Pyrum Innovations AG Reports Mixed Financial Results for 2023

Pyrum Innovations AG, a company specializing in advanced recycling technology, disclosed its financial results for the year 2023. Despite an increase in sales by 17% to EUR 1.1 million, the total output decreased significantly to EUR 12.9 million, a drop from EUR 19.1 million in 2022. This decline was primarily due to reduced in-house capital formation and lower-than-expected production volumes of recovered carbon black (rCB).

The company mentioned ongoing construction of a plant expansion in Dillingen, which aligns with their forward-looking strategies. The decrease in total output also reflects a reduction in capitalized own work, which fell to EUR 11.7 million from EUR 17.8 million the previous year. Despite challenges, Pyrum achieved a slight increase in sales from the production of rCB, although it fell below expectations due to limited production capacity.

Looking ahead, Pyrum anticipates sales growth by the end of 2024, following the commissioning of a new grinding and pelleting plant. This expansion is expected to significantly boost rCB production capabilities. However, Pyrum reported a consolidated net loss of EUR 9.5 million for the year, marking an increase in losses from EUR 7.8 million in 2022.