H-Power (QC8) Q4 2025 Earnings Report

The call balanced clear strategic progress (product launches LC30/Hy-5, key partnerships with Volex, ICL, and an S&P 500 partner, reduced cash burn, successful fundraise and an improved cash runway) against continued near-term commercial and accounting challenges (widened reported loss, negligible current sales, one-off write-offs/provisions, certification and supply risks, and the need to build a firm order book by 2027). The tone was constructive and execution-focused, but the company still needs to convert pipeline interest into contracted orders and navigate certification/supply constraints to realize revenue growth.

Management gave detailed near‑term commercial and technical guidance: LC30 CE marking is targeted in August 2026 with sales from September and a committed build of 15 units through October 2026 (each unit takes ~85 hours to build and uses ~40–45 kg H2/day), Dunsfold hydrogen sales to begin April 2026 and Hy‑5 pilot commissioning with ICL import clearance is planned for November 2026, Hy‑5 prototype capacity at Dunsfold is ~1 unit/week (~50/yr) with the pilot site capacity ≈400 kg/day (Hy‑5 spec ~500 kg/day), medium‑term LC30 production is fuel‑cell limited to ~500 units/month (6,000/yr) equating to ~£600m revenue at £100k/unit (management referenced a ~$95k price point), Hy‑5 Fuel‑as‑a‑Service price shown at £10/kg, FY25 PBT loss £22.2m (non‑cash items £12.4m), R&D spend £11.7m (£5.2m capitalized) with ~£3.3m R&D tax credits expected, net fundraising ~£25.8m (gross £27.5m) with £25.3m cash on hand, and cash burn cut to £15.4m in FY25 (from £26.6m) with fixed costs kept <£1m/month.