H-Power (HPOW) H2 2026 TU earnings summary

Executive summary

• FY26 commercial reset drove unaudited revenue to £2.0m from £0.1m in FY25, with progress across LC30 sales, hydrogen supply, HY5 deployment and technology integration.

• H2 revenue rose to £1.75m from £0.25m in H1, marking the third consecutive half-year of revenue growth.

Financial highlights

• Unaudited FY26 revenue was £2.0m, compared with £0.1m in FY25.

• Cash, cash equivalents and short-term deposits were £11.1m at 31 October 2026, versus £25.3m a year earlier; the movement reflected investment in commercial growth.

Outlook and guidance

• FY27 growth priorities: convert customer demand into orders, increase deployed LC30 units and utilisation, progress HY5 into customer operations and build repeatable revenue.

• First HY5 deployment in Dunsfold remains on track to complete with hydrogen production in calendar 2026; Protium Heads of Terms cover initial two-year deployment and supply.

• Growth drivers include further Speedy JV assets, direct-customer orders, distribution-led geographic expansion and developed HY5 opportunities across partners and verticals.

• Commercial discussions with an S&P 500 partner are progressing; second phase of the Komatsu programme remains on track for delivery by end-2027.