Following successful acceptance tests and deliveries of A90 electrolyser units in December 2022, further deliveries in the first two months of 2023 and in the coming months as well as continued order backlog increase, Green Hydrogen Systems maintains the guidance for 2023 as announced 23 January 2023 (company announcement 02/2023):
The revenue guidance range reflects the uncertainty of the exact timing of the electrolysers passing revenue recognition criteria within the 2023 calendar year. Furthermore, the exact delivery, site acceptance test (SAT), revenue recognition and EBITDA may be negatively impacted by e.g. the current supply chain disruptions, increasing component and raw material costs, general inflation, delays in product assembly and pandemics as well as delays and/or challenges at customer site not controlled by Green Hydrogen Systems.
Green Hydrogen Systems targets a capital increase during first half of 2023. We are currently in dialogue with several of our larger shareholders regarding such potential capital increase.
“Looking back, our company is in a significant improved position today compared to the same time last year.
During 2022, we matured our product offerings, executed on important customer deliveries, and progressed ahead of schedule on our manufacturing capacity expansion. We have continued to strengthen our organisational competencies across the company, and we see even more positive market developments than what was the general industry expectations a year ago.
Our revenue for 2022 reached DKK 10 million and our investments were DKK 335 million. Both in line with our revised 2022 guidance range.
In 2023, we will continue to build on our competitive position by increasing sales and customer deliveries. We will also continue our investments in machinery and equipment to scale our manufacturing capacity and reap the benefits of the increasingly positive market prospects for pressurised alkaline electrolysers and green hydrogen.
We expect our revenue in 2023 to reach DKK 120 to 160 million with an investment level between DKK 270 to 300 million.
Furthermore, we target a capital increase of DKK 650 million through a rights issue with the proceeds supporting our continued production scaling efforts, our organisational competences and further strengthening of our balance sheet.”
In connection with this announcement, Green Hydrogen Systems will host a conference call. The conference call will be held on 1 March 2023 at 10:00 AM CET.
Please visit investor.greenhydrogen.dk to access the presentation used for the meeting.
DK: +45 89 87 50 45
International dial-in: +44 20 3936 2999
Participant access code: 617256
Stephan Kim is trained as a mechanical engineer and has performed a Doctorate / PhD with Fraunhofer IFAM in Germany. Stephan comes from a position as Chief Development & Innovation Officer and Member of the Executive Board with German medical technology company BEGO and with a prior career in science, technology, and project execution roles with Senvion, Airbus and Fraunhofer.
Carsten Schütz is trained as an aerospace engineer from University of Stuttgart. Carsten comes from a position as Vice President and Head of Production with the French aviation and aerospace company Airbus and with a prior career in engineering and technology roles with BAE Systems and Eurofighter Typhoon.
Investors:
Jens Holm Binger, Head of Investor Relations,
+45 6065 6525, jhb@greenhydrogen.dk
Media:
Jesper Buhl, Head of Public Affairs and Media Relations,
+45 5351 5295, jbu@greenhydrogen.dk