AFYREN announces its 2023 financial results

Clermont-Ferrand/Lyon, April 2, 2024, 07h30 CEST – AFYREN, a greentech company that offers manufacturers natural, low-carbon ingredients produced using unique fermentation technology based on a completely circular model, announced today its audited annual financial results for the year ended December 31, 2023, as approved by the Board of Directors on March 28, 2024.

  • On the path to sustainable production
    – AFYREN NEOXY: significant steps toward continuous production
    – Industrial development continues in France and abroad
    – Further improvement in extra-financial rating (83/100; +4pts)
  • A solid financial base thanks to disciplined management
    – Tight control of operating expenses in 2023 kept loss stable vs. 2022
    – Limited cash consumption: €50 million in cash available as of December 31, 2023
  • Timetable adjusted as operational and financial goals are maintained
    – AFYREN NEOXY: start-up of continuous production in 2024, with break-even in 2025, as communicated in December 2023
    – Plants 2 and 3: commissioning schedule adjusted
    – Operational and financial goals for the 3 units maintained

Nicolas SORDET, CEO of AFYREN, said: “Founded in 2012 with the aim of offering an industrial-scale solution for transforming biomass co-products into alternatives to petroleum-based products, AFYREN has taken just ten years to move from the fundamental research phase to industrial production. By focusing on low-value raw materials, processed with our innovative natural fermentation technology, we can implement a profitable business model independent of oil-market fluctuations. The ingredients we produce meet the critical needs of manufacturers seeking more natural products and/or products with a reduced carbon footprint. This is underscored by the fact that our 1st AFYREN NEOXY plant has 165 million euros in sales secured by contracts. This industrial and commercial maturity sets us apart from other high-impact projects. Achieving our operational, financial and environmental ambitions is our priority, beginning with the start-up of continuous production at AFYREN NEOXY.”

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