**Summary**
AFC Energy Plc, a leading provider of hydrogen and clean power generation technologies, released a trading update for the financial year ended 31 October 2025 (FY25). The company highlighted significant strategic and developmental progress, including
1. **Partnerships and Deployments**Multiple fuel cell generator deployments through the Speedy Hydrogen Solutions joint venture and successful completion of the first phase of a Joint Development Agreement (JDA) with an S&P 500 partner.
2. **Product Development**The Hy5 decentralized portable cracker unit is on track to provide the lowest-cost bulk hydrogen in the UK by the end of 2026. The next-generation S+30 30kW liquid-cooled fuel cell generators, with 85% lower production costs, are set for delivery in 2026.
3. **Joint Ventures**A partnership with Industrial Chemicals Group Limited (ICGL) aims to produce hydrogen for commercial use by H1 2026, subject to permitting.
4. **Strategic Restructuring**A business reorganization reduced headcount and costs, saving £1.5m annually in FY26, while strengthening leadership with new appointments.
5. **Financials**Cash reserves increased to £25.3m (from £15.4m in FY24), but revenue dropped to £107k due to a strategic reset to accelerate commercial viability.
6. **Market Opportunities**AFC Energy sees growing demand for fuel cells and hydrogen, particularly in AI data centers, positioning itself as a key player in the clean energy transition.
CEO John Wilson expressed confidence in 2026 as a year of converting opportunities into contractual orders and achieving sustained revenue growth without government subsidies.