Afyren, a manufacturer of biobased products designed to replace petroleum-derived molecules, announced on Wednesday that last year's net loss was in line with expectations.

The "greentech" company reported a net loss of 9.2 million euros in 2022, compared with -3.6 million euros, on the back of the start-up of its first plant.

With the inauguration of the site, current operating expenses climbed to 8.8 million euros, compared with 5.2 million euros, mainly as a result of higher personnel costs.

Sales - which currently derive mainly from patent licenses - rose by 14% to 3.5 million euros.

In its press release, Afyren states that it has achieved the major milestones set out in the roadmap presented at its IPO in 2021, including the inauguration of its Afyren Neoxy plant.

For 2023, the company says it is aiming for the gradual launch of industrial production at the site during the year, and anticipates three production plants by 2027.

This ramp-up should enable the company to generate cumulative production sales in excess of €150 million, with a current EBITDA margin of around 30%.

At this stage, customers have confirmed commitments representing cumulative sales of over €165 million.

Listed on the Paris Bourse, Afyren shares were little changed on Wednesday following this publication. Since its IPO in October 2001, the share has lost 38% of its value.

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