H2APEX Demonstrates Robust Q1 2024 Revenue Growth and Maintains FY 2024 Guidance

H2APEX has achieved significant revenue growth in the first quarter of 2024, reporting a sixfold increase to EUR 10.1 million compared to EUR 1.5 million in the same period last year. Most of the anticipated revenues for 2024 are already secured, with a backlog totaling EUR 27.4 million. The company reaffirms its annual revenue guidance of EUR 35 million to EUR 40 million.

The company continues to develop its own hydrogen plants in Laage and Lubmin, and is scaling up production for hydrogen storage. Employee numbers grew to 137 in Q1 2024 from 110 at the end of 2023, aligning with the growth strategy. Despite high investments and increased personnel costs, the adjusted EBITDA remains stable at EUR -3.6 million compared to EUR -3.5 million in Q1 2023. The quarterly result stands at EUR -5.0 million.

H2APEX is confident in achieving its revenue targets for the fiscal year, driven by its secured contracts and expanding hydrogen projects. The company plans to start fully automated serial production of hydrogen tanks by the end of 2024.