AFC Energy, a leading provider of hydrogen power generation solutions, has released its interim results for the first half of the fiscal year 2024. The company highlights its joint venture with Speedy Hire and the creation of Speedy Hydrogen Solutions (SHS), along with the first order from SHS worth £2 million and initial sales of £0.4 million. The order book stands at £26.2 million, and the company expects continued revenue growth in the second half. Post-period, AFC Energy raised £15.8 million through a placing and subscription, and strategic supply agreements were signed with Illuming Power and Zollner for fuel cell production. The company also reports a transition from research to development, with a focus on commercial operations, and a monthly cash burn of £1.2 million. The financial statements provide details on revenue, operating costs, tax credits, and cash flow, with a net loss of £8.3 million for the period.
| Year | Revenue | R&D Tax Credit Generated | Loss After Tax | Inventory | Cash & Cash Equivalents |
|---|---|---|---|---|---|
| Six-months to Apr 2024 | £408,000 | £1,138,000 | £(8,318,000) | £2,424,000 | £12,288,000 |
| Six-months to Apr 2023 | £201,000 | £1,765,000 | £(6,252,000) | £43,000 | £32,736,000 |
| Year to Oct 2023 | £227,000 | £2,086,000 | £(17,475,000) | £178,000 | £27,366,000 |