Green Hydrogen Systems Announces its financial and updated results for the 3rd Quarter of 2021Trading statement Q3 2021
Performance highlights for Q3 2021
- Following the guidance update for 2021, assembly and tests sees positive progress confirming execution of the plan with delivery of the initial A90 electrolysers to commence from Q4 2021
- Backlog of 10.0 MW – an increase of 8.0 MW or 400% compared to Q3 2020
- Positive pipeline development in key strategic markets with a large increase in average project size
- Revenue from customer contracts of DKK 0.2 million compared to DKK 8.1 million in Q3 2020
- Revenue recognition of the 2021 backlog postponed to first half of 2022
- Gross profit of DKK -14 million compared to DKK 2.0 million in Q3 2020
- Provisions related to the postponed deliveries recognised in the income statement in Q3 2021
- Following the listing at Nasdaq Copenhagen in June 2021 and due to the strong investor interest in Green Hydrogen Systems, additional shares (overallotment option) to a value of DKK 165 million were issued in July 2021, consolidating the company’s capital structure even further
- Final signature on the GreenHyScale project supporting the X-Series as part of a future 100 MW Power-to-X platform
- Continued progress on strategic objectives:
- Three firm customer orders in Q3 2021 totalling 3.2 MW. The continued order intake validates Green Hydrogen Systems’ technology offering and price point
- Expansion of production facilities progressing as planned
- Ole Vesterbæk appointed as Chief Financial Officer and member of the Executive Management
- Kasper Tipsmark Therkildsen promoted to Chief Technology Officer succeeding Jørgen Krogsgaard Jensen who will assume a position as Senior Vice President, Technology & R&D
- Recruitment of Birgitte Høgh Frederiksen as new Chief Human Resource Officer following the integration of the HR discipline to the company’s C-level
Guidance for 2021
The full-year guidance for 2021 (updated 29 September 2021) is maintained:
- Revenue Around DKK 5 million
- Gross profit Around DKK -15 million
- EBITDA DKK -145 to -155 million
- EBIT DKK -160 to -170 million
- R&D DKK 75-85 million
- CAPEX DKK 135-145 million
Sebastian Koks Andreassen, CEO of Green Hydrogen Systems comments: ”With the orders signed in Q3 2021, our order backlog has increased to 10 MW, which is an increase of four times com- pared to last year. This progress shows that there is great trust in our technology, and that we are offering electrolysers at a competitive price point. Generally, we are experiencing a rapidly growing interest in the development of the green hydrogen industry both in Denmark and other European countries, and we need to keep pushing for the energy transition to accelerate.
The industry has experienced delays from OEMs like us on fictionalization and installation ahead of full-scale serial production. However, we are executing on our plan and we are on track to start delivering on the delayed orders this year, which will allow us to recognize revenue from these orders in the beginning of 2022.”
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