H2APEX Confirms Revenue Growth and Outlines Future Strategy

H2APEX Group SCA has released its annual results for the fiscal year 2023, showing a quadrupling of revenue to EUR 15.3 million, up from EUR 3.8 million the previous year. The company, which specializes in green hydrogen production, also forecasts a significant increase in revenue for 2024, expecting between EUR 35 million to EUR 40 million. This growth is primarily supported by contracted projects in hydrogen plant development and operation. The company's strong financial base is demonstrated through its cash reserves of EUR 44.4 million and a robust equity ratio of 46.1%.

The firm has a strategic focus on a three-pillar approach, including expanding project business, growing its own production capacity in green hydrogen, and initiating serial production of hydrogen storage solutions. In conjunction with these strategies, H2APEX plans to enhance its project development segment by emphasizing the construction and operation of new hydrogen projects catering to heavy industries such as steel and other sectors focused on emission reduction.

Despite these positive developments, H2APEX reported a negative adjusted EBITDA of EUR -16.1 million for 2023, a decline from EUR -9.2 million in the previous year, attributing this to investments and increased personnel costs. Nonetheless, the management anticipates improved financial metrics with positive operating cash flows and adjusted EBITDA by fiscal years 2025 and 2026 respectively.