Hynion (HYN) H1 2024 earnings summary

Executive summary

• Revenue from hydrogen sales increased 76% year-over-year to MNOK 3.96 in H1 2024, driven by operational streamlining and strategic partnerships.

• Net loss narrowed to MNOK 9.26 from MNOK 17.96 in H1 2023, reflecting improved cost control and efficiency.

• Major milestones include construction of new generation hydrogen refueling stations in Västerås and Jönköping, both on track for completion in 2024.

• Secured SEK 15 million in project financing and new supply agreements to ensure stable hydrogen supply.

• Strategic collaborations with Toyota Norway and Hyundai Motor Norway to expand hydrogen infrastructure.

Financial highlights

• Revenue: MNOK 3.96 in H1 2024 vs. MNOK 2.25 in H1 2023.

• Net loss: MNOK 9.26 in H1 2024 vs. MNOK 17.96 in H1 2023.

• Cash balance: MNOK 4.36 at period end, down from MNOK 31.29 a year earlier.

• Operating expenses reduced to less than half compared to prior year.

Outlook and guidance

• New station in Örnsköldsvik funded by Swedish Climate Leap, with further high-capacity stations and production plants in planning.

• Ongoing discussions with strategic business and financial partners for future projects.

• Both Västerås and Jönköping stations expected to be completed within 2024 despite some delays.