Hydrogène de France (HDF) H1 2024 earnings summary

Executive summary

• Net loss widened to -5.1 M€ for H1 2024 versus -3.0 M€ in H1 2023, driven by higher operating expenses and lower revenue.

• Portfolio of advanced-stage projects stabilized at 14, with prioritization to enable construction starts by 2025.

• Major milestones included the inauguration of the Blanquefort fuel cell plant, new international headquarters, and progress on international projects.

• Workforce expanded to 134 by June 2024, with average headcount up to 124, reflecting ongoing international expansion and industrial ramp-up.

• Hanane El Hamraoui appointed Deputy CEO, succeeding Jean-Noël de Charentenay by end of 2024.

Financial highlights

• Consolidated revenue: 571 K€ (down from 1,437 K€ in H1 2023); H1 2024 revenue mainly from project management for CEOG and RSB contract in Barbados.

• Net loss: -5.1 M€ (vs. -3.0 M€ in H1 2023); another source reports -5.4 M€ (vs. -2.9 M€), both driven by higher personnel and external expenses.

• Cash and cash equivalents at 48.1 M€ as of June 30, 2024, down from 62.7 M€ at year-end 2023.

• Personnel expenses rose to 4.0 M€ (from 2.9 M€), with average headcount up to 124.

• Investments of 8.3 M€ in H1 2024 to finalize plant construction and industrial equipment for the IPCEI programme.

Outlook and guidance

• Construction of key projects, including CEOG, is on track for delivery by mid-2026, with prioritized projects expected to begin by 2025.

• Focus remains on advancing 14 prioritized projects, with investor entry targeted for 2025.

• Industrial production at Blanquefort expected to ramp up, supported by up to 172.7 M€ in French state aid.

• Revenue recognition from certain projects deferred until share sales and loss of SPV control.