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Edge10 Jul 2026
Inside Take-Two: The Grand Anticipation
The story of how Take-Two Interactive built the empire behind Grand Theft Auto, Red Dead Redemption, and one of gaming's largest mobile portfolios.
H-Power
H-Power (HPOW) investor relations material
H-Power H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary10 Jun, 2026
Executive summary
Achieved first commercial sale of bulk green hydrogen from cracked ammonia in the UK, validating technology and market demand.
Signed major agreements, including a 5,000kg hydrogen sale to Protium and a joint development agreement with Komatsu.
Rebranded from AFC Energy to H-Power, reflecting strategic focus on ammonia-based hydrogen solutions.
Strong order book and commercial momentum, with new and repeat orders for LC30 generators and HY5 cracker units.
Financial highlights
Revenue for H1 FY26 was £0.25m, up from £0.02m in H1 FY25, driven by hydrogen sales and Komatsu JDA.
Loss after tax reduced to £5.8m (H1 FY25: £10.1m), reflecting improved cost control and higher capitalised development spend.
Cash absorbed by operations fell to £7.5m (H1 FY25: £10.7m), with £4.0m capitalised as development costs.
Cash and short-term investments at period end totaled £17.4m, with £3.2m R&D tax credits expected in H2.
Outlook and guidance
Board confident in delivering scalable commercial success, supported by strong balance sheet and growing order book.
HY5 cracker unit on track for UK industrial launch by end of 2026, targeting lowest-cost bulk hydrogen without subsidies.
Speedy Hydrogen Solutions JV expected to meet or exceed generator utilisation targets by October 2026.
Disciplined scaling planned in new geographies, with US market study underway.
Green ammonia decoupling and FaaS viability
HY5 as a sales tool for large-scale crackers
US distribution model and market study
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Latest events from H-Power
- Strategic focus on hydrogen commercialization, robust financials, and scaling manufacturing.HPOW
Status Update9 Jul 2026 - Cost reductions, new products, and partnerships position the business for commercial growth.HPOWH2 202527 Feb 2026
- Market-led strategy and cost focus drive hydrogen adoption; FY24 sales GBP 4m, net loss GBP 17.4m.HPOWH2 202424 Dec 2025
- H1 FY25 loss deepened as commercialization accelerates, with £20m fundraising to fuel growth.HPOWH1 20251 Aug 2025
- HY-5 and fuel cell innovations unlock scalable, low-cost hydrogen for major industrial markets.HPOWAGM 2025 Presentation3 Jul 2025
- Revenue surpassed expectations as AFC Energy scaled hydrogen solutions and advanced ammonia cracking.HPOWTrading Update13 Jun 2025
- Revenue up, losses widen, and £15.8m raised to accelerate hydrogen tech growth.HPOWH1 202413 Jun 2025
H-Power
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