Green Hydrogen Systems Announces Interim Report for Q2 2021

Source: 8/18/2021, Location: Europe

Following the successful listing on Nasdaq Copenhagen in June 2021, Green Hydrogen Systems delivers strong order backlog growth while scaling the production facility to 400 MW executing as planned in line with the targets towards 2025.

Performance highlights for Q2 2021
• Converting sales pipeline to firm customer orders with backlog increase of 6.2 MW or +1,000% compared to Q2 2020
• Revenue from customer contracts of DKK 1.6 million compared to DKK 0.3 million in Q2 2020
• Gross profit of DKK 1.2 million compared to DKK 0 million in Q2 2020
• Strong investor support in the recent listing of Green Hydrogen Systems at Nasdaq Copenhagen resulting in a solid cash position of DKK 1,121 million
• Positive commercial traction:
o Three firm customer orders in Q2 2021 and further two orders in July and August 2021 totaling 4.3 MW confirming Green Hydrogen Systems’ technology offering and price point in the focus markets Europe and OECD Asia
o Decision made on factory expansion to an annual production capacity of 400 MW positioning Green Hydrogen Systems as a leading, global electrolyser manufacturer
o Final grant preparation phase for a 100 MW eletrolyser project as part of the EU’s Horizon 2020 funding programme
o Entering Master Supply Agreement concerning supply, operation, service and mainten- ance of electrolysers with up to 24 MW capacity to the GreenLab Skive project
o Continued ramp-up and onboarding of compentent resources supporting the growth objectives for the company

Accounting impact, non-cash
In Q2 2021, net profit was DKK -351 million of which DKK -317 million were related to an expected non-cash fair value adjustment mechanism derived from the convertible loan facility entered in December 2020 with A. P. Møller Holding, Nordic Alpha Partners and Norlys, as described in the Prospectus. The conversion of the loan at fair value has positively impacted equity by DKK 317 million offsetting the impact on net financials.

CFO update
Following the resignation received from the CFO Kenneth Bergstrøm-Andersen in June 2021 (Company announcement 12/2021) and todays publication of the interim report for Q2 2021 it has been agreed that Kenneth Bergstrøm-Andersen will proceed on garden leave through the remaining notice period ending 31 December 2021.

Guidance for 2021
The full year guidance for 2021 (updated 22 July 2021) is maintained:
Revenue, DKK 40-60 million
Gross profit, Broadly neutral in absolute terms
EBITDA, DKK -105 to -115 million
EBIT, DKK -120 to -130 million
R&D, DKK 75-85 million
CAPEX, DKK 135-145 million

The guidance for 2021 assumes, that the operation will not be adversely affected by abnormal disruptions partly or fully preventing Green Hydrogen Systems from selling, producing and delivering the products and services.

Sebastian Koks Andreassen, CEO of Green Hydrogen Systems comments: ”During second quarter of 2021, the green hydrogen industry experienced strong sentiment from policy makers and investors in the EU, US and Asia. Visions and declarations of intent start turning into actual regulation moving societies towards a future where green hydrogen will play a central role in a sustainable energy system. With the recent IPCC report ‘Climate Change 2021’ the call for action has become even more evident. I’m pleased to see, that we in Green Hydrogen Systems have experienced this momentum in our customer dialogues and order intake, and with the recent decision on expanding our production capacity to 400 MW we will be positioned to take part of the future scale-up of the global green hydrogen value chain.”

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