Photon Energy reports triple-digit growth in revenue, EBITDA in 2022

Amsterdam-based solar power producer Photon Energy NV (WSE:PEN) on Wednesday reported a 159.1% surge in revenues, EBITDA growth in line with guidance and a return to profit in the fiscal year 2022.

Revenues totalled EUR 94.2 million (USD 100.7m), exceeding the company's full-year guidance, due to record electricity sales and a boost from the solar components and batteries distribution business.

Electricity production increased by 17.8% year-on-year to 121.6 GWh, bringing in EUR 35.2 million in revenues for the year. The components distribution business was credited with boosting revenues from other streams to EUR 59 million, up 247.8% on the year, Photon Energy said.

Annual earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by 151.1% to a record EUR 24.1 million, with the net profit standing at EUR 2.8 million, compared to a EUR-6.4-million loss in 2021.

Total comprehensive income arrived at EUR 4.3 million, up from EUR 2.1 million a year prior.

The fourth quarter was a little rougher on the bottom line, with EBIT, net profit and total comprehensive income all in the red. Photon Energy said that the quarterly profitability was impacted by a higher contribution of lower margin revenues from the sale of technology, provisions for the Hungarian windfall taxes adopted by the government and a growing staff.

For 2023, Photon expects revenues to increase by 59.2% year-on-year to EUR 150.0 million and EBITDA to grow by 20.5% to EUR 29.0 million.

As of December 31, 2022, Photon Energy has 88 solar power plants, owned directly or indirectly, in the Czech Republic, Slovakia, Hungary and Australia. Their total installed capacity stands at 91.9 MWp. The company also owns Polish virtual power plant operator Lerta, which aggregates and manages distributed energy resources.

(EUR 1.0 = USD 1.069)

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