Q1 2023 Trading Updates from Green Hydrogen Systems: Performance Highlights
During Q1 2023, Green Hydrogen Systems successfully delivered two A-Series customer orders and recorded revenue of DKK 14 million. Additional A-Series electrolysers have been shipped from the factory, pending installation and site acceptance tests before revenue recognition.
The X-Series prototype was delivered for installation and testing at GreenLab as part of the EU-supported GreenHyScale project, which aims for up to 100 MW capacity. The company announced new medium-term targets for 2026, aiming for over DKK 1,200 million in revenue and positive EBITDA.
Green Hydrogen Systems also plans a capital increase in Q2 2023, exploring various debt and equity instruments combinations to ensure adequate flexibility during the process.
Guidance for 2023
Green Hydrogen Systems maintains guidance for 2023 as follows:
- Revenue: DKK 120 to 160 million
- EBITDA: DKK -240 to -210 million
- CAPEX: DKK 270 to 300 million
The revenue guidance range reflects the uncertainty of the exact timing of the electrolysers fulfilling revenue recognition criteria within the 2023 calendar year. Furthermore, the delivery dates, site acceptance test (SAT), revenue recognition and contribution to EBITDA may be negatively impacted by e.g. supply chain disruptions, increasing component and raw material costs, general inflation, delays in product assembly as well as delays and/or challenges at customer site not controlled by Green Hydrogen Systems.
Sebastian Koks Andreassen, CEO of Green Hydrogen Systems comments:
“In Q1 2023, the positive momentum continued and we delivered and revenue recognised additional two A-Series customer orders. Prior to delivery, these units were tested at our production facilities in Kolding, Denmark in close coordination with the customer teams. Furthermore, we have assembled, tested and shipped additional A-Series units for installation and site acceptance test.
End of Q1 2023, we were pleased to announce the important milestone of delivering the X-Series prototype for site installation at GreenLab in Skive, Denmark. During Q2 and Q3 2023, the X-Series prototype will undergo tests and validations as important next steps towards a commercial product.
We continue the capital increase process as announced in January 2023 and we are in dialogue with several of our current larger shareholders regarding timing and structure of the capital increase.”
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Conference call details
In connection with this announcement, Green Hydrogen Systems will host a conference call. The conference call will be held on 17 April 2023 at 13:00 AM CET. Please visit investor.greenhydrogen.dk to access the presentation used for the meeting.
