Gross profit totalled DKK-10m (€-1.3m) compared with DKK -17m (€-2.28m) in 2021, and revenue rose to DKK10m (€1.3m) compared to DKK 5m (€671,860) in 2021.
By 2026, the company targets total revenue from customer contracts of more than DKK 1,200m (€161m) and ‘a positive EBITDA’.
Green Hydrogen System forecasts cashflow towards 2026 will be negative due to EBITDA development and continued investments and medium-term targets will be contingent on a potential capital increase in the first half of 2023.
The medium-term targets for 2026 are sensitive due to the future timing of X-Series electrolyser units’ sales and delivery.
A one-year delay in commercialisation of the X-Series is estimated to decrease revenue by around DKK300m (€40m) in 2026.
The company received investments of DKK 335m (€45m) compared with DKK 192m (€25m) in 2021.
The majority of investments towards 2026 are related to R&D activities to further increase system performance of the A-Series and X-Series product platforms.
The company targets development and commercial ramp-up of the X-Series with the first sale to customers targeted by the end of 2023. From 2024, Green Hydrogen Systems predicts the X-Series will become the main contributor to revenue.
It is aiming for delivery and revenue recognition of 150MW of electrolysis capacity corresponding to revenue of around DKK 1,000m (€134m) including service revenue as its medium-term target.
Sebastian Koks Andreassen, CEO of Green Hydrogen Systems, said, “Our revenue for 2022 reached DKK 10m and our investments were DKK 335m. Both in line with our revised 2022 guidance range.
“We expect our revenue in 2023 to reach DKK 120 (€16m) to 160m (€21m) with an investment level between DKK 270 (€36m) to 300m (€40m). Furthermore, we target a capital increase of DKK 650m (€87m) through a rights issue with the proceeds supporting our continued production scaling efforts, our organisational competences and further strengthening of our balance sheet.”
The company reported it has a total order backlog of 13MW compared to 9.9MW by the end of 2021, and now has new orders of more than 5MW in total with customers across multiple European countries.
Delivery of the X-Series prototypes to site is targeted for March 2023, and expansions of the new production facilities have been finalised, with assembly lines for the A-Series being established and X-Series assembly lines to follow from the second quarter of 2023.
Green Hydrogen Systems recently delivered A-Series electrolyser units to two customers than want to harness green hydrogen for seasonal electricity and maritime use.
Read more: Green Hydrogen Systems rolls out A-Series electrolyser units
Following successful acceptance tests and deliveries of A90 electrolyser units in December 2022, further deliveries in the first two months of 2023 and in the coming months, as well as continued backlog increase, the company maintains the guidance for 2023 as announced on January 23, 2023.
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