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FY 2023 business report

  2024/03/26 6:00 PM

Chartres, 26 March 2024 - OSMOSUN®, a leading provider of solar-powered seawater and brackish water desalination solutions, today announces its revenues for the year ended 31 December 2023. (ISIN: FR001400IUV6 – Symbol: ALWTR) 


OSMOSUN® Chairman and CEO Quentin Ragetly said: “2023 proved to be a crucial year for OSMOSUN. Our initial public offering last July gave us the financial resources required to invest in our future growth and has already enabled us to strengthen our teams, expand our local presence in priority regions worldwide and consolidate new strategic partnerships. Our pipeline of projects under advanced negotiations is ramping up, including an increasing number of major contracts. Thanks to this growth potential, we are able to enter 2024 with confidence and reaffirm our short- and medium-term objectives while maintaining our goal of becoming a leading player in low-carbon water treatment.”


Performance marked by progress across major projects

During the 2023 financial year, OSMOSUN® continued to deploy its desalination units launched in 2022 and started work on several new projects signed in 2023.

Full-year revenues, recognised on a percentage of completion basis in accordance with project costs incurred up to the balance sheet date, came to €3.0 million, mainly driven by progress across major contracts in the Group's strategic regions, particularly in the Caribbean (Saint Kitts and Nevis), Africa (Cape Verde, Mauritania, Morocco and Djibouti) and Oceania (Vanuatu).

Revenues were curbed by scheduling delays for certain major contracts, without which they would have been close to €4 million. These deferrals will contribute towards boosting 2024 revenues.

During the year, OSMOSUN® sold 10 desalination units, bringing the number of units sold since its inception to 69, the equivalent of approximately 3.5 million cubic metres of water produced and 5,673 tonnes of CO2 avoided.


Considerable ramp-up of the portfolio of contracts under advanced negotiation

OSMOSUN® actively pursued its commercial development throughout the year in order to ensure future growth. The project pipeline has expanded considerably, with nine major projects worth several million euros currently under advanced negotiations.

The overall commercial pipeline therefore totalled €204 million at 31 December 2023 (compared to €166 million at 30 June 2023). It includes:

  • a €3.0 million order backlog (contracts signed to date) representing around 15 projects to be delivered over the next 12 months;
  • over 50 projects under advanced negotiations[1] for potential delivery between 2024 and 2025, representing estimated potential revenues of €70 million compared to €38 million at 30 June 2023;
  • over 180 identified projects[2] in which the Company could participate, with a total value of €131 million.



Taking into account contracts already signed, the proliferation of projects under advanced negotiations, the ramp-up of commercial opportunities regarding major projects and the expected recovery from contract delays in 2023, OSMOSUN ® forecasts significant growth in 2024, mainly driven by the anticipated consolidation of major projects.

OSMOSUN® also confirms its targets of generating revenues of €20 million by 2025 and €48 million by 2027 and improving profitability over the whole plan period in order to raise its adjusted EBITDA margin[3] to over 10% by 2025 and over 20% by 2027.



Next publication: FY 2023 results, 23 April 2024 after market close

Next event: FY 2023 results presentation meeting, 24 April 2024 at 10 a.m.




Projects in advanced negotiations: projects for which the Company has already made a firm offer and where the client is expected to sign within a few weeks (each qualified as PDD - preliminary detailed design) or projects already qualified and undergoing negotiation with a maturity of several months (each qualified as PSD - preliminary summary design). As such, there is a risk that they may not be converted into a firm order.


Projects identified: projects for which not all the information is known or defined and qualification is still underway (maturity of over 12 months), as well as identified projects for which initial discussions have already been held with the client. As such, there is a risk that they may not be converted into a firm order.


Adjusted EBITDA: Operating income restated for net depreciation and amortisation of intangible assets and property, plant and equipment and net provision charges/reversals + research tax credit.



Founded in 2014, OSMOSUN®'s ambition is to become a leading player in the low-carbon water market in order to make drinking water accessible to all.

OSMOSUN® has developed a unique, patented, cost-effective, clean and sustainable solution for solar-powered battery-free seawater and brackish water desalination. This innovation makes OSMOSUN® units among the most energy-efficient and cost-effective solutions in the world. The water production capacities of its units range from 1 m3 to 50,000 m3 per day.

At 31 December 2023, 69 desalination units have been sold in 27 countries.

More information: OSMOSUN® | Create water where life is





Nadège Chapelin Anne-Charlotte Dudicourt Hélène de Watteville
n.chapelin@nc-2.com acdudicourt@actus.fr osmosun@actus.fr
+33 6 52 50 33 58 +33 1 53 67 36 32 +33 1 53 67 36 33


[1] See glossary

[2] See glossary

[3] See glossary

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