Carbios reported 2025 results: higher revenue and lower costs, but wider losses from a negative swing in financial income.
In a Nutshell: The developer of plastic-eating enzymes’ fiscal 2025 results showed higher operating revenue but a materially lower cost base, as the French biotechnology firm refocused priorities and implemented cost-cutting measures and headcount reductions.
Operating expenses fell sharply year over year, but the bottom line still deteriorated. Carbios said the shift was driven in part by a non-cash impairment of 15 million euros (about $17 million) tied to its stake in Carbiolice.
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Sales: For fiscal 2025, operating revenues rose 11.8 percent to 5.7 million euros (about $6.7 million) from 5.1 million euros (about $6 million) the year prior. Carbios said revenue was mainly tied to operating grants, service fees invoiced to subsidiaries, and the rebilling of financing-related costs associated with the Longlaville project.
Reporting Note: Carbios will no longer publish voluntary IFRS consolidated financial statements, starting now—instead, presenting only its statutory financial statements prepared under French accounting rules. The company framed the move as a streamlining of reporting and said it will include subsidiary-level P&Ls, balance sheets and cash positions in its 2025 Universal Registration Document. The IFRS, for what it’s worth, is an international accounting framework; often used to make reporting more comparable across countries.
Earnings: Carbios reported a financial loss of about $12 million, reflecting lower income from cash investments, interest flows with subsidiaries, interest paid on loans and a non-cash impairment provision. Investment income was $1.7 million, down about $3.4 million year over year. Accrued interest income on receivables from subsidiaries was $4.7 million, up from $4.2 million. Interest paid on loans totaled $1.8 million. The biggest factor was the $16.7 million non-cash impairment tied to Carbiolice. Net loss widened to $38.1 million from $26 million the year prior.
Carbios is prioritizing the restart of its Longlaville biorecycling plant—pending financing—with closing expected in Q3 2026. Until then, revenue will stay limited and losses will continue.
CEO’s Take: Looking ahead—and excluding Longlaville—Carbios projected 2026 cash consumption of about $23.6 million, which it called “significantly lower than the 2025 level.” It also said it has sufficient resources to cover operating expenses beyond the next 12 months.
“The year 2025 was marked by the signing of a major strategic agreement formalizing the deployment of our licensing model in Asia, significant progress in securing financing for the Longlaville plant and the rigorous execution of a cost-refocusing plan,” said Vincent Kamel, chief executive officer of Carbios. “Our cash position provides us with all the necessary resources to execute our strategic priorities.”
