AFC Energy (AFC) H1 2024 earnings summary

Executive summary

• Signed joint venture with Speedy Hire, creating Speedy Hydrogen Solutions (SHS), and secured first SHS order for £2.0m, with £0.4m sales delivered in H1 FY24 and more expected in H2.

• Delivered world's largest modular, scalable ammonia cracker facility and achieved first operation of 200kW S+ Series H-Power generator.

• Raised £15.8m post-period via placing and subscription to accelerate production and scale up manufacturing.

• CEO Adam Bond announced resignation; Executive Chairman Gary Bullard to serve as interim CEO.

Financial highlights

• Revenue rose to £0.4m in H1 FY24 from £0.2m in H1 FY23, driven by initial SHS sales.

• Operating loss increased to £9.6m (H1 FY23: £8.2m), with post-tax loss at £8.3m (H1 FY23: £6.3m).

• Gross loss of £0.1m compared to gross profit of £0.04m in H1 FY23.

• Cash and cash equivalents at period end were £12.3m, with £15.8m raised post-period.

• Order book stands at £26.2m after H1 deliveries.

Outlook and guidance

• Anticipates continued revenue growth in H2 FY24 from further SHS sales and new orders from TAMGO in Saudi Arabia.

• Expects delivery of 45kVA generator plus battery to ACCIONA and first ammonia cracker partners.

• Focus remains on displacing diesel generators and expanding market penetration.