Agilyx: Top-line revenues & Cyclyx volumes tripled y/y – signifies strong demand for Agilyx product - Nordea

Agilyx published their FY 2022 report this morning, with USD 16.5m (above NDA expected USD 16m) representing a 237% growth rate y/y, driven by tripling Cyclyx volumes and conversion construction tickets. Down the P&L, an implied 15% gross margin in H2 turned margins positive for the year (3% vs. 2% NDA estimates), while EBITDA remained negative as the company expands its footprint (USD -21.1 vs USD -20.4m NDA estimates).

The company also released financial and non-financial KPIs for the first time (see below), with Agilyx conversion revenues 42% higher than we expected (Cyclyx revenues 5% below). The company’s non-financial KPIs show Cyclyx volumes were 3x higher than 2021 levels, with Cyclyx now having 37 members. Cash came in at USD 14m, lower than expected, however this was impacted by timing of receipts – the company provided Q1 cash of around USD 12m, highlighting lower cash burn going forward. Other datapoints included the development of the Cyclyx Circularity Centre, whereby the company expects construction to begin in the second half of the year.

Going forward, the company re-iterates their targets (USD 200-300m in FY 2026), with the TruStyrenyx partnership yielding tangible results (INEOS Styrolution progressing development of first large scale plant, Shell European project development) as well as other developments (recent BioBTX agreement).

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