© Reuters. The logo of Thyssenkrupp Nucera, one of Europe’s biggest IPOs this year, is pictured at the headquarters of Thyssenkrupp’s hydrogen division in Dortmund, Germany July 4, 2023. REUTERS/Stephane Nitschke/file photo
FRANKFURT (Reuters) – Thyssenkrupp (ETR:) Nucera, which makes electrolysers needed to produce green hydrogen, expects an operating loss in its 2024 fiscal year, citing start-up costs for the division it expects will account for most of its growth in the future.
The company, which was listed in one of Europe’s biggest IPOs this year, said it expects a loss before interest and tax in the mid double digit million euro range, compared with an LSEG estimate for a 22.8 million euro ($25 million) loss.
Sales in the year to Sept. 30 are expected to grow by a mid double-digit percentage from the 653 million generated in 2022/23, the group said, in line with the 51% LSEG average growth forecast.
Operating profit will primarily be burdened by costs associated with the group’s alkaline water electrolysis, the part of its business that investors are most keen on due to the fact that it can be scaled up quickly.
Thyssenkrupp Nucera, which competes with Norway’s Nel, Britain’s ITM Power, France’s McPhy Energy and U.S. company Plug Power (NASDAQ:), said its order intake more than halved to 613 million in 2022/23.
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