Fusion Fuel Green PLC

No revenue was recognized in the first quarter. At quarter-end, Fusion Fuel had €0.7 million of inflows that did not yet meet revenue recognition criteria, and the company said 2024 revenue should be weighted toward the second half. The pre-tax loss for the quarter was €5.1 million, including €0.6 million of share-based compensation, €0.7 million of depreciation and amortization, and €0.6 million of fair value loss on warrants. Net proceeds from the ATM facility were €5.9 million in February, the first tranche of the Macquarie facility was $1.15 million after quarter-end, and the March 31 bank balance was just over €1.5 million. Management reiterated full-year 2024 guidance and said expected 2024 CapEx remains between €8 million and €10 million.

Frederico Figueira de Chaves emphasized that Fusion Fuel is concentrating on sub-10-megawatt projects, where he said the HEVO-Chain product fits best because of modularity, availability, and turn-key delivery. He framed the cement project in Spain as an important proof point: the first commercial HEVO-Chain installation, the first oxygen-capture project, and a system he said is commercially viable without subsidies. His tone was confident about product differentiation, pipeline breadth, and the ability to scale production efficiently, while also acknowledging that large-scale hydrogen projects are being delayed and that the company is still prioritizing capital strengthening.

Gavin Jones focused on grants, financing, and liquidity. He cited €5.9 million of ATM proceeds, just over €1 million from H2tALENT, estimated €5 million of potential grant funding for Aveiro, and the $1.15 million Macquarie drawdown after quarter-end. He said no revenue was recognized in Q1, explained that the €5.1 million pre-tax loss included several non-cash items, and noted that the operating cost base fell by €1.5 million excluding prior-quarter grant credits. He also said the company is maintaining 2024 guidance, expects to submit a NASDAQ compliance plan within the deadline, and wants to reach cash-flow breakeven by the end of 2025.

Analysts pressed management on why no formal revenue guidance update was given, and Gavin said the company is keeping its earlier 2024 guidance because it has not received enough new information to revise it, especially since Sines monetization is still in progress. Questions on the NASDAQ equity deficiency drew a response that the notice is based on 2023 audited financials and does not reflect 2024 financing activity, and management said it is comfortable with its plan and may also consider transferring to the NASDAQ Capital Market. On the U.S. market, Frederico said it remains a critical future market, but large projects are delayed and the near-term focus is still 10 megawatts and under; he also said the Bakersfield project is delayed and Fusion Fuel is a partner, not the lead. Management added that the cement customer has already requested four follow-on proposals, but no decision is expected before the current plant goes live.