Income Statement AFC Energy plc

Equities

HPOW

GB00B18S7B29

Renewable Energy Equipment & Services

Market Closed - London S.E. Other stock markets 16:35:01 15/05/2026 BST			5-day change	1st Jan Change
15.36 ^GBX	+0.79%		+2.95%	+50.59%

04-30	WINNERS & LOSERS: Predator Oil loss widens; IG Design beats consensus	AN
04-16	AFC Energy PLC has Changed its Name to H-Power plc	CI

3f4.4kypEmESt7lPVFtdo1WSkpZOMwBGrOJ6Ja4L0Odsm3w.sT37dSNq9fAONhI-4Aalza8iAnc1xKc4f-Vipbgj40WpNP1RF0387iYEPA

Published financial data: AFC ENERGY PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: October	2021	2022	2023	2024	2025
Revenues	593K	582K	227K	4M	125K
Total Revenues	593K	582K	227K	4M	125K
Cost of Goods Sold, Total	577K	467K	294K	5.87M	2.8M
Gross Profit	15.97K	115K	-67K	-1.87M	-2.68M
Selling General & Admin Expenses, Total	9.38M	8.9M	9.84M	15.57M	15.9M
Provision for Bad Debts	-	-	-	-	2.94M
R&D Expenses	-	9M	8.49M	-	-
Depreciation & Amortization - (IS)	684K	1.16M	1.49M	2.48M	3.18M
Amortization of Goodwill and Intangible Assets - (IS)	110K	474K	110K	81K	1.05M
Other Operating Expenses	252K	193K	25K	-429K	-294K
Other Operating Expenses, Total	10.42M	19.73M	19.95M	17.7M	22.78M
Operating Income	-10.41M	-19.61M	-20.02M	-19.57M	-25.46M
Interest Expense, Total	-37.32K	-38K	-69K	-41K	-29K
Interest And Investment Income	18.69K	143K	512K	316K	213K
Net Interest Expenses	-18.63K	105K	443K	275K	184K
Currency Exchange Gains (Loss)	-1.68K	21K	22K	-	-28K
Other Non Operating Income (Expenses)	-12.69K	-2K	-6K	-14K	-9K
EBT, Excl. Unusual Items	-10.44M	-19.49M	-19.56M	-19.31M	-25.31M
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-145K
EBT, Incl. Unusual Items	-10.44M	-19.49M	-19.56M	-19.31M	-25.45M
Income Tax Expense	-1.06M	-3.04M	-2.09M	-1.89M	-3.26M
Earnings From Continuing Operations	-9.38M	-16.45M	-17.48M	-17.42M	-22.2M
Net Income to Company	-9.38M	-16.45M	-17.48M	-17.42M	-22.2M
Net Income - (IS)	-9.38M	-16.45M	-17.48M	-17.42M	-22.2M
Net Income to Common Incl Extra Items	-9.38M	-16.45M	-17.48M	-17.42M	-22.2M
Net Income to Common Excl. Extra Items	-9.38M	-16.45M	-17.48M	-17.42M	-22.2M
Per Share Items
Net EPS - Basic	-0.01	-0.02	-0.02	-0.02	-0.02
Basic EPS - Continuing Operations	-0.01	-0.02	-0.02	-0.02	-0.02
Basic Weighted Average Shares Outstanding	706M	735M	741M	785M	921M
Net EPS - Diluted	-0.01	-0.02	-0.02	-0.02	-0.02
Diluted EPS - Continuing Operations	-0.01	-0.02	-0.02	-0.02	-0.02
Diluted Weighted Average Shares Outstanding	706M	735M	741M	785M	921M
Normalized Basic EPS	-0.01	-0.02	-0.02	-0.02	-0.02
Normalized Diluted EPS	-0.01	-0.02	-0.02	-0.02	-0.02
Supplemental Items
EBITDA	-9.86M	-18.18M	-18.81M	-17.45M	-22.62M
EBITA	-10.34M	-19.17M	-19.91M	-19.49M	-25.34M
EBIT	-10.41M	-19.61M	-20.02M	-19.57M	-25.46M
EBITDAR	-8.9M	-17.41M	-18.14M	-16.98M	-22.06M
Effective Tax Rate - (Ratio)	10.18	15.61	10.66	9.79	12.8
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	-1.03M	-3.05M	-2.09M	-1.29M	-3.16M
Normalized Net Income	-6.53M	-12.18M	-12.23M	-12.07M	-15.82M
Interest on Long-Term Debt	37.32K	38K	69K	41K	29K
Supplemental Operating Expense Items
General and Administrative Expenses	1.12M	3.95M	3.92M	4.35M	5M
Research And Development Expense From Footnotes	3.15M	9.05M	8.49M	9.51M	11.7M
Net Rental Expense, Total	967K	772K	670K	461K	556K
Imputed Operating Lease Interest Expense	495K	247K	349K	169K	313K
Imputed Operating Lease Depreciation	472K	525K	321K	292K	243K
Stock-Based Comp., SG&A Exp. (Total)	1.15M	1.68M	778K	1.46M	2M
Stock-Based Comp., Other (Total)	1.15M	-	-	-	-
Total Stock-Based Compensation	2.3M	1.68M	778K	1.46M	2M

Fiscal Period: October	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	55.38M	40.22M	27.37M	15.37M	14.32M
Short Term Investments	-	-	-	-	11M
Total Cash And Short Term Investments	55.38M	40.22M	27.37M	15.37M	25.32M
Accounts Receivable, Total	299K	142K	107K	249K	-2.55M
Other Receivables	1.96M	4.78M	2.69M	5.95M	6.69M
Total Receivables	2.26M	4.92M	2.8M	6.2M	4.14M
Inventory	661K	43K	178K	1.95M	0
Prepaid Expenses	333K	314K	524K	2.05M	939K
Restricted Cash	612K	612K	258K	433K	-
Other Current Assets, Total	-	-	-	-	-
Total Current Assets	59.24M	46.11M	31.12M	26.01M	30.4M
Gross Property Plant And Equipment	5.99M	8.72M	10.4M	10.54M	10.93M
Accumulated Depreciation	-2.84M	-4.46M	-5.54M	-5.57M	-8.25M
Net Property Plant And Equipment	3.15M	4.26M	4.85M	4.96M	2.68M
Long-term Investments	-	-	-	625K	625K
Other Intangibles, Total	591K	311K	264K	223K	152K
Deferred Charges Long-Term	155K	0	-	4.4M	8.59M
Other Long-Term Assets, Total	-	-	-	348K	-
Total Assets	63.14M	50.68M	36.24M	36.57M	42.44M
Liabilities
Accounts Payable, Total	353K	445K	931K	1.83M	646K
Accrued Expenses, Total	985K	1.25M	958K	857K	960K
Current Portion of Leases	322K	298K	477K	505K	141K
Unearned Revenue Current, Total	-	1.6M	1.42M	1.8M	3.6M
Other Current Liabilities	358K	349K	416K	685K	585K
Total Current Liabilities	2.02M	3.94M	4.2M	5.68M	5.93M
Long-Term Leases	584K	698K	647K	159K	19K
Other Non Current Liabilities	654K	301K	301K	468K	101K
Total Liabilities	3.26M	4.94M	5.15M	6.3M	6.05M
Common Stock, Total	734K	735K	746K	854K	1.13M
Additional Paid In Capital	116M	116M	119M	134M	159M
Retained Earnings	-59.75M	-75.56M	-91.96M	-109M	-131M
Comprehensive Income and Other	2.46M	4.07M	3.78M	4.63M	7.05M
Total Common Equity	59.89M	45.74M	31.08M	30.27M	36.4M
Total Equity	59.89M	45.74M	31.08M	30.27M	36.4M
Total Liabilities And Equity	63.14M	50.68M	36.24M	36.57M	42.44M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	734M	735M	747M	854M	1.13B
ECS Total Common Shares Outstanding	734M	735M	747M	854M	1.13B
Book Value / Share	0.08	0.06	0.04	0.04	0.03
Tangible Book Value	59.3M	45.43M	30.82M	30.04M	36.24M
Tangible Book Value Per Share	0.08	0.06	0.04	0.04	0.03
Total Debt	906K	996K	1.12M	664K	160K
Net Debt	-54.47M	-39.22M	-26.24M	-14.71M	-25.16M
Debt Equivalent Oper. Leases	7.74M	6.18M	5.36M	3.69M	4.45M
Equity Method Investments, Total	-	-	-	625K	625K
Account Code - Inventory Valuation	5	5	6	6	6
Inventories - Raw Materials, Total	453K	173K	185K	1.78M	1.82M
Inventories - Work In Process, Total	208K	-	405K	615K	-
Inventories - Finished Goods, Total	-	-	-	-	754K
Machinery, Total	2.18M	2.42M	3.87M	3.38M	4.54M
Full Time Employees	40	115	120	136	121
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	2.94M
Order Backlog	-	-	26.6M	-	-

Fiscal Period: October	2021	2022	2023	2024	2025
Net Income	-9.38M	-16.45M	-17.48M	-17.42M	-22.2M
Depreciation & Amortization - CF	782K	1.37M	1.55M	2.51M	3.2M
Amortization of Goodwill and Intangible Assets - (CF)	64.6K	439K	110K	81K	111K
Depreciation & Amortization, Total	846K	1.81M	1.66M	2.59M	3.31M
Amortization of Deferred Charges, Total - (CF)	45.81K	34K	-	-	938K
(Gain) Loss From Sale Of Asset	3.69K	126K	35K	-	145K
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	-	549K	-	-	-
Stock-Based Compensation (CF)	1.15M	1.68M	778K	1.46M	2M
Provision and Write-off of Bad Debts	-	-	-	-	2.94M
Other Operating Activities, Total	-1.04M	-3.15M	-2.44M	-2.39M	-357K
Change In Accounts Receivable	-489K	-145K	-109K	-5.51M	1.86M
Change In Inventories	-411K	618K	-135K	-1.77M	-625K
Change In Accounts Payable	459K	1.95M	121K	1.23M	-1.13M
Change in Other Net Operating Assets	10.76K	193K	4.43M	2.89M	1.5M
Cash from Operations	-8.81M	-12.78M	-13.14M	-18.91M	-11.62M
Capital Expenditure	-1.81M	-2.39M	-1.61M	-2.95M	-724K
Sale of Property, Plant, and Equipment	-	-	-	-	-
Sale (Purchase) of Intangible assets	-86.79K	-334K	-63K	-4.44M	-5.16M
Investment in Marketable and Equity Securities, Total	-	-	-	-625K	-11M
Other Investing Activities, Total	18.69K	151K	428K	316K	2.08M
Cash from Investing	-1.88M	-2.57M	-1.24M	-7.7M	-14.8M
Long-Term Debt Repaid, Total	-292K	-381K	-449K	-520K	-498K
Total Debt Repaid	-292K	-381K	-449K	-520K	-498K
Issuance of Common Stock	36.44M	616K	2.04M	16.02M	27.48M
Other Financing Activities, Total	-1.39M	-38K	-69K	-877K	-1.61M
Cash from Financing	34.76M	197K	1.53M	14.62M	25.37M
Net Change in Cash	24.07M	-15.16M	-12.85M	-11.99M	-1.06M
Supplemental Items
Cash Interest Paid	37.32K	38K	69K	-	-
Cash Income Tax Paid (Refund)	-	-546K	-4.07M	-2.68M	-1.62M
Levered Free Cash Flow	-7.08M	-11.55M	-9.56M	-21.03M	-9.4M
Unlevered Free Cash Flow	-7.05M	-11.53M	-9.52M	-21.01M	-9.38M
Change In Net Working Capital	1.85M	74K	-2.22M	5.44M	-6.17M
Net Debt Issued / Repaid	-292K	-381K	-449K	-520K	-498K

Fiscal Period: October	2021	2022	2023	2024	2025
Profitability
Return on Assets	-13.28	-21.54	-28.79	-33.6	-40.27
Return on Total Capital	-13.83	-22.8	-31.7	-38.74	-47.15
Return On Equity %	-20.19	-31.14	-45.49	-56.78	-66.59
Return on Common Equity	-20.19	-31.14	-45.49	-56.78	-66.59
Margin Analysis
Gross Profit Margin %	2.69	19.76	-29.52	-46.63	-2.14K
SG&A Margin	1.58K	1.53K	4.34K	388.98	12.72K
EBITDA Margin %	-1.66K	-3.12K	-8.29K	-435.93	-18.09K
EBITA Margin %	-1.74K	-3.29K	-8.77K	-486.98	-20.28K
EBIT Margin %	-1.76K	-3.37K	-8.82K	-489.01	-20.36K
Income From Continuing Operations Margin %	-1.58K	-2.83K	-7.7K	-435.26	-17.76K
Net Income Margin %	-1.58K	-2.83K	-7.7K	-435.26	-17.76K
Net Avail. For Common Margin %	-1.58K	-2.83K	-7.7K	-435.26	-17.76K
Normalized Net Income Margin	-1.1K	-2.09K	-5.39K	-301.55	-12.65K
Levered Free Cash Flow Margin	-1.19K	-1.98K	-4.21K	-525.61	-7.52K
Unlevered Free Cash Flow Margin	-1.19K	-1.98K	-4.19K	-524.97	-7.5K
Asset Turnover
Asset Turnover	0.01	0.01	0.01	0.11	0
Fixed Assets Turnover	0.27	0.16	0.05	0.82	0.03
Receivables Turnover (Average Receivables)	-	2.64	1.82	22.48	-0.11
Inventory Turnover (Average Inventory)	1.27	1.33	2.66	5.52	2.88
Short Term Liquidity
Current Ratio	29.36	11.7	7.4	4.58	5.13
Quick Ratio	28.56	11.45	7.17	3.8	4.97
Operating Cash Flow to Current Liabilities	-4.36	-3.24	-3.12	-3.33	-1.96
Days Sales Outstanding (Average Receivables)	-	138.29	200.19	16.28	-3.36K
Days Outstanding Inventory (Average Inventory)	287.92	275.12	137.19	66.3	126.74
Average Days Payable Outstanding	129.39	-964.47	585.36	66.06	-
Cash Conversion Cycle (Average Days)	-	1.38K	-247.99	16.52	-
Long Term Solvency
Total Debt/Equity	1.51	2.18	3.62	2.19	0.44
Total Debt / Total Capital	1.49	2.13	3.49	2.15	0.44
LT Debt/Equity	0.98	1.53	2.08	0.53	0.05
Long-Term Debt / Total Capital	0.96	1.49	2.01	0.51	0.05
Total Liabilities / Total Assets	5.16	9.75	14.22	17.24	14.25
EBIT / Interest Expense	-278.89	-516.11	-290.14	-477.32	-877.79
EBITDA / Interest Expense	-256.21	-468.42	-266.03	-414.05	-763.66
(EBITDA - Capex) / Interest Expense	-304.75	-531.26	-289.32	-486.05	-788.62
Total Debt / EBITDA	-0.09	-0.06	-0.06	-0.04	-0.01
Net Debt / EBITDA	5.7	2.2	1.43	0.87	1.14
Total Debt / (EBITDA - Capex)	-0.08	-0.05	-0.06	-0.03	-0.01
Net Debt / (EBITDA - Capex)	4.79	1.94	1.31	0.74	1.1
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	-1.69	-61	1.66K	-96.88
Gross Profit, 1 Yr. Growth %	-	666.67	-158.26	2.69K	43.32
EBITDA, 1 Yr. Growth %	126.7	84.24	3.48	-7.26	29.64
EBITA, 1 Yr. Growth %	128.53	85.32	3.84	-2.11	30.05
EBIT, 1 Yr. Growth %	125.97	88.4	2.08	-2.25	30.08
Earnings From Cont. Operations, 1 Yr. Growth %	121.97	75.37	6.26	-0.32	27.42
Net Income, 1 Yr. Growth %	121.97	75.37	6.26	-0.32	27.42
Normalized Net Income, 1 Yr. Growth %	118.23	86.65	0.37	-1.29	31.07
Diluted EPS Before Extra, 1 Yr. Growth %	66.26	68.42	5.36	-5.94	8.56
Accounts Receivable, 1 Yr. Growth %	-	-52.51	-24.65	132.71	-1.12K
Inventory, 1 Yr. Growth %	164.94	-93.49	313.95	994.38	-100
Net Property, Plant and Equip., 1 Yr. Growth %	165.44	35.05	13.97	2.29	-46.26
Total Assets, 1 Yr. Growth %	81.33	-19.74	-28.5	0.92	16.06
Tangible Book Value, 1 Yr. Growth %	82.7	-23.39	-32.15	-2.52	20.63
Common Equity, 1 Yr. Growth %	81.34	-23.62	-32.04	-2.63	20.24
Cash From Operations, 1 Yr. Growth %	170.61	45.12	2.8	43.93	-38.54
Capital Expenditures, 1 Yr. Growth %	152.18	31.79	-32.71	83.7	-75.47
Levered Free Cash Flow, 1 Yr. Growth %	172.7	40.32	-17.18	119.92	-55.33
Unlevered Free Cash Flow, 1 Yr. Growth %	172.59	40.42	-17.39	120.65	-55.36
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	-38.08	162.23	-25.79
Gross Profit, 2 Yr. CAGR %	2.38K	-	111.34	302.82	532.46
EBITDA, 2 Yr. CAGR %	70.06	104.4	38.07	-2.04	9.65
EBITA, 2 Yr. CAGR %	71.15	105.81	38.72	0.82	12.83
EBIT, 2 Yr. CAGR %	70.83	106.34	38.68	-0.11	12.76
Earnings From Cont. Operations, 2 Yr. CAGR %	81.37	97.3	36.51	2.92	12.7
Net Income, 2 Yr. CAGR %	81.37	97.3	36.51	2.92	12.7
Normalized Net Income, 2 Yr. CAGR %	69.85	101.82	36.88	-0.46	13.75
Diluted EPS Before Extra, 2 Yr. CAGR %	39.65	67.34	33.21	-0.45	1.05
Accounts Receivable, 2 Yr. CAGR %	-	-	-40.18	32.42	388.18
Inventory, 2 Yr. CAGR %	163.13	-58.47	-48.11	573.07	-
Net Property, Plant and Equip., 2 Yr. CAGR %	103.85	89.34	24.06	7.97	-25.65
Total Assets, 2 Yr. CAGR %	287.77	20.64	-24.24	-15.05	8.23
Tangible Book Value, 2 Yr. CAGR %	397.02	18.31	-27.9	-18.67	8.44
Common Equity, 2 Yr. CAGR %	357.84	17.69	-27.95	-18.65	8.2
Cash From Operations, 2 Yr. CAGR %	89.98	98.19	22.14	21.64	-5.95
Capital Expenditures, 2 Yr. CAGR %	184.23	82.32	-5.83	11.18	-32.88
Levered Free Cash Flow, 2 Yr. CAGR %	70.48	110.95	7.8	34.96	-0.88
Unlevered Free Cash Flow, 2 Yr. CAGR %	70.57	111.04	7.71	35.01	-0.75
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.05K	-	-	89.08	-40.11
Gross Profit, 3 Yr. CAGR %	-17.66	1.54K	-	399.2	185.64
EBITDA, 3 Yr. CAGR %	27.05	74.68	62.9	20.92	7.55
EBITA, 3 Yr. CAGR %	28.03	75.76	63.85	23.5	9.75
EBIT, 3 Yr. CAGR %	28.03	76.51	63.19	23.42	9.08
Earnings From Cont. Operations, 3 Yr. CAGR %	29.43	79.35	60.52	22.92	10.51
Net Income, 3 Yr. CAGR %	29.43	79.35	60.52	22.92	10.51
Normalized Net Income, 3 Yr. CAGR %	28.17	75.27	59.9	22.75	9.1
Diluted EPS Before Extra, 3 Yr. CAGR %	6.38	48.65	43.43	18.62	2.47
Accounts Receivable, 3 Yr. CAGR %	41.02	-	-	-5.92	161.87
Inventory, 3 Yr. CAGR %	59.21	-23.33	-10.63	43.37	-
Net Property, Plant and Equip., 3 Yr. CAGR %	120.77	77.71	59.87	16.33	-14.27
Total Assets, 3 Yr. CAGR %	128.94	129.38	1.34	-16.64	-5.74
Tangible Book Value, 3 Yr. CAGR %	148.24	166.49	-1.71	-20.28	-7.25
Common Equity, 3 Yr. CAGR %	140.24	152.03	-2	-20.34	-7.33
Cash From Operations, 3 Yr. CAGR %	30.55	73.67	59.24	29.01	-3.12
Capital Expenditures, 3 Yr. CAGR %	165.64	120	30.78	17.67	-32.82
Levered Free Cash Flow, 3 Yr. CAGR %	34.59	68.01	54.46	36.72	-6.64
Unlevered Free Cash Flow, 3 Yr. CAGR %	34.46	68.14	54.38	36.79	-6.64
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-9.33	20.34	257.82	-	-
Gross Profit, 5 Yr. CAGR %	-55.51	-7.13	18.56	835.81	-
EBITDA, 5 Yr. CAGR %	9.88	28	31.36	38.6	39.05
EBITA, 5 Yr. CAGR %	10.54	28.45	32.21	40.73	41.13
EBIT, 5 Yr. CAGR %	10.46	28.91	32.19	40.56	40.76
Earnings From Cont. Operations, 5 Yr. CAGR %	10.64	27.27	32.22	43.62	39.34
Net Income, 5 Yr. CAGR %	10.64	27.27	32.22	43.62	39.34
Normalized Net Income, 5 Yr. CAGR %	10.53	28.74	31.58	39.77	39.54
Diluted EPS Before Extra, 5 Yr. CAGR %	-6.49	10.5	16.39	26.63	24.68
Accounts Receivable, 5 Yr. CAGR %	-26.66	-27.82	0.07	-	-
Inventory, 5 Yr. CAGR %	34.35	-23.39	1.69	82.8	-
Net Property, Plant and Equip., 5 Yr. CAGR %	103.93	68.31	75.32	45.6	17.7
Total Assets, 5 Yr. CAGR %	59.05	40.5	47.1	54.17	4.04
Tangible Book Value, 5 Yr. CAGR %	67.06	41.43	51.39	65.77	2.23
Common Equity, 5 Yr. CAGR %	64.96	40.31	48.4	60.33	1.96
Cash From Operations, 5 Yr. CAGR %	20.36	28.13	27.12	50.62	29
Capital Expenditures, 5 Yr. CAGR %	85.98	81.84	75.45	67.45	0.16
Levered Free Cash Flow, 5 Yr. CAGR %	56.31	36.73	26.93	53.92	29.35
Unlevered Free Cash Flow, 5 Yr. CAGR %	56.26	36.7	26.83	54.01	29.37