EQS News: H2 Core AG publishes half-year results for 2024

H2 Core AG publishes half-year results for 2024

Heide, September 30, 2024 – H2 Core AG (“H2 Core”, ISIN: DE000A0H1GY2) today published its key financial figures for the first half of 2024. Sales rose by 46% to 3.1 million euros in the first six months after 2.1 million euros in the same period of the previous year. Earnings before interest and taxes (EBIT) amounted to -2.0 million euros (previous year: -0.3 million euros) and essentially includes expenses for increased capital market activities as well as material costs for the first AEM Flex 120 devices. The financial result was mainly influenced by a negative measurement result from financial assets (-0.4 million euros).

Between January and June, H2 Core implemented numerous projects for customers worldwide. Among other things, activities in the African telecommunications market were expanded. In addition, H2 Core began expanding the production line for medium-sized industrial equipment. In the medium term, H2 Core also plans to build the first large-scale systems in the multi-megawatt range. Another highlight in the first half of the year was the company’s successful IPO in June, which made H2 Core the first listed plant manufacturer of complete hydrogen systems for the production, storage and use of green hydrogen in Germany.

H2 Core’s hydrogen solutions sales pipeline remains well strengthened. Numerous projects announced for the second half of 2024 have been postponed to 2025. H2 Core has already delivered three AEM Flex 120s in the second half of the year and demand for H2 Core products continues to increase.

Due to delays in announced orders and postponements on the supplier side, H2 Core now expects sales of between 5 and 6 million euros for the full year. A pre-tax loss of around -3 million euros is expected. The company’s previous sales forecast was between 12.8 and 13.8 million euros. The forecast for EBIT has so far been between -0.6 million euros and +/-0.0 million euros.

Ulf Jörgensen, CEO of H2 Core AG: “With the listing of our shares, we have set an important course for our long-term growth. Even though there are now temporary project delays, our sales pipeline is well strengthened. Our goal is to open up new markets and expand our product range. With our solutions for the production and use of green hydrogen, we believe we are ideally positioned to support companies in the sustainable decarbonization of their business processes.”

About H2 Core:

The H2 Core Group develops, manufactures and maintains modular, configurable complete systems for the production, storage and use of green hydrogen, which can be used almost anywhere in the world within a very short time thanks to simple and quick commissioning. H2 Core’s solutions are scalable and future-proof. They can be adapted to individual customer needs and supplemented by technological innovations if necessary. H2 Core supplies the know-how and products for the implementation and successful development of hydrogen-based core systems based on reliable in-house developments. In this way, the company’s customers make a significant and direct contribution to a global, sustainable and resource-saving energy supply. H2 Core relies on intensive collaboration with a global partner network, enabling systems to be put into operation quickly worldwide. For more information, visit www.h2core.com.

Company contact:

H2 Core AG Rüsdorfer Straße 8

25746 Heath

Email: [email protected]

Press contact:

edicto GmbH

Ralf Droz / Doron Kaufmann

Eschersheimer Landstrasse 42

60322 Frankfurt

Tel: +49 (0) 69 905505-54

Email: [email protected]