Photon Energy NV Reports Q1 2024 Financial Results

Photon Energy NV disclosed its financial and operational results for the first quarter of 2024, revealing a mixed financial performance with significant strides in operational activities. The company noted a decrease in consolidated revenues to EUR 17.375 million, a 9.9% fall compared to the previous year's figure of EUR 19.280 million. On a more positive note, the Group's EBITDA more than doubled year-over-year, rising from EUR 0.330 million in Q1 2023 to EUR 0.783 million.

The group saw an increase in its generation of clean electricity, reporting 30.2 GWh which marks a 24.2% improvement. This growth is primarily attributed to new photovoltaic (PV) assets in Romania. Despite the increase in electricity generation, lower average realized prices for electricity, which fell by 23.1%, impacted revenue negatively. The depreciation expenses also saw a rise due to new power plants, and interest expenses increased by 8.5% year-over-year.

Photon Energy remains optimistic about its future, particularly highlighting its strategic restructuring of its IPP portfolio and a major project refinancing agreement with the European Bank for Reconstruction and Development (EBRD) worth EUR 15 million, aimed at propelling the Group’s expansion and enhancing capacity market offerings. The firm also projects significant growth in revenues and EBITDA for the full year of 2024.