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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.
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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