H-Power (HPOW) H1 2026 earnings summary

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.