Agilyx ASA

For H1 2024, Agilyx reported revenue of $0.4 million, down significantly year over year, and net loss of $11.5 million. Operating expenses were down 23% year over year; excluding a one-time $0.9 million impairment charge, OpEx fell 35% to $5.1 million from $7.8 million in H1 2023. Cyclyx revenue increased 60% year over year to $5 million from $3.5 million, while Cyclyx’s loss increased to $3.9 million net to Agilyx for the first half. Bertrand said the company completed a $40 million equity raise at NOK30 per share, added a $40 million bond guarantee, and secured a $7 million unsecured loan, for total capital of $87 million; the package covers the estimated $71.5 million construction cost of CCC2 plus $15.5 million for working capital and transaction fees. Management said the financing fully funds Agilyx’s CCC2 commitment through commissioning in 2026 and that CCC2 is expected to generate strong cash flow from the second half of 2026 when it reaches design capacity.

Ranjeet Gill Bhatia framed the business as a first mover in a market with a feedstock shortage, stressing that Cyclyx is now positioned as a technology-agnostic industry platform rather than a competitor to downstream recyclers. He said the company has pivoted resources toward feedstock management, simplified the organization, cut overhead, and preserved R&D and engineering capabilities. His tone was constructive and confident, especially around the market opportunity, the company’s blue-chip partners, and the ability to scale through future CCCs.

Bertrand Laroche focused on the balance sheet reset and the cost structure. He said the company closed a $40 million equity raise, secured a $40 million bond guarantee, and added a $7 million loan, with the $87 million package covering CCC2’s $71.5 million construction cost plus $15.5 million for working capital and fees. On the H1 numbers, he pointed to $0.4 million of revenue, an $11.5 million net loss, a 23% year-over-year decline in operating expenses, and a 35% reduction ex-impairment to $5.1 million. He also noted Agilyx’s headcount is down by more than half since the beginning of the year, with additional reductions at the start of Q3, while Cyclyx revenue rose 60% to $5 million.

Analysts asked about third-party offtake for CCC2, and management said securing such offtake is a clear priority but would likely take a few months because testing, spec alignment, and term negotiations are still underway. On the Exxon/Lyondell split, Joe Vaillancourt said CCC2 would use a similar pathway for both partners, with both expected to take offtake through a pyro-oil intermediate into virgin resin; he said Lyondell is already active in mechanical recycling and advancing in advanced recycling. Asked how the conversion business could be commercialized, Ranjeet said Agilyx is moving away from a pure licensing model toward a package of finalized engineering plus firm offtake commitments that could be taken to a financing partner, with structures still to be determined. In response to whether CCC3 and CCC4 could proceed in parallel, Joe said pre-development work is already underway in major metro areas and that parallel development is possible because foundational site and feedstock work has been done.