Interim Results for the half year to 30 April 2026
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
10 June 2026
H-Power plc
("H-Power" or the "Company")
Interim Results for the half year to 30 April 2026
Continuing to make considerable progress in line with the Board's expectations and beginning to build positive commercial momentum
H-Power plc (AIM: HPOW), a leading provider of ammonia-based low carbon hydrogen production and hydrogen-to-power solutions at a commercially viable price point, is pleased to announce its interim results for the half year ended 30 April 2026 (H1 FY26).
John Wilson, Chief Executive of H-Power, said:
"During the first half and post-period end, the business has continued to make considerable progress in line with the Board's expectations and begun to build positive commercial momentum. These successes further validate the significant value of our intellectual property, our ability to deliver to the timescales committed to and the clear realisation of end customer demand. Together with our strong balance sheet and a building order book, we remain confident of delivering scalable commercial success and creating significant value for our shareholders and stakeholders."
Corporate Highlights (including post-period developments):
· 5,000kg hydrogen sale agreement signed with Protium - the UK's first bulk green hydrogen sale from cracked ammonia
· Commencement of sale of hydrogen, from cracked ammonia, from Dunsfold site to customers
· 15 x LC30 (H-Power's latest hydrogen fuel cell generator) replenishment order received from Speedy Hire for Speedy Hydrogen Solutions joint venture, subject to CE certification
· Agreement with Speedy Hire to open H-Power depot within Speedy Hire flagship London Gateway depot, to serve anticipated demand for infrastructure projects
· Speedy Hydrogen Solutions JV expected to meet, if not exceed, target utilisation of generators by October 2026, following substantial increase in demand, with a commercial offering at price parity to diesel
· 2 x LC30 orders received from TAMGO, H-Power's exclusive MENA Region distribution partner, for extensive pre-deployment testing and customer trials
· CE certification of LC30 unit remains on track for August 2026
· Growing interest from multiple parties for long term deployments of HY5 decentralised portable cracker unit (capable of producing up to 500 kg of hydrogen per day)
· Continued strong engagement with S&P partner in identifying industrial use cases for hydrogen demand from decentralised ammonia cracking, with HY5 expected to be used as a "sales enablement tool" to demonstrate ease of decarbonisation to customers
· Joint Development Agreement signed with Komatsu (c.$2m initial contract value) to integrate H-Power's proprietary ammonia cracking technology with Komatsu diesel internal combustion engines
· Permit variation granted by UK Environment Agency to allow sale of hydrogen from cracked ammonia from H-Power's Dunsfold site
· Continued positive engagement and progress with our joint venture and strategic partners ICL and Volex
· Successful name change and rebranding of business from AFC Energy to H-Power to better reflect the business
· Substantial reduction in cash absorbed by operations (£7.5m (H1 FY26) vs £10.7m (H1 FY25)) despite significant increase in capitalised development spend (£4.0m (H1 FY26) vs £3.1m (H1 FY25))
· Cash of £17.4m at period end, with £3.2m of R&D tax credits expected to be received during H2 FY26
HY5 Ammonia Cracker Production and Commercial Interest
The development and launch of H-Power's HY5 decentralised portable cracker unit (capable of producing up to 500 kg of hydrogen per day) remains on track and will provide the lowest cost bulk fuel cell grade hydrogen (without the need for government subsidy) available to industrial customers, in the UK, by the end of calendar year 2026. This is continuing to lead to significant numbers of enquiries being made due to its ability to unlock the joint challenges of hydrogen logistics and hydrogen pricing.
Sale of 5,000 kg of Green Hydrogen from Cracked Ammonia
Following the UK Environment Agency granting a permit to enable the sale of hydrogen produced from our pilot ammonia cracker in Dunsfold, H-Power has entered into an agreement with Protium for the sale of 5,000 kg of green hydrogen, produced by H-Power's ammonia cracker facility, converting bio-ammonia into 99.97% ISO 14687 Grade D green hydrogen.
First commercial sale of bulk hydrogen to a third-party customer from cracked ammonia in the UK.
Protium to use H-Power's Dunsfold facility as a virtual depot facility in order to provide supply of hydrogen to its customers in the South-East of England.
LC30 - Orderbook Evolution and Certification
Following the launch of the LC30, continued engagement with current partners and ever increasing market demand, has resulted in a replenishment order from Speedy Hire (subject to CE certification which remains on track for August 2026) for our Speedy Hydrogen Solutions JV and from TAMGO for field-follow testing and in region customer trials. We aim to deliver these units by calendar year end as the process of operational scale up commences.
Outlook
With demonstrable fiscal discipline, H-Power remains well positioned to capitalise on emerging opportunities. The Board is greatly encouraged by the commercial momentum and increasing levels of end customer acceptance of new technology. The foundations of sustainable revenue growth are now in place as the business transitions to commercial delivery.
Ammonia supply and pricing
Despite the current geo-political risks and uncertainties, green ammonia supply has remained unaffected. Since the escalation of the Iran conflict, grey ammonia prices have been volatile, increasing by up to 60%, reflecting significantly higher gas prices. By contrast, green ammonia, which is not exposed to natural-gas feedstock but fixed cost renewable energy, has seen modest c.5% increases. This has resulted in a "decoupling" of green ammonia pricing, from grey, with costs for green ammonia from Asia currently quoted at a lower price than for grey ammonia. This strongly supports our FaaS ("fuel as a service") business model.
Key Financials
£'000
Six-months
to 30 Apr 2026
Six-months to 30 Apr 2025
Year to
31 Oct 2025
Revenue
253
17
125
R&D tax credit generated
1,499
1,495
3,259
Inventory Write-off
-
2,867
3,415
Depreciation / Amortisation
2,252
1,969
4,103
Share based payment expense
1,035
1,102
1,997
Loss after tax
(5,821)
(10,149)
(22,196)
£'000
At
30 Apr 2026
At
30 Apr 2025
At
31 Oct 2025
Inventory
7
1,053
0
Capitalised development costs
13,494
7,544
9,523
Short term investments
9,193
-
11,000
Cash & cash equivalents
8,246
4,264
14,317
Total cash available
17,439
4,264
25,317
FOR FURTHER INFORMATION, PLEASE CONTACT:
H-Power plc
John Wilson (Chief Executive Officer)
+44 (0) 1483 276726
investors@h-power.co.uk
Karl Bostock (Chief Financial Officer)
Peel Hunt LLP - Nominated Adviser and Joint Broker
Richard Crichton / Georgia Langoulant / Emily Bhasin
+44 (0) 207 418 8900
Zeus - Joint Broker
David Foreman / James Hornigold (Investment Banking)
Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)
+44 (0) 203 829 5000
DGA Group - Financial PR and Communications Advisors
James Benjamin / James Styles
+44 (0) 7747 113 930
+44 (0) 7510 385 554
ABOUT H-POWER
H-Power plc (formerly known as AFC Energy Plc) is a leading provider of ammonia-based low carbon hydrogen production and hydrogen-to-power solutions. Our market-leading decentralised ammonia cracker and fuel cell generator products are engineered to unlock the low carbon hydrogen market by meeting customers' needs with scalable, reliable supplies of low carbon hydrogen and power. H-Power is enabling customers to decarbonise at a price that is commercially viable.
We are focused on the successful commercial rollout of our core product suite and on creating significant shareholder value by converting our growing opportunity pipeline into contracted orders and delivering sustained revenue growth.
Our core strategy is to develop and deploy products that enable the production of scalable, reliable supplies of clean hydrogen at commercially viable prices and without reliance on government subsidies or incentives. H-Power achieves this through our proprietary, decentralised and modular ammonia cracker technology, and providing low carbon, off‑grid power solutions with our fuel cell generators that are competitive with, and capable of displacing, diesel generators on a total cost of ownership basis.
The Company's modular, decentralised ammonia cracker systems have production capacities of approximately 0.5 and 4 tonnes of hydrogen per day respectively. These enable the generation of scaled volumes of low carbon hydrogen at the point of use within a highly compact footprint. Our systems have the potential to drive substantial revenue growth across a wide range of addressable markets, including hard‑to‑abate industrial facilities, transportation and power generation applications.
H-Power's fuel cell generator systems are currently offered with generation capacities of 30 kW and 200 kW. They are well-suited to off‑grid, decentralised and temporary power applications, including the displacement of diesel generators on construction and infrastructure sites. Further use cases include electric vehicle charging for cars, buses and trucks, as well as charging of battery‑powered non‑road machinery, with additional emerging opportunities in maritime, data centre and rail applications.
H-Power is listed on the London Stock Exchange's AIM Market and headquartered in Dunsfold, Surrey, UK.
Please read more on our website https://h-power.co.uk and follow us on LinkedIn
Chief Executive's Statement
With technology delivery remaining on track, the main business focus is commercial expansion and delivery. Sale of hydrogen from our cracker site to multiple parties, now including Speedy Hydrogen Solutions customers, serves to demonstrate demand for low cost, green hydrogen. Our ability to provide UK customers with a commercial offering with cost parity to diesel creates a credible zero emission alternative to incumbent technologies. Our offering, in conjunction with government legislation and concerns regarding the price and availability of diesel continues to create favourable conditions for emerging growth.
Scalability and supply chain resilience are key to the sustainable growth of our business. With the necessary foundations in place and relative stability of green ammonia pricing, we are well positioned to begin disciplined scaling in select, new geographies with growth opportunities. To facilitate this, we have commissioned a market study in the US to optimise our go to market strategy for our fuel cell generator product offering and we are further strengthening our commercial and marketing function accordingly.
In the US and mainland Europe, we envisage our go to market strategy will be delivered through a distribution-led model, partnering with distributors to leverage their end customer reach through extensive sales resources, and provision for in-country inventory for immediate deployment.
Our ability to unlock the joint challenge of hydrogen costs and logistical and transportation costs, has led to increasing industrial enquiries. This is being complemented by introductions being made by our S&P 500 partner, and our expectation is for the HY5 to serve the dual purpose of being an end product in its own right, for use cases requiring up to 3 tonnes/day of hydrogen, and as a "sales enablement tool" enabling deployment trials for larger scale industrial uses, to demonstrate ease of decarbonisation, prior to their commitment for large scale (>5 tonnes/day) crackers.
Our Komatsu JDA continues on track and we continue to explore further opportunities, in adjacent verticals, in which our proprietary technology can act as a technology differentiator.
Financial update
Overview
In the full year results presentation, the Directors set out the key deliverables for FY26 which were focused on (i) developing the technology on plan and on budget and (ii) proving there is a market for this technology. The first half of FY26 has been solely focused on the first objective in order that the commercial team have products to sell, enabling the second objective.
Although not presented in the statutory format (and with classifying short term deposits as cash rather than investments) the Directors set out the key elements of the cash flow statement as follows:
6 Months Ended
30 April 2026
6 Months Ended
30 April 2025
Year Ended
31 October 2025
Loss before tax
(£7.3m)
(£11.7m)
(£25.3m)
Capitalised development costs
(£4.0m)
(£3.2m)
(£5.2m)
Non-cash Items
£3.1m
£3.1m
£12.5m
Working capital movement
£0.7m
£1.1m
(£0.4m)
Cash absorbed by operating activities
(£7.5m)
(£10.7m)
(£18.7m)
Net fundraising activity
-
-
£25.8m
R&D tax refund
-
-
£1.6m
Government grants
£0.1m
-
£1.8m
Investment in assets
(£0.2m)
(£0.5m)
(£0.7m)
Other
(£0.3m)
£0.1m
£0.1m
Net movement
(£7.9m)
(£11.1m)
£9.9m
Opening cash
£25.3m
£15.4m
£15.4m
Closing cash
£17.4m
£4.3m
£25.3m
Cash absorbed by operating activities
Revenue was £0.2m (FY25 - £0.0m), representing sale of hydrogen and revenue generated from the Komatsu JDA, as the business continues to focus on delivering the technology roadmap. The gross loss is generated due to the company subsidising the cost of hydrogen to support the market acceptance of fuel cell generators through Speedy Hydrogen Solutions, prior to the transition from hydrogen supply from cracked ammonia in Dunsfold.
The reduction in cash absorbed by operating activities from £10.7m in H1 FY25 to £7.5m in H1 FY26 demonstrates the continued focus on (i) controlling cash and (ii) only investing in areas which have a direct route to shareholder value. Of the £7.5m absorbed in H1 FY26, £4.0m (54%) was capitalisable as development costs. This compares to only 30% in H1 FY25. This is a strong quantitative indicator that the cash the business is consuming is of 'better quality' than in prior periods. This has been supported by the cost base rationalisation programme which was undertaken in Q4 of FY25.
Financial Outlook
The business had cash reserves of £17.4m as at 30 April 2026. The company has submitted the FY25 tax return and is forecast to receive £3.2m of R&D tax credits in H2.
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 April 2026
Note
Six months ended
30 April 2026
£000
Unaudited
Six months ended
30 April 2025
£000
Unaudited
Year ended
31 October 2025
£000
Audited
Revenue from customer contracts
3
253
17
125
Cost of sales
(329)
(74)
(232)
Gross (loss)/ profit
(76)
(57)
(107)
Other income
Expecting credit losses
390
-
113
-
294
(2,937)
Operating costs
4
(7,973)
(11,764)
(22,851)
Operating loss
(7,658)
(11,708)
(25,601)
Finance costs
(58)
(38)
(66)
Bank interest receivable
5
396
102
213
Loss before tax
(7,320)
(11,644)
(25,454)
Taxation
6
1,499
1,495
3,258
Loss for the financial period and total comprehensive loss attributable to owners of the Company
(5,821)
(10,149)
(22,196)
Basic loss per share: pence
7
(0.51)
(1.19)
(2.41)
Diluted loss per share: pence
7
(0.51)
(1.19)
(2.41)
All amounts relate to continuing operations. There were no items of other comprehensive income during the period.
The above unaudited statement of comprehensive income should be read in conjunction with the accompanying notes.
STATEMENT OF FINANCIAL POSITION
As at 30 April 2026
Note
30 April 2026
£000
Unaudited
30 April 2025
£000
Unaudited
31 October 2025
£000
Audited
Assets
Non-current assets
Intangible assets
8
11,644
7,344
8,738
Right-of-use assets
9
1,249
406
175
Tangible fixed assets
10
1,982
3,833
2,508
Investment in JV
14
625
625
625
15,500
12,208
12,046
Current assets
Inventory
11
7
1,053
-
Receivables
12
1,599
6,725
1,923
Income tax receivable
4,659
3,012
3,159
Cash and cash equivalents
8,246
4,264
14,317
Short term investments
9,193
-
11,000
Restricted cash
-
435
-
23,704
15,489
30,399
Total assets
39,204
27,697
42,445
Current liabilities
Payables
13
(6,110)
(5,102)
(5,630)
Financing from loans
(65)
Lease liabilities
(513)
(415)
(505)
(6,688)
(5,517)
(5,460)
Non-current liabilities
Lease liabilities
(786)
-
(19)
Financing from loans
(33)
(152)
(62)
Provisions
(86)
(685)
(39)
(905)
(837)
120
Total liabilities
(7,593)
(6,354)
(5,378)
Total net assets
31,611
21,343
36,395
Capital and reserves attributable to owners of the Company
Share capital
1,133
855
1,131
Share premium
159,046
133,675
159,046
Other reserve
8,089
5,731
7,054
Retained deficit
(136,657)
(118,918)
(130,836)
Total equity attributable to shareholders
31,611
21,343
36,395
The above unaudited statement of financial position should be read in conjunction with the accompanying notes.
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 April 2026
Share capital
£000
Share premium
£000
Other reserve
£000
Retained loss
£000
Total
£000
Balance at 1 November 2025
1,131
159,046
7,054
(130,836)
36,395
Loss after tax for the period
-
-
-
(5,821)
(5,821)
Exercise of share options
2
-
-
-
2
Equity settled share-based payments
charged in the period
-
-
1,035
-
1,035
Balance at 30 April 2026
1,133
159,046
8,089
(136,657)
31,611
For the six months ended 30 April 2025
Share capital
£000
Share premium
£000
Other reserve
£000
Retained loss
£000
Total
£000
Balance at 1 November 2024
854
133,555
4,629
(108,770)
30,268
Loss after tax for the period
-
-
-
(10,148)
(10,148)
Exercise of share options
1
120
-
-
121
Equity settled share-based payments
charged in the period
-
-
1,102
-
1,102
Balance at 30 April 2025
855
133,675
5,731
(118,918)
21,343
For the year ended 31 October 2025
Share capital
£000
Share premium
£000
Other reserve
£000
Retained loss
£000
Total
£000
Balance at 1 November 2024
854
133,555
4,629
(108,770)
30,268
Loss after tax for the period
-
-
-
(22,195)
(22,195)
Issue of equity shares
275
25,491
-
-
25,766
Exercise of share options
2
-
-
-
2
Equity settled remuneration
-
-
557
-
557
Lapsed in period
-
-
(129)
129
-
Equity settled share-based payments
charged in the period
-
-
1,997
-
1,997
Balance at 31 October 2025
1,131
159,046
7,054
(130,836)
36,395
CASH FLOW STATEMENT
For the six months ended 30 April 2026
Note
30 April 2026
£000
Unaudited
30 April 2025
£000
Unaudited
31 October 2025
£000
Audited
Cash flows from operating activities
Loss before tax for the period
(7,320)
(11,644)
(25,454)
Adjustments for:
Amortisation of intangible assets
8
1,100
439
1,049
Loss on disposal of intangible assets
8
-
-
-
Depreciation of right-of use-assets
9
231
240
471
Depreciation of tangible assets
10
695
1,348
2,728
Loss on disposal of tangible assets
10
63
-
145
Depreciation of decommissioning asset
10
10
-
-
Equity-settled payments
1,036
1,102
2,555
Interest received
5
(396)
(102)
(213)
Lease finance charges
5
44
15
29
Inventory write down
-
-
2,573
Movement in expected credit losses
-
-
2,937
Income on Government grant
(132)
-
(45)
Cash flows from operating activities before changes in working capital and provisions
(4,670)
(8,602)
(13,225)
R&D tax credits received
-
-
1,616
(Increase)/decrease in restricted cash
-
-
434
Decrease / (increase) in inventory
(7)
84
(625)
Decrease / (increase) in receivables
824
(1,091)
1,860
Increase / (decrease) in payables
(49)
164
(1,133)
Increase / (decrease) in provision
(49)
1,897
(550)
Cash absorbed by operating activities
(3,951)
(7,548)
(11,623)
Cash flows from investing activities
Government Grant
195
-
1,871
Additions to intangible assets
(4,006)
(3,156)
(5,160)
Purchase of plant and equipment
(169)
(516)
(724)
Interest received
396
102
213
Term Deposits
1,807
-
(11,000)
Net cash absorbed by investing activities
(1,777)
(3,570)
(14,800)
Cash flows from financing activities
Proceeds from the issue of share capital
-
-
27,473
Proceeds from the exercise of options
2
121
2
Cost of issue of share capital
(2)
-
(1,707)
Financing from loans
-
151
125
Lease payments
(299)
(249)
(498)
Lease interest paid
(44)
(15)
(29)
Net cash from financing activities
(343)
8
25,366
Net decrease in cash and cash equivalents
(6,071)
(11,111)
(1,057)
Cash and cash equivalents at start of period/ year
14,317
15,374
15,374
Cash and cash equivalents at end of period/ year
8,246
4,264
14,317
NOTES FORMING PART OF THE FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES
Details of the significant accounting policies are set out below.
a) Basis of preparation
These interim results for the six-months ended 30 April 2026 are unaudited. They have been prepared in accordance with IAS 34 'Interim Financial Reporting' in conformity with Companies Act 2006. These interim results have been drawn up using the accounting policies and presentation consistent with those disclosed and applied in the annual report and accounts for the year ended 31 October 2025. The comparative information contained in the report does not constitute the accounts within the meaning of section 435 of the Companies Act 2006.
A number of new or amended standards became applicable for the current reporting period. The Company did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards.
The Directors have prepared and reviewed forecasts for the period ending June 2027 which they consider to be the appropriate period for assessing going concern. Whilst events and conditions beyond this period of assessment have been considered. In the judgement of the Directors, such events and conditions do not require an extension to the period of assessment.
2. SEGMENTAL ANALYSIS
Operating segments are determined by the chief operating decision maker based on information used to allocate the Company's resources. The information as presented to internal management is consistent with the statement of comprehensive income. It has been determined that there is one operating segment, which researches and develops fuel cell and fuel conversion technologies. In the period to 30 April 2026, the Company operated mainly in the United Kingdom. All non-current assets are in the United Kingdom.
3. REVENUE
Six months ended
30 April 2026
£000
Unaudited
Six months ended
30 April 2025
£000
Unaudited
Year ended
31 October 2025
£000
Audited
Rendering of services earned over time
Rental
-
17
50
Other revenue
253
-
75
Revenue
253
17
125
Other revenue 2026 relates to revenue recognised cost to cost basis in accordance with IFRS15, regarding the Komatsu JDA.
Rental income related to ongoing contract released overtime in accordance with IFRS15 to Acciona.
4. OPERATING COSTS
The operating costs consist of:
Six months ended
30 April 2026
£000
Unaudited
Six months ended
30 April 2025
£000
Unaudited
Year ended
31 October 2025
£000
Audited
Materials
2,415
2,265
3,813
Payroll (excluding directors)
3,882
3,676
8,801
Stock write-off
-
2,866
2,279
6,297
8,807
14,893
Directors' costs
567
705
1,910
Other employment costs
331
624
572
Occupancy costs
255
511
556
Other administrative expenses
1,141
1,184
3,670
8,591
11,831
21,601
Amortisation of intangible assets
1,100
439
1,049
Depreciation of Right of Use assets
238
240
468
Depreciation of tangible fixed assets
915
1,348
2,728
Less depreciation of rental asset charged to cost of sales
-
(58)
(18)
Loss / (Profit) on Disposal of PPE
63
-
145
Share based payments
1,036
1,102
1,997
Operating costs capitalised
(3,970)
(3,140)
(5,119)
7,973
11,763
22,851
Occupancy costs include repairs and maintenance, utilities and lease payments.
5. NET FINANCE INCOME
Six months ended
30 April 2026
£000
Unaudited
Six months ended
30 April 2025
£000
Unaudited
Year ended
31 October 2025
£000
Audited
Lease interest
(44)
(15)
(29)
Exchange rate differences
(12)
(19)
(28)
Bank charges
(2)
(4)
(9)
Total finance cost
(58)
(38)
(66)
Bank interest receivable
396
102
213
338
64
147
6. TAXATION
Six months ended
30 April 2026
£000
Unaudited
Six months ended
30 April 2025
£000
Unaudited
Year ended
31 October 2025
£000
Audited
Recognised in the statement of comprehensive income:
R&D tax credit - current period
1,499
1,495
3,159
R&D tax credit - prior year
-
-
100
Total tax credit
1,499
1,495
3,259
7. LOSS PER SHARE
The calculation of the basic loss per share is based upon the net loss after tax attributable to ordinary Shareholders and a weighted average number of shares in issue for the period.
Six months ended
30 April 2026
£000
Unaudited
Six months ended
30 April 2025
£000
Unaudited
Year ended
31 October 2025
£000
Audited
Basic loss per share: pence
0.51
1.19
2.41
Diluted loss per share: pence
0.51
1.19
2.41
Loss attributable to equity shareholders
£5,821
£10,148
£22,195
Weighted average number of shares in issue
1,133,385,063
746,759,615
921,398,330
Diluted earnings per share: There are share options and warrants outstanding as at 30 April 2026 which, if exercised, would increase the number of shares in issue. However, the diluted loss per share is the same as the basic loss per share, as the loss for the period has an anti-dilutive effect.
8. INTANGIBLE ASSETS
Development
Costs
£000
Patents and
Commercial Rights
£000
Total
Intangible
£000
Cost
As at 1 November 2025
9,523
1,485
11,008
Additions
3,970
36
4,006
As at 30 April 2026
13,493
1,521
15,014
Depreciation
As at 1 November 2025
(938)
(1,333)
(2,271)
Charge for the financial period
(1,087)
(12)
(1,099)
As at 30 April 2026
(2,025)
(1,345)
(3,370)
Net book value
As at 1 November 2025
8,585
152
8,738
As at 30 April 2026
11,468
176
11,644
Development
Costs
£000
Patents and
Commercial Rights
£000
Total
Intangible
£000
Cost
As at 1 November 2023
-
1,404
1,404
Additions
4,403
40
4,443
As 31 October 2024
4,403
1,444
5,847
Additions
5,119
41
5,160
Transfers
1
-
-
As at 31 October 2025
9,523
1,485
11,008
Depreciation
As at 1 November 2023
-
(1,140)
(1,140)
Charge for the financial period
-
(81)
(81)
As at 31 October 2024
-
(1,221)
1,221
Charge for the year
(938)
(111)
(1,049)
As at 31 October 2025
(938)
(1,333)
(2,270)
Net book value
As at 1 November 2024
4,403
223
4,626
As at 31 October 2025
8,585
152
8,738
Development
Costs
£000
Patents and
Commercial Rights
£000
Total
Intangible
£000
Cost
As at 1 November 2024
4,403
1,444
5,847
Additions
3,141
17
1,324
As at 30 April 2025
7,544
1,461
9,005
Depreciation
As at 1 November 2024
-
(1,222)
(1,222)
Charge for the financial period
(361)
(78)
(439)
As at 30 April 2025
(361)
(1,300)
(1,661)
Net book value
As at 1 November 2024
4,403
223
4,626
As at 30 April 2025
7,183
161
7,344
9. RIGHT-OF-USE ASSETS
Buildings
£000
Cars
£000
Total
ROU
£000
Cost
As at 1 November 2025
1,985
19
2,004
Additions
1,323
-
1,323
Disposals
-
(19)
(19)
As at 30 April 2026
3,308
-
3,308
Depreciation
As at 1 November 2025
(1,822)
(7)
(1,829)
Charge for the financial period
(238)
-
(238)
Disposals
-
7
7
As at 30 April 2026
(2,060)
-
(2,060)
Net book value
As at 1 November 2025
163
12
175
As at 30 April 2026
1,249
-
1,249
Buildings
£000
Cars
£000
Total
ROU
£000
Cost
As at 1 November 2023
1,985
-
1,985
Additions
-
19
19
As at 31 October 2024
1,985
19
2,004
Additions
-
-
-
As at 31 October 2025
1,985
19
2,004
Depreciation
As at 1 November 2023
(888)
-
(888)
Charge for the financial period
(469)
(1)
(470)
As at 31 October 2024
(1,357)
(1)
(1,358)
Charge for the year
(465)
(6)
(471)
As at 31 October 2025
(1,822)
(7)
(1,829)
Net book value
As at 1 November 2024
628
18
646
As at 31 October 2025
163
11
175
Buildings
£000
Cars
£000
Total
ROU
£000
Cost
As at 1 November 2024
1,985
19
2,004
As at 30 April 2025
1,985
19
2,004
Depreciation
As at 1 November 2024
(1,357)
(1)
(1,358)
Charge for the financial period
(237)
(3)
(240)
As at 30 April 2025
(1,594)
(4)
(1,598)
Net book value
As at 1 November 2024
628
18
646
As at 30 April 2025
391
15
406
10.tangible fixed ASSETS
Leasehold
Improvements
£000
Decommissioning
Asset
£000
Fixtures,
fittings and
equipment
£000
Assets Under Construction
£000
Total
£000
Cost
As at 1 November 2025
4,195
98
4,535
102
8,931
Additions
Disposals
Transfers
194
(58)
(4)
-
133
(279)
731
(549)
1,058
(886)
(4)
As at 30 April 2026
4,327
98
4,389
286
9,099
Depreciation
As at 1 November 2025
(3,792)
(88)
(2,541)
-
(6,423)
Charge for the financial period
(294)
(10)
(611)
-
(915)
Transfers
48
-
172
-
220
As at 30 April 2026
(4,038)
(98)
(2,980)
-
(7,118)
Net book value
As at 1 November 2025
401
9
1,996
102
2,508
As at 30 April 2026
289
-
1,409
286
1,982
Leasehold
Improvements
£000
Decommissioning
Asset
£000
Fixtures,
fittings and
equipment
£000
Assets Under Construction
£000
Total
£000
Cost
As at 1 November 2023
3,546
300
3,871
694
8,411
Additions
Disposals
169
-
167
2,234
(2,483)
382
2,952
(2,483)
Transfers
303
-
103
(406)
-
As at 31 October 2024
4,018
467
3,725
670
8,880
Additions
157
48
275
245
725
Disposals
-
(417)
(249)
(9)
(675)
Transfers
20
-
784
(804)
-
As at 31 October 2025
4,195
98
4,535
102
8,930
Depreciation
As at 1 November 2023
(1,394)
(300)
(2,961)
-
(4,655)
Charge for the financial period
(1,221)
(77)
(745)
-
(2,043)
Disposals
2,483
-
2,483
Transfers
-
-
-
-
-
As at 31 October 2024
(2,615)
(377)
(1,223)
-
(4,215)
Charge for the financial period
(1,179)
(128)
(1,421)
-
(2,728)
Disposals
-
416
105
-
521
As at 31 October 2025
(3,794)
(89)
(2,539)
-
(6,422)
Net book value
As at 1 November 2024
2,624
167
764
670
4,225
As at 31 October 2025
401
9
1,996
102
2,508
Leasehold
Improvements
£000
Decommissioning
Asset
£000
Fixtures,
fittings and
equipment
£000
Assets Under Construction
£000
Total
£000
Cost
As at 1 November 2024
4,018
467
3,725
670
8,880
Additions
116
-
343
57
516
As at 30 April 2025
4,134
467
4,068
727
9,396
Depreciation
As at 1 November 2024
(2,613)
(378)
(1,225)
-
(4,655)
Charge for the financial period
(641)
(49)
(657)
-
(949)
As at 30 April 2025
(3,254)
(427)
(1,882)
-
(5,604)
Net book value
As at 1 November 2024
1,405
89
2,500
670
4,664
As at 30 April 2025
880
40
2,186
727
3,833
11. INVENTORY
30 April 2026
£000
Unaudited
30 April 2025
£000
Unaudited
31 October 2025
£000
Audited
Raw materials
1,432
3,344
1,819
Work in progress
Finished Goods
-
377
54
-
0
754
Provision
(1,802)
(2,345)
(2,573)
7
1,053
-
Inventory is valued per IAS2 as the lowest of cost or net realisable value. The stock provision recognises the change in expected realisable value driven by management's view on the current market condition.
12. RECEIVABLES
30 April 2026
£000
Unaudited
30 April 2025
£000
Unaudited
31 October 2025
£000
Audited
Trade receivables
3,115
3,575
3,803
Accrued Income
3
1,737
-
VAT receivables
171
462
69
Provision for Expected Credit Loses
(2,937)
-
(2,937)
Other receivables
49
37
49
Prepayments
1,198
913
939
1,599
6,725
1,923
There is no significant difference between the fair value of the receivables and the values stated above.
13. PAYABLES
30 April 2026
£000
Unaudited
30 April 2025
£000
Unaudited
31 October 2025
£000
Audited
Trade payables
1,126
739
646
Deferred revenue
3,731
3,494
3,598
Other payables
321
444
426
Accruals
932
425
960
6,110
5,102
5,630
The deferred revenue relates to non-refundable payments made under the November 2021 contract with ABB E-mobility (£1,423k). As part of the renegotiation of this contract in March 2023, it was agreed with ABB that this balance would be earned against pre-agreed discounts over the sale of the first ten units. The remaining (£2,092k) relates to grant income that is treated as a liability according to IAS20, and is released as other income to the income statement in line with amortisation of the associated development asset. The final (£215k) relates to a contract liability under the Komatsu JDA.
14. INVESTMENT IN JV
The company signed a Joint Venture Agreement ("JVA") with Speedy Hire plc ("SDY") in November 2023 which resulted in the creation of Speedy Hydrogen Services (SHS) limited ("SHS").
The company has assessed the relationship with SHS under IFRS11: Joint Arrangements and concluded that it is a joint venture. As the Company does not control SHS, it has not been consolidated into the Company's results.
SHS is owned 50:50 by the Company and SDY, with both parties providing initial funding via equity investments of £625,000. This investment, and any further investments, will be accounted for on a cost basis.
In addition to the JVA with SDY, the company signed a Supply & Maintenance Agreement ("SMA") with SHS under which it will supply goods, hydrogen fuelled generators, and services. The SMA has been assessed under IFRS15: Revenue from Contracts with Customers and the company has concluded, amongst other things, that SHS will be acting as principal in the purchase of generators from the company for onwards hire. All such transactions with SHS are at arms-length.
15. PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information contained in this interim statement does not constitute accounts as defined by the Companies Act 2006. The financial information for the preceding period is based on the statutory accounts for the year ended 31 October 2025. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies.
Copies of the interim statement may be obtained from the Company Secretary, H-Power plc, Unit 68.3 Dunsfold Park, Cranleigh, Surrey GU6 8TB, and can be accessed from the Company's website at
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