Green Hydrogen Systems – Annual report 2023

Green Hydrogen Systems A/S
Green Hydrogen Systems A/S

In This Article:

Company Announcement 06/2024

Green Hydrogen Systems – Annual report 2023

Business highlights 2023

  • Increased A-Series installed base with additional deliveries to customer sites during the last months of 2023.

  • New and expanded production facilities were operational ahead of schedule and have been fully fitted for production.

  • Customer deliveries were delayed by sourcing issues with quality-compliant critical components.

  • A strengthened supply chain quality management and contracts with additional European suppliers have improved the sourcing challenges.

  • In January 2023, new sales were added to the order backlog, including a 7.2 MW A-Series order.

  • X-Series prototype assembled, installed, commissioned, and extensively tested on-site in Skive, Denmark. By the end of 2023, the first hydrogen production was reached.

Financial highlights 2023

  • Revenue from customer contracts of DKK 42 million (revised guidance: DKK 30 to 45 million) compared to DKK 10 million in 2022.

  • EBITDA of DKK -268 million (revised guidance: DKK -280 to -240 million) compared to DKK -249 million in 2022.

  • CAPEX of DKK 279 million (guidance: DKK 270 to 300 million) compared to DKK 335 million in 2022.

  • The total order backlog will be 15 MW by the end of 2023, compared to 13 MW by the end of 2022.

  • Proceeds from the rights issue and related term loans from ATP and APMH were DKK 719 million.

Business events after 31 December 2023

  • Deliveries from the order backlog have continued in the first months of 2024.

  • New order of A-Series electrolysers of a total 8.1 MW to an existing customer.

  • Technical third-party validation of the X-Series prototype test programme and test results confirmed the X-Series technical concept and prototype performance.

  • New X-Series assembly lines are prepared and expected to be operational by summer 2024.

Guidance for 2024

With continued momentum in customer deliveries of A-Series and encouraging progress in the X-Series prototype test programme, Green Hydrogen Systems maintains the guidance for 2024 as announced on 8 February 2024 (company announcement 04/2024).

Guidance for 2024 is summarised as follows:

Revenue, DKK 125 to 165 million
EBITDA, DKK -260 to -220 million
CAPEX, DKK 160 to 200 million

The revenue guidance range reflects the uncertainty of the exact timing of the electrolysers passing revenue recognition criteria within the 2024 calendar year. Furthermore, the exact delivery, site acceptance test (SAT), revenue recognition, and EBITDA may be negatively impacted by, e.g. supply chain disruptions, increasing component and raw material costs, general inflation, delays in product assembly and pandemics.