ENOGIA Reports Strong Financial Growth in 2023 Annual Results

ENOGIA, a leader in micro-turbomachinery for the energy transition, showcased significant financial growth in its 2023 annual results. The company recorded a 53% increase in revenue, reaching €5.1 million, in line with its growth target of over 50%. This growth was driven largely by the success in strategic markets and the implementation of an operational efficiency plan aimed at securing profitability.

Key financial milestones for 2023 included achieving positive EBITDA in the second half and reinforcing its financial structure through successful fundraising. Furthermore, ENOGIA benefitted from strengthened governance with new board members and remained focused on sustained business growth and improved profitability for 2024.

The company’s ORC Modules business saw a 42% increase in revenue, benefiting from significant contracts, including a notable project in Germany for anaerobic digestion sites. Moreover, ENOGIA ventured into the maritime sector with its ENO‑180LT‑M module, marking its presence in new markets. The Innovative Turbomachinery division also saw remarkable growth, nearly quadrupling its revenue.

ENOGIA’s efforts towards operational efficiency resulted in a positive impact on profitability. The company narrowed its EBITDA loss to €1.5 million from a larger deficit in 2022. This improvement is a testament to ENOGIA’s strategic reorganisation, cost reduction efforts, and focus on increasing gross margins.

Looking ahead, ENOGIA is optimistic for 2024, supported by a robust order book and continued interest in its unique technology solutions. The company confirms its expectation of revenue growth of more than 50% per year for 2024 and 2025, aiming for breakeven in EBITDA in 2024 and positive free cash flow by 2025.