Green Hydrogen Systems (GREENH) Q2 2024 earnings summary

Executive summary

• Revenue more than doubled to DKK 32.6 million in H1 2024, driven by increased A-Series electrolyzer deliveries and service revenue.

• X-Series prototype achieved technical proof of concept, positive third-party validation, and is undergoing reliability testing, with first commercial orders expected in H2 2024.

• Customer interest in X-Series is high, with binding offers extended, several Letters of Intent signed, and ongoing advanced project dialogues.

• Strategic collaborations with Bilfinger and BWSC support X-Series sales and delivery into mid-scale hydrogen projects.

• CEO Peter Friis confirmed as permanent CEO; Torben Hvid Larsen appointed CTO.

Financial highlights

• Net revenue for H1 2024 reached DKK 32.6 million, up from DKK 14–14.7 million in H1 2023.

• EBITDA improved to DKK -132.9 million from DKK -161.6 million in H1 2023, mainly due to lower retrofit costs.

• Net loss widened to DKK -211.5 million compared to DKK -199.5 million in H1 2023.

• Investments in H1 2024 totaled DKK 65.5–66 million, down significantly year-over-year.

• Cash and cash equivalents at end of June stood at DKK 356.7–360 million.

Outlook and guidance

• Full-year 2024 revenue guidance maintained at DKK 125–165 million.

• EBITDA guidance for 2024 remains at DKK -220 million to -DKK 260 million.

• CapEx guidance for 2024 is DKK 160–200 million.

• No revenue from X-Series included in 2024 guidance; capital reserves into 2025 depend on X-Series prepayments.

• Midterm targets will be revised later in 2024 after further X-Series reliability and order clarity.