TECO 2030 (TECO) H1 2024 earnings summary

Executive summary

• Focused on accelerating maritime industry's transition to net-zero with hydrogen fuel cell technology for ships and heavy-duty applications.

• Achieved full system validation and performance data collection at AVL's facility, exceeding expectations.

• Streamlined operations, reducing headcount from 52 to 40 to ease liquidity pressures and improve efficiency.

• Secured new partnerships and investments, including a USD 4 million commitment from Advait Infratech in India.

• Facing delayed political decisions impacting investor interest and regulatory clarity for green projects.

Financial highlights

• Revenue for H1 2024 was NOK 0.8 million, down from NOK 8.1 million in H1 2023.

• EBITDA was negative NOK 39.6 million, compared to negative NOK 37.7 million in H1 2023.

• Total loss for the period was NOK 117.4 million, up from NOK 56.5 million in H1 2023, mainly due to a NOK 60.6 million loss from convertible bond conversion.

• Net cash flow from operating activities improved to NOK -19.4 million from NOK -34.8 million in H1 2023.

• Cash and cash equivalents at period end were NOK 2.8 million.

Outlook and guidance

• Ongoing discussions with investors and stakeholders to secure additional funding in the coming months.

• Preparing for industrialization and mass deployment of fuel cell systems, with pilot projects underway.

• Aiming to close one or more private placements during the remainder of the year.