Hydrogène de France (HDF) H1 2024 earnings summary

Executive summary

• Portfolio of advanced-stage projects stabilized at 14, with prioritization to enable construction starts by 2025.

• Focus shifted to launching industrial project for high-power fuel cells, supported by a €172.7 million French government grant.

• New international headquarters inaugurated in Blanquefort; all French staff relocated by May 2024.

• Hanane El Hamraoui appointed Deputy CEO, succeeding Jean-Noël de Charentenay by end of 2024.

Financial highlights

• H1 2024 consolidated revenue at €0.6 million, down from €0.9 million in H1 2023 (excluding re-invoicing without margins).

• Net loss widened to €5.4 million in H1 2024 from €2.9 million in H1 2023, driven by higher personnel and external expenses.

• Cash and cash equivalents at €48.1 million as of 30 June 2024, down from €62.7 million at year-end 2023.

• Shareholders' equity at €95.5 million as of 30 June 2024.

• Investments of €8.3 million in H1 2024 to finalize plant construction and industrial equipment for the IPCEI programme.

Outlook and guidance

• Construction on prioritized projects expected to begin by 2025, with non-priority projects remaining active for future growth.

• Production of high-power fuel cells set to commence in 2025 at the Blanquefort facility.

• Revenue recognition from certain projects deferred until share sales and loss of SPV control.