Started out on a positive note with several new customer orders. Unfortunately, in April, we faced certain technical design complications on the A-Series product platform, which made us temporarily halt product deliveries and therefore we had to suspend the guidance for 2022.
Despite this temporary technical setback we have full confidence in the competitive advantages and potential of our innovative pressurized alkaline electrolyser technology. The development of our future X-Series platform remains a high priority and is progressing as planned with prototype launch targeted for Q4 2022.
Performance highlights for Q1 2022
- Positive pipeline development and market fundamentals in key strategic markets supported by national and European initiatives to increase pace of the green transition and independence in energy production
- Two customer orders in Q1 2022 totalling 1.8 MW and two additional customer orders of a total of 1.4 MW in April 2022
- Backlog of 12 MW – an increase of 7.1 MW or 2.5 times compared to Q1 2021
- Revenue from customer contracts of DKK 0.1 million compared to DKK 0.3 million in Q1 2021
- Gross profit of DKK -2.5 million compared to DKK 0.7 million in Q1 2021
- EBITDA of DKK -50 million compared to DKK -36 million in Q1 2021
- Development of the future X-Series platform remains a high priority and is progressing as planned
- Expansion of production facilities to 400 MW electrolyser capacity progressing according to planned timeline and budget
Guidance for 2022
Due to the technical design complications related to the HyProvide® A-Series platform announced 12 April 2022 (company announcement 04/2022), the guidance for 2022 has been suspended. The guidance will be resumed when a firm plan has been established.
Sebastian Koks Andreassen, CEO of Green Hydrogen Systems comments:
”2022 started out on a positive note with several new customer orders. Unfortunately, in April, we faced certain technical design complications on the A-Series product platform, which made us temporarily halt product deli- veries and as a consequence thereof we had to suspend the guidance for 2022.”
“Our testing and technical reviews had identified certain technical design issues related to the initial A-Series products of our Mk1 version. Despite our disappointment in detecting these issues, each of the identified tech- nical issues are assessed manageable and relate to plausible complications in an industrial process of driving innovative technology from the initial Mk1 versions to serial production. That said, the full range of issues requi- res us to correct certain product components and functions and to allow time for recalibration and validation.”
“We are working intensively to confirm our plan for these technical corrections, and thereafter to confirm our adjusted delivery schedule and revised guidance for 2022.”
“Despite this temporary technical setback we have full confidence in the competitive advantages and potential of our innovative pressurised alkaline electrolyser technology. The development of the future X-Series platform remains high priority and is progressing as planned.”
“We are observing a positive market momentum and outlook. The EU has recently announced initiatives to significantly accelerate the production and use of green hydrogen in 2030 by 400%. The expected production can be translated into global electrolysis capacity of 320-400 GW providing a significant potential for us to supply the market with the X-Series electrolyser platform from 2023.”
In connection with the announcement of the trading statement, we will host a conference call. The conference call will take place today 3rd May at 10:00 CET. Link to the conference: https://event.on24.com/wcc/r/3725173/D94752896F4812EDF89F6B464CD4749C
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