Fusion Fuel Green (HTOO) Q1 2024 earnings summary

Executive summary

• Achieved IPCEI status for the Sines project, unlocking significant EU and government support and enabling access to additional funding and partnerships.

• Raised ~€6 million via ATM facility and secured $1.15 million from Macquarie, strengthening liquidity and capital position.

• Expanded commercial pipeline to over 200 MW in 16 markets, with nearly half of offers from international markets and a focus on small to mid-scale projects.

• Delivered first commercial HEVO-Chain system to a major cement client and signed a 100 kW contract for a hospital in Iberia, with follow-on proposals underway.

• Prioritized cost reduction, capital strengthening, and strategic partnerships to drive growth in 2024.

Financial highlights

• Q1 2024 revenues were €1,637k, up from €54k in Q4 2023; €0.24 million from impaired inventory sales.

• Pre-tax loss narrowed to €3.2 million in Q1 2024, compared to €5.1 million in the previous quarter.

• Cash balance increased to €1.5 million from €1.1 million sequentially; equity rose to €5.0 million.

• Operating cost base reduced for the fifth consecutive quarter, with a ~30% reduction in personnel costs and headcount at 117 FTEs.

• Trade payables decreased by €1.38 million sequentially.

Outlook and guidance

• 2024 revenue guidance maintained, with revenues expected to be weighted toward H2 and plans to deliver six to seven full HEVO-Chain systems to European clients.

• Targeting cash flow breakeven by end of 2025, with ongoing efforts to reinforce the balance sheet and secure additional capital.

• Plans to certify products for North American and Australian markets by year-end.

• Ongoing negotiations for a strategic partner for the Sines IPCEI project to monetize value and secure future revenue.