Green Hydrogen Systems is an electrolyser Original Equipment Manufacturer (OEM) and clean tech company founded in 2007. Green Hydrogen Systems develops and manufactures electrolysis solutions to produce green hydrogen. The company’s production is in Kolding, Denmark.
The company was listed at Nasdaq Copenhagen in June 2021, raising DKK 1.1 billion in gross proceeds to significant scale-up the electrolysis capacity. Green Hydrogen Systems aspires to reach more than 200 MW in 2025 corresponding to a revenue of more than DKK 1,000 million with a gross profit margin of approx. 25% in 2025.
Yesterday, Green Hydrogen Systems announced its Q3 2024 results and a new CEO. The company repeated its 2024 guidance, plans for significant cost-out and restructuring initiatives, and the need to raise new capital before the end of 2024, which were announced earlier in October 2024. After yesterday's news, we have updated our investment case one-pager with minor changes.
Green Hydrogen Systems (GHS) har i dag annonceret ny CEO og offentliggjort selskabets Q3 2024 resultater. Den seneste guidance og meldinger fra i starten af oktober blev gentaget.
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Green Hydrogen Systems har her til morgen annonceret et større restruktureringsprogram, hvor 40-50% af omkostningsbasen skæres ned. Strategisk vil selskabet udelukkende fokusere på X-Series fremover. I forbindelse med denne strategiændring nedjusterer Green Hydrogen Systems også 2024 guidance og melder, at man på kort sigt skal hente op til DKK 300 mio. i ny kapital samt potentielt yderligere kapital i samme omfang senere ind i 2025.
Green Hydrogen Systems (GHS) har her til morgen aflagt H1 2024 regnskab, der viser en samlet omsætning inkl. service-omsætning på DKK 32,6 mio. (DKK 14,0 mio. i H1 2023) fra levering af selskabets A-Series enheder. Ordreindgangen i halvåret var på 8,1 MW (ordrebog på 15,0 MW i slutningen af juni 2024), der ventes leveret i H2 2024 og ind i H1 2025. I første halvår af 2024 var EBITDA på DKK -132,9 mio. (DKK -161,6 mio. i H1 2023). Guidance for 2024 fastholdes.