AFC Energy PLC, a leading provider of hydrogen power generation solutions and technologies, has released its interim results for the half year ended 30 April 2024. The company has achieved several significant milestones during this period, including the creation of a joint venture with Speedy Hire and Speedy Hydrogen Solutions (SHS), the receipt of a £2.0m order from SHS, and the delivery of the world's largest modular, scalable ammonia cracker facility. Additionally, AFC Energy has raised £15.8m through a placing and subscription, and entered into strategic supply agreements with Illuming Power and Zollner for the scale production of fuel cell plates, stacks, and modules.
The company's revenue for the six months to April 2024 amounted to £408,000, with a R&D tax credit generated of £1,138,000. However, AFC Energy reported a loss after tax of £8,318,000 for the same period. The company's inventory at April 2024 stood at £2,424,000, and its cash and cash equivalents amounted to £12,288,000. AFC Energy's order book, after adjusting for the £0.4m delivered in H1 FY24, stands at £26.2m.
Following the announcement of CEO Adam Bond's decision to step down from his executive role, Gary Bullard, non-executive Chairman, will assume the position of executive Chairman until a successor CEO is appointed. Looking ahead, AFC Energy anticipates continued revenue growth in the second half of FY24 through further sales to SHS, the delivery of a 45kVA generator plus battery solution to ACCIONA, and the first sales orders from TAMGO for the Saudi Arabian market. The company also expects to provide further details on the progress of its ammonia cracking technology in due course.
AFC Energy's Chief Executive, Adam Bond, expressed enthusiasm about the company's first revenues from its strategy to sell generators to equipment hire companies, as well as the growing momentum behind the construction market's transition to non-diesel generators. He also highlighted the significant value of the company's ammonia cracking technology and the promising follow-on discussions with industry stakeholders.