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AFC Energy (AFC) investor relations material

AFC Energy H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary16 Jul, 2025

Executive summary

  • New leadership implemented a strategy shift to accelerate commercialization, targeting cost parity with diesel for offsite power by 2026 without government subsidies.

  • Launched HY-5, the first portable ammonia cracker under a Fuel as a Service (FaaS) model, and formed key partnerships to validate technology and scale production.

  • Signed a Joint Development Agreement with a major S&P 500 company and entered a joint venture with Industrial Chemicals Group to produce and sell hydrogen at disruptive prices.

Financial highlights

  • Revenue for H1 FY25 was £17k, down from £408k in H1 FY24; loss after tax widened to £10.1m from £8.3m year-over-year.

  • Operating costs increased to £11.8m (H1 FY24: £9.6m), including a £2.9m inventory write-off due to strategic shift; normalized operating costs would be £8.9m.

  • Cash at 30 April 2025 was £4.3m, with £2.6m at 30 June 2025; £1.6m in R&D tax credits and £0.6m in grants expected in July 2025.

  • R&D tax credit increased to £1.5m (H1 FY24: £1.1m) due to higher R&D spend as a percentage of total expenditure.

Outlook and guidance

  • Focused on delivering low-cost, high-reliability 30kW hydrogen generators and Hy-5 crackers in 2026.

  • Four major projects underway: packaging/certification of Hy-5 and next-gen generators, large-scale cracker development, and facility relocation to enable hydrogen sales.

  • Commercial priorities include building the Hy-5 orderbook, selling hydrogen from pilot crackers, and supporting Speedy Hire deployments.

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Frequently asked questions

AFC Energy plc is a United Kingdom-based company focused on the development and commercialization of advanced hydrogen fuel cell technologies. These technologies are designed to provide zero-emission electricity generation, primarily targeting the replacement of diesel generators in stationary and maritime applications. AFC Energy's product range includes hydrogen fuel cells and hydrogen carrier fuel conversion technologies that offer affordable, flexible, and clean off-grid power solutions for various sectors, including construction, electric vehicle charging, shipping, and data centers. The company is headquartered in Cranleigh, England, and its shares are listed on the London Stock Exchange.

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