Envipco Announces 2022 Third Quarter Results Unaudited

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24/11/2022 14:34
Record quarter with revenue of EUR 17.5 million in Q3’22, representing 83% year-on-year growth
Regulated Information
Key figures
* Including other income '22 of 1.9 million positive (PPP forgiveness) and '21 3.4 million positive (DPG settlement, PPP forgiveness).
? Record quarter with revenue of EUR 17.5 million in Q3’22, representing 83% year-on-year growth
? Europe with all-time-high revenue of EUR 7.2 million, primarily driven by 415% year-on-year growth in RVM sales, including
the second half of the Malta installations
? 30% year-on-year revenue growth to EUR 10.2 million in North America, driven by growth in both Program Service volumes
and RVM sales
? Gross margin of 28.0% in Q3’22 down from 35.6% in Q3’21 due to effects from RVM sales in Greece, ex-Greece gross margin
of 32.2% for the quarter
? Obtained Cicero Dark Green rating for Green Finance framework
? Significant November win with MOL group in Hungary for approximately 2,300 machines for delivery in 2023/24 with future
expansion opportunity of additional 2,000 machines
? Wins with two separate leading Scottish retailers for a total of approximately 550 machines across all locations, contributing
to a strong 2023 orderbook
in EUR millions Q3 2022 Q3 2021 9M 2022 9M 2021 FY 2021
Revenues 17.5 9.5 44.5 26.1 38.4
Gross Profit 4.9 3.4 13.9 9.5 13.4
Gross profit % 28.0% 35.6% 31.1% 36.5% 35.0%
Operating Expenses 5.9 3.4 16.3 10.6 14.7
EBIT 0.9* (0.1) (0.4) 2.5* 2.3*
Net profit/(loss) after taxes after minority (0.5) (0.4) (2.3) 1.5 0.6

EBITDA 2.1 0.7 2.8 5.0 5.5
Earnings/(loss) per share in € (0.01) (0.01) (0.05) 0.03 0.01
Shareholders’ equity 33.6 30.9 33.6 30.9 30.5

Comment of Simon Bolton, CEO Envipco
“Q3 has been another record revenue quarter for the business as we complete delivery of machines for Malta and recent US
expansion. We have seen very strong momentum in the business as demonstrated by the announced commercial wins in Scotland
and Hungary heading into 2023. These wins certainly support the important market development and organizational investments
we have made the past two years as we prepare for this exciting, sustained growth period ahead.” – Simon Bolton, CEO
Envipco is seeing an acceleration in demand for its RVM technology as DRS approaches go-live or is moving into a detailed
planning stage now in an increasing number of countries and geographies. We have seen continued growth and have announced
new contract wins with major customers that provide significant proof points for the current positive market dynamics, value of
our technology, and the relevance of our strategy. The recent wins in Europe provide an aggregate opportunity pipeline of
thousands of machines over the coming years, and the company is continuing to pursue upcoming opportunities in additional
markets. The combined outlook provides a strong trajectory and has built a very solid orderbook which will underpin 2023 growth
and beyond.
With completion of the initial Malta orders in Q3'22 and also considering lower expected RVM sales in North America for Q4'22
compared to the prior year, we anticipate moderating Q4'22 revenue as we prepare for an exciting 2023.
Gross margin continues to be a focus area and while we see some stabilization, uncertain economic and geopolitical climates
along with inflationary pressures require constant attention. Envipco is driving initiatives for margin expansion and will look to
leverage increased scale going forward to optimize cost.
The current market momentum is strong and commercial activities are increasingly reflecting the entry of DRS in Europe. Envipco
continues to build the organization and to put adequate long-term financing in place to be in pole position to be successful in new
markets, as we recently have demonstrated in Hungary and Scotland. We remain confident in our strategy, our investments, and
our ability to deliver strong growth and execute on our long-term revenue and gross margin targets. We are excited to be creating
a cleaner world for future generations through our recycling technology.
Please refer to our website www.envipco.com to download a full pdf version of our 2022 Third Quarter Report.
For further information please contact:
Derk Visser, Group CFO Envipco Holding N.V.

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