Everfuel
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Everfuel (EFUEL) investor relations material

Everfuel has been delisted

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

  • Focused on large-scale green hydrogen production and distribution for industry and mobility, with key projects in Denmark and supply agreements in Germany; land secured for over 2 GW electrolyser capacity and pipeline access to Germany by 2028.

  • HySynergy 1 commissioning is progressing, with start-up expected in the second half of 2024 after delays; 100 MW supply contract and grants for 130 MW expansion secured.

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

  • Voluntary cash offer of NOK 13 per share by a consortium of major shareholders, recommended by the Board, aims for delisting and improved long-term private financing; 75% of shares already committed.

  • Opened first hydrogen bus depot in Germany and resumed operation of seven hydrogen trailers; submitted proposal for a 2-GW electrolyser facility in Vejen, Denmark.

Financial highlights

  • Q2 2024 EBITDA improved to EUR -2.7 million from EUR -4.4 million in Q2 2023, driven by strategy realignment and downstream optimization.

  • Q2 2024 revenue from hydrogen sales was EUR 0.2 million, down from EUR 0.3 million in Q2 2023, with group revenue at EUR 0.8 million.

  • 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 approximately EUR 4 million reserved or restricted.

Outlook and guidance

  • HySynergy 1 expected to be operational and deliver hydrogen in the latter half of 2024, anticipated to materially boost revenue.

  • HySynergy 2 FID anticipated in 2025, subject to regulatory approval, funding, and demand.

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

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

  • Long-term ambition to reach over EUR 1 billion revenue and 30-35% EBITDA margin by 2035, based on more than 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.