H2 Core AG Publishes Half-Year Results 2024

Heide, September 30, 2024 – H2 Core AG has released its key financial figures for the first half of 2024. Revenue rose by 46% to EUR 3.1 million from EUR 2.1 million in the same period last year. Earnings before interest and taxes (EBIT) were EUR -2.0 million compared to EUR -0.3 million previously, impacted by expenses for increased capital market activities and material costs for the AEM Flex 120 devices.

H2 Core expanded activities in the African telecommunications market and started production line expansion for medium-sized industrial systems. They plan to build large-scale plants in the multi-megawatt range. Their Stock exchange listing in June marked them as the first German listed plant manufacturer of complete hydrogen systems.

Despite strong demand, delays in orders and supplier side postponements led H2 Core to adjust its annual sales forecast to EUR 5-6 million, down from EUR 12.8-13.8 million, with an expected pre-tax loss of around EUR -3 million.

CEO Ulf Jörgensen stated that the company is positioning itself for long-term growth, aiming to open new markets and expand its product range to support sustainable decarbonization efforts.