Agilyx — Earnings Release 2022

Aug 26, 2022

The Integrated Solution for Plastic Waste

H1 Highlights and Results

August 2022

Agilyx Value Proposition

Limitation of Current System to Access Waste Plastic

Agilyx and Cyclyx: Integrated Recycling Solution Roadmap

Source: Company data and estimates.

Recent Signposts

Aug'22

programs

Mar'22

Launch of 10 to 90®, a consumer engagement brand representing a series of new takeback and engagement programs designed with the ultimate goal to increase recycling rates of plastics from 10% to 90%

Takeback Programs – Starting with the City of Houston

Multi-tenant Plastic Recycling Programs

Working to provide recycling programs to multitenant buildings.

Retail Takeback Program

Working with retailers to participate in education, incentives for consumers, diverting waste plastics, or serving as a takeback location.

Corporate Takeback Program

Working with members/other local companies to initiate takeback programs for campuses and employee's homes.

10 to 90 Education and Incentive

Programs

Developing tools to educate and incentivize 10 to 90 programs.

Collection channels Circularity center Customers

Kingwood Plastic Recovery Program

Using and expanding the recycling infrastructure within the Kingwood community.

Houston Independent School District (HISD) Takeback Programs

Working with school districts to set up takeback programs within and provide education. Houston's school district has over 280 schools.

Other companies are joining the effort as program participants!

Cyclyx Circularity Center (CCC) Based in Texas

Collection channels Circularity center Customers

Anticipated split: ~30% of waste plastic going to mechanical recyclers and ~70% delivered to advanced recyclers

All plastics are accepted

Robust and flexible compounding capabilities allowing it to produce custom feedstocks meeting many different product specifications

Dedicated tolling agreement signed to bridge to start up with CCC

H1 2022 Operational Results Highlights: Agilyx Project Pipeline

• Strong growth in the pipeline with many significant opportunities ahead

• Currently Agilyx is focused on prioritisation of projects that have potential to move forward to construction/license phase
• •Opportunity to leverage TruStyrenyx to enhance the growing pipeline and foster further project portfolio development

Project development pipeline

H1 2022 Financial Results Highlights

Agilyx now reporting under IFRS standards

• •Revenue of \$7.8M in H1 2022 is attributable to Cyclyx Feedstock sales of \$5.1M, Toyo Styrene Polystyrene Project \$2.1M, and Project Development of \$0.5M
• •Additional deferred revenue comprises [\$7.5M] as of 30 June 2022

Revenue

\$7.8M

Cash and cash equivalents \$13.4M

•Agilyx Project revenue (Construction and Engineering) and Cyclyx Feedstock sales driving improved cash burn

Up-listing to the Main Oslo Børs Targeted for September 2022

The key workstreams are already running…

650 to 900kt p.a. of processed volume

>>3mt p.a. longer term ambition

Mid-term Goals for 2025/26

2025/26 Objective: Agilyx Revenue of US\$200-300mn

Feedstock to Product Waste to Feedstock

✓ Step change of volume and expanded membership ✓ Dedicated processing capabilities to drive efficiency ✓ Ramping up additional CCCs in development in the US

✓ Driving 10 to 90® initiatives to increase feedstock sourcing

Appendix

Income Statement

USD

	H1 2022	H1 2021	FY 2021
USD
Revenues	7,828,500	790,508	4,889,227
Cost of revenues	8,583,228	1,194,852	4,825,819
Gross margin	(754,728)	(404,343)	63,408
Research costs	1,141,101	1,367,258	2,252,214
Sales and marketing	774,802	774,777	1,097,922
General and administrative	8,408,148	5,700,904	13,172,488
Total operating expenses	10,324,051	7,842,939	16,522,624
Operating loss	(11,078,779)	(8,247,283)	(16,459,216)
Impairment of investment in associate	(833,045)	(836,312)	(948,272)
Fair Value gain (loss) on financial instruments	2,534,972	2,660,968	1,331,559
Interest expense	(66,184)	(111,675)	(199,635)
Other financial income, net	(129,646)	758,314	707,841
Net financial items	1,506,097	2,471,295	891,493
Net result attributable to Agilyx AS	(9,572,682)	(5,775,988)	(15,567,723)

Balance Sheet

USD	30 June 2022 H1 2022	30 December 2021
Total non-current assets	6,943,338	6,243,809
Cash and cash equivalents	13,418,003	19,570,154
Other current assets	3,214,481	2,195,785
Total current assets	16,632,484	21,765,939
TOTAL ASSETS	23,575,822	28,009,748
TOTAL EQUITY	6,814,583	14,547,822
Long-term lease liability	627,542	745,439
Warrant liability	5,035,675	7,570,647
Total non-current liabilities	5,663,217	8,316,086
Accounts payable	1,900,788	1,447,148
Contract liability	7,516,996	1,376,452
Current portion of notes payable	700,582	1,271,853
Other current liabilities	979,656	1,050,387
Total current liabilities	11,098,022	5,145,840
TOTAL LIABILITIES	16,7561,239	13,461,926
TOTAL LIABILITIES AND EQUITY	23,575,822	28,009,748

USD	H1 2022 H1 2022	H1 2021 H1 2021	FY 2021
Cash flow from operating activities	(4,855,392)	(6,889,983)	(15,672,805)
Cash flow from investing activities	(1,704,307)	(3,384,577)	(2,618,497)
Cash flow from financing activities	407,548	(573,539)	(1,037,472)
Net increase (decrease) in cash and cash equivalents	(6,152,151)	(10,848,098)	(19,328,774)
Cash and cash equivalents at beginning of period	19,570,154	38,898,928	38,898,928
Cash and cash equivalents at end of period	13,418,003	28,050,830	19,570,154

Cash Flow Statement

The Integrated Solution for Plastic Waste

17 Presentation Title