Hydrogène de France (HDF) H2 2024 earnings summary

Executive summary

• Revenue grew to €11.1M in 2024, driven by CEOG fuel cell delivery and project milestones.

• Inaugurated Blanquefort manufacturing site and launched IPCEI-backed industrial project.

• Reorganized technical teams, prioritized short-term projects, and implemented governance changes.

• Portfolio of advanced-stage projects stabilized at 16, with a $3.0B investment budget.

Financial highlights

• Revenue rose to €11.1M in 2024 from €3.9M in 2023, mainly from CEOG fuel cell delivery.

• Consolidated net result before taxes: €10.9M (2024) vs €7.8M (2023); net loss widened due to higher costs.

• Cash and equivalents at €39.2M at year-end, down from €62.7M, after significant capital expenditure.

• Operating expenses increased due to industrial project launch and ramp-up; €2M IPCEI-related expenses.

• Shareholders' equity stood at €89.9M at December 31, 2024.

Outlook and guidance

• CEOG plant commissioning targeted for mid-2026.

• Industrial project for high-power fuel cells fully financed and operational, with production to start in 2025.

• Plans to bring investors into priority projects and start RSB construction.

• Focus on competitively priced maritime and rail fuel cells and improved project sizing.