- A year marked by growth investments but no major projects
- Gross cash and cash equivalents of €1.6 million and net debt of €0.2 million at 31 December 2024
- Change in Governance
Chartres, 6 May 2025 - The OSMOSUN® Group, a leading provider of solar-powered seawater and brackish water desalination solutions, today announces its annual results for the year ended 31 December 2024. The annual consolidated financial statements were approved by the Board of Directors on 6 May 2025. The statutory audit procedures for the consolidated financial statements are nearing completion. The financial report will be available on the Company website osmosun.com at a later date.
2024 annual results
| €000 | 2023 | 2024 |
| Revenues | 3,003 | 1,874 |
| Production for the period1 | 3,356 | 2,182 |
| Gross margin1 | 1,170 | (1,255) |
| EBITDA1 | (1,947) | (5,276) |
| Adjusted EBITDA[1] | (1,925) | (5,276) |
| Operating income/(loss) | (2,705) | (6,145) |
| Adjusted operating income/(loss)1 | (2,683) | (6,145) |
| Net financial items | (580) | (33) |
| Net non-recurring items | 192 | (150) |
| Net income/(loss) | (3,071) | (6,328) |
2024 revenues, which are recognised on a percentage-of-completion basis in accordance with costs incurred up to the balance sheet date, amounted to €1.9 million (versus €3.0 million in 2023),. Revenues were boosted by the major large-capacity contracts signed in 2022 and 2023, particularly in the Caribbean (Saint Kitts and Nevis) and Africa (Cape Verde, Morocco). Small-capacity contracts signed in 2023 and 2024 (mainly in Morocco, Tunisia, Polynesia and France) also had an impact on revenues.
Gross margin amounted to negative 1.3 M€ compared to positive 1.2 M€ in 2023 mainly due to the ongoing contract in Mauritania, as a result of the greater-than-expected use of direct sub-contracting during the installation phase of the two desalination units.
Adjusted EBITDA amounted to a €5.3 million loss, compared to a €1.9 million loss in 2023, impacted by the fall in the gross margin and the rise in operating expenses related to the increase in headcount and production capacity.
Having raised funds through its IPO in July 2023, Osmosun has embarked on an investment programme, particularly in human resources, to meet growing market demand and prepare for accelerated future growth. However, the economic climate has curtailed the implementation of the large projects currently under advanced negotiations, while the small-capacity projects signed are not sufficient to cover the new cost structure.
Personnel costs rose accordingly by 22% year on year to €2.3 million. The average headcount increased by 14% to 32 FTE[2] in 2024 compared to 28 FTE in 2023.
Adjusted operating income/(loss) amounted to a €6.1 million loss (compared to a €2.7 million loss in 2023).
Net income/(loss) for the year amounted to a €6.3 million loss compared to a €3.1 million loss in 2023.
Operating free cash flow[3] came to a €5.0 million outflow (compared to a €2.8 million outflow in 2023), including operating funding needs (€4.9 million outflow) and limited investments (€0.1 million outflow).
Shareholders' equity amounted to €1.2 million at 31 December 2024. Group cash and cash equivalents amounted to €1.6 million, compared to €7.2 million at 31 December 2023, while gross borrowings stood at €1.8 million including €0.8 million due in less than one year, resulting in net debt of €0.2 million.
As announced in the press release dated 20 March 2025, OSMOSUN estimates that it has a cash horizon until July 2025 and is exploring all solutions for extending this horizon. The Group has notably initiated discussions with industrial players with a view to seeking potential backing. OSMOSUN will keep the market informed of progress with these discussions.
A €0.7 million order backlog
At 31 December 2024, the order backlog (signed contracts) stood at €0.7 million, compared to €2.6 million at 31 December 2023, mainly because no new major projects were signed in 2024. Since the end of the financial year, OSMOSUN has signed new orders worth €0.5 million, including three projects won by the subsidiary OSMOSUN Maroc, which began operating in January.
Change in governance
Mr. Julien Cauvy joined OSMOSUN on March 1, 2025, as Deputy Chief Executive Officer of the Group. Mr. Cauvy brings solid experience in the water treatment sector, having served for nearly 15 years as Managing Director of Prominent France, a company specializing in dosing components and systems, as well as water treatment solutions.
At its meeting on May 6, 2025, the Board of Directors of OSMOSUN co-opted Mr. Julien Cauvy as a Director, replacing Ms. Dorothée Chabredier. This co-optation will be submitted for ratification at the Shareholders' General Meeting on June 23, 2025.
OSMOSUN® Chairman and CEO Maxime Haudebourg said: "2024 was a particularly challenging year for OSMOSUN. We had previously made significant investments to put ourselves in a position to take on major projects. However, these projects failed to materialise, thereby weakening the Group's financial situation. The refocus on our core business, namely the desalination of seawater or brackish water powered by renewable energies using a standardised modular range of small-to-medium capacity equipment, is already underway, as witnessed in particular by the projects signed in Morocco. The ball is now rolling and we need to adapt our organisational structure and teams accordingly. It is also crucial to obtain new funding to sustain our business."
Glossary
Total production: sold production + inventoried production + capitalized production
Gross margin: Total production - purchase of raw materials and other supplies - change in inventory - direct sub-contracting
Adjusted EBITDA: Operating income restated for net depreciation and amortisation of intangible assets and property, plant and equipment and net provision charges/reversals + research tax credit
EBITDA: Operating income restated for net depreciation and amortisation of intangible assets and property, plant and equipment and net provision charges/reversals
Adjusted operating income: Operating income+ research tax credit
Operating free cash-flow: cash flow from operations - change in working capital - cash flow from investments
ABOUT OSMOSUN®
Founded in 2014, OSMOSUN®'s ambition is to become a leading player in the low-carbon water market in order to make drinking water accessible to all.
OSMOSUN® has developed a unique, patented, cost-effective, clean and sustainable solution for solar-powered battery-free seawater and brackish water desalination. This innovation makes OSMOSUN® units among the most energy-efficient and cost-effective solutions in the world. The water production capacities of its units range from 1 m3 to 50,000 m3 per day.
At 31 December 2024, 78 desalination units have been sold in 27 countries.
More information: OSMOSUN® | Create water where life is
| CONTACTS |
| SPECIALIZED PRESS | FINANCIAL PRESS | INVESTOR RELATIONS |
| Nadège Chapelin | Deborah Schwartz | Hélène de Watteville |
| n.chapelin@nc-2.com | dschwartz@actus.fr | osmosun@actus.fr |
| +33 6 52 50 33 58 | +33 1 53 67 36 35 | +33 1 53 67 36 33 |
1 See glossary[1] See glossary
[2] Full-time equivalent
[3]See glossary See glossary
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