New Sources Energy (NSE) H2 2024 earnings summary

Executive summary

• Completed a full reorganisation, ending legacy activities and preparing for a new start as a renewable energy investment company; no revenues generated in 2024.

• Strengthened governance, implemented new ERP and compliance systems, and engaged new auditor, resulting in an unqualified audit opinion for 2024.

• Entered and subsequently terminated a collaboration for a hydrogen project in Egypt; shares from the related loan conversion remain with the company.

• Raised capital through convertible loans and share-based payments, increasing equity and working capital.

Financial highlights

• No revenue in 2024; net loss after tax of €904 thousand, compared to €418 thousand loss in 2023.

• Shareholders' equity increased to €200 thousand (2023: €92 thousand); working capital rose to €192 thousand (2023: €92 thousand).

• Cash and cash equivalents at year-end €501 thousand (2023: €25 thousand).

• 35 million new shares issued, mainly from loan conversions and director fees; 117.9 million shares outstanding at year-end.

• Accumulated tax losses of €2.426 million remain unrecognised.

Outlook and guidance

• Focus on acquiring and developing renewable energy assets, especially in hydropower, solar, wind, and hydrogen.

• Management expects to secure additional funding in 2025 and 2026 to support investment plans.

• Green Finance Framework to be certified in 2025 to attract sustainable investment.

• Material uncertainty exists regarding going concern, but mitigating measures (fundraising, cost control, share-based payments) are in place.