REG - H-Power PLC - Interim Results for the half year to 30 April 2026
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RNS Number : 6536H H-Power PLC 10 June 2026
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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 Six-months to 30 Apr 2025 Year to
to 30 Apr 2026 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 At At
30 Apr 2026 30 Apr 2025 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 +44 (0) 1483 276726
John Wilson (Chief Executive Officer) investors@h-power (mailto:investors@h-power.co.uk) .co.uk
Karl Bostock (Chief Financial Officer)
Peel Hunt LLP - Nominated Adviser and Joint Broker +44 (0) 207 418 8900
Richard Crichton / Georgia Langoulant / Emily Bhasin
Zeus - Joint Broker +44 (0) 203 829 5000
David Foreman / James Hornigold (Investment Banking)
Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)
DGA Group - Financial PR and Communications Advisors +44 (0) 7747 113 930
James Benjamin / James Styles +44 (0) 7510 385 554
h-power@dgagroup.com (mailto:h-power@dgagroup.com)
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 (https://h-power.co.uk)
and follow us on LinkedIn (https://www.linkedin.com/company/h-power/)
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 6 Months Ended Year Ended
30 April 2026 30 April 2025 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
Six months ended Six months ended Year ended
30 April 2026 30 April 2025 31 October 2025
£000 £000 £000
Note Unaudited Unaudited Audited
Revenue from customer contracts 3 253 17 125
Cost of sales (329) (74) (232)
Gross (loss)/ profit (76) (57) (107)
Other income 390 113 294
Expecting credit losses - - (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
30 April 2026 30 April 2025 31 October 2025
£000 £000 £000
Note Unaudited Unaudited 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 Share premium Other reserve Retained loss
£000 £000 £000 £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 Share premium Other reserve Retained loss
£000 £000 £000 £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 Share premium Other reserve Retained loss
£000 £000 £000 £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
30 April 2026 30 April 2025 31 October 2025
£000 £000 £000
Note Unaudited Unaudited 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 (4,670) (8,602) (13,225)
provisions
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 Six months ended Year ended
30 April 2026 30 April 2025 31 October 2025
£000 £000 £000
Unaudited Unaudited 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 Six months ended Year ended
30 April 2026 30 April 2025 31 October 2025
£000 £000 £000
Unaudited Unaudited 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 Six months ended Year ended
30 April 2026 30 April 2025 31 October 2025
£000 £000 £000
Unaudited Unaudited 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 Six months ended Year ended
30 April 2026 30 April 2025 31 October 2025
£000 £000 £000
Unaudited Unaudited 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 Six months ended Year ended
30 April 2026 30 April 2025 31 October 2025
£000 £000 £000
Unaudited Unaudited 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 Patents and Total
Costs Commercial Rights Intangible
£000 £000 £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 Patents and Total
Costs Commercial Rights Intangible
£000 £000 £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 Patents and Total
Costs Commercial Rights Intangible
£000 £000 £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 Cars Total
£000 £000 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 Cars Total
£000 £000 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 Cars Total
£000 £000 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 Decommissioning Fixtures, Assets Under Construction Total
Improvements Asset fittings and £000 £000
£000 £000 equipment
£000
Cost
As at 1 November 2025 4,195 98 4,535 102 8,931
Additions 194 - 133 731 1,058
Disposals (58) (279) (549) (886)
Transfers (4) (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 Decommissioning Fixtures, Assets Under Construction Total
Improvements Asset fittings and £000 £000
£000 £000 equipment
£000
Cost
As at 1 November 2023 3,546 300 3,871 694 8,411
Additions 169 167 2,234 382 2,952
Disposals - (2,483) (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 Decommissioning Fixtures, Assets Under Construction Total
Improvements Asset fittings and £000 £000
£000 £000 equipment
£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 30 April 2025 31 October 2025
£000 £000 £000
Unaudited Unaudited Audited
Raw materials 1,432 3,344 1,819
Work in progress - 54 0
Finished Goods 377 - 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 30 April 2025 31 October 2025
£000 £000 £000
Unaudited Unaudited 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 30 April 2025 31 October 2025
£000 £000 £000
Unaudited Unaudited 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
www.h-power.co.uk (http://www.h-power.co.uk)
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