains that this digging of its net loss is linked to the sale, in February 2024, of its stations activity, as well as other non-recurring elements.

During 2024, MCPHY’s cash consumption had increased at 23.4 million euros, to display a cash position of 39.6 million euros. This pace of cash consumption therefore suggests significant uncertainty about the continuity of its exploitation.

Limited visibility

The company estimated that its cash position allowed it to finance its operations until the end of the first half of 2025, in the darkest scenario. Or until the end of the 3rd quarter of 2025, if the group were to receive, in the meantime, additional collections.

MCPHY says it is active research of solutions that would allow it to continue all or part of its activities. In the event that the solutions sought should not succeed, the company warns “that it would not be unable to carry out its assets and settle its debts in the usual context of its activities”.

“In this case, the application of IFRS accounting rules and principles in a normal context of continuing activity, in particular concerning the assessment of assets and passive, could prove to be inappropriate,” adds the company.

It is therefore a new blow for McPhy, which has been on disappointments since 2021 with delays in the execution of certain projects as well as in order taking. In March 2023, the company was even ousted from the SBF 120 index. Its action rates to date less than 0.60 euros, erasing almost its full value compared to its Introduction Course set at 8.25 euros, in 2014.