Key points for investors:
- Strong commercial and operational momentum: FY25 revenue was GBP 26m (up 50% YoY and 400% over two years), with contract backlog at GBP 145.1m (about double FY24). Management expects further backlog growth. Major projects in execution include RWE Lingen (2x100 MW), Leuna (24 MW with Linde), H2 Hub Agder (20 -> planned 40 MW) and several NEPTUNE and POSEIDON wins.
- Cash and balance sheet: Cash of GBP 207m at 30 April 2025 (well ahead of guidance). FY26 year-end cash guidance: GBP 170–175m (reflecting working capital increases). CapEx guidance FY26: GBP 15–20m focused on CHRONOS and automation. The business was cash generative in H2 FY25.
- Profitability trajectory and FY26 guidance: Revenue guidance for FY26 is GBP 35–40m (c. +50% YoY). Adjusted EBITDA loss expected to narrow to GBP 27–29m as factory loading improves and legacy contracts wind down. Management frames path to profitability as primarily a matter of time and filling factory capacity.
- Operational excellence and quality gains: Factory Acceptance Test (FAT) pass rate improved from <50% to 99% over the last 200 stacks — enabling cost reductions, less rework, and potential shift from testing every stack to batch testing to raise throughput and lower testing costs.
- Field performance differentiator: TRIDENT stacks now have substantial field hours (e.g., REFHYNE I ~30k stack hours, Porsgrunn >70k hours). REFHYNE data shows market-leading efficiency (<49 kWh/kg) and degradation of 0.09% per 1,000 operating hours — better than EU 2030 targets — strengthening bankability and customer confidence.
- Technology roadmap: CHRONOS (next-gen stack) is in validation, targeting ~2.5+ MW/m2 power density, ~50% fewer parts and significant cost and performance improvements versus current TRIDENT. Management expects CHRONOS to materially improve competitiveness versus alkaline at scale.
- New commercial model — Hydropulse: Launched as a build-own-operate (BOO) offer targeting small-to-mid industrial plants with guaranteed offtake ("Zero CapEx, Zero Risk" for customers). Hydropulse is intended to expand addressable market, improve factory utilization and deliver predictable revenue; initial FY26 CapEx guidance excludes material Hydropulse investments (each project assessed case-by-case).
- Risks and context: Customer FIDs remain uneven and take time to mature, increasing competitive pressure and market consolidation. Legacy contracts still depress near-term margins (some fully provided-for losses). Management remains disciplined on capital allocation and cautious about geography-specific exposure (limited early U.S. investment).
Sign In
Buy IJ8
