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Everfuel (EFUEL) investor relations material

Everfuel Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary28 Aug, 2024

Executive summary

  • Voluntary cash offer at NOK 13 per share by a consortium of major shareholders, aiming to acquire all outstanding shares and delist from Euronext Growth if 90% acceptance is reached, with Board recommendation and support from ~75% of shares.

  • Strategic focus on large-scale green hydrogen production and distribution, with major projects in Denmark and expansion into Germany, including HySynergy 1 commissioning and Frigg project proposal for up to 2 GW.

  • Opened first hydrogen bus fueling station in Frankfurt and depot in Germany, serving fuel cell buses, and continued divestment of legacy car stations.

  • Strategic realignment and efficiency measures in 2023 reduced costs and extended capitalisation into 2025.

Financial highlights

  • Q2 2024 EBITDA was negative EUR 2.7 million, improved from negative EUR 4.4 million in Q2 2023, driven by cost optimization.

  • Q2 2024 revenue from hydrogen sales was EUR 0.2–0.3 million, down year-over-year due to closure of legacy stations.

  • Gross profit for Q2 2024 was EUR 0.5 million, compared to a loss of EUR 2.5 million in Q2 2023.

  • Net loss for Q2 2024 was EUR 3.1 million, compared to EUR 4.6 million in Q2 2023.

  • Cash position at end of June 2024 was EUR 13.1 million, with about EUR 4 million restricted.

Outlook and guidance

  • HySynergy 1 commissioning progressing, with start-up expected in the second half of 2024 and anticipated to boost revenue.

  • Additional liquidity required within 12 months; actions underway to secure funding for operations and investments into 2026.

  • Full-year 2024 financial result expected to be a net loss between EUR 11 million and EUR 15 million.

  • Long-term ambition to reach EUR >1 billion revenue and 30–35% EBITDA margin by 2035, based on >2 GW electrolyser capacity.

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Frequently asked questions

Everfuel A/S operates as an integrated green hydrogen fuel company in Denmark, Norway, Sweden, the Netherlands, Germany, and Belgium. It develops and operates market infrastructure for refueling of hydrogen powered vehicles; and sells hydrogen in the form of compressed hydrogen by tube trailers to fuel cell vehicle fleets. The company was incorporated in 2017 and is headquartered in Herning, Denmark.

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