Trading Update for the year ended 31 October 2026
Summary by AI BETAClose X
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9 November 2026
H-Power plc
("H-Power" or the "Company")
Trading Update for the year ended 31 October 2026
Commercial reset translates into revenue growth and meaningful progress across core routes to market
H-Power plc (AIM: HPOW), a hydrogen products and services company using ammonia to produce hydrogen and convert hydrogen into clean off-grid power, is pleased to announce a trading update for the financial year ended 31 October 2026 ("FY26").
FY26 marked an important year in H-Power's commercial reset, with unaudited revenue increasing to £2.0 million from £0.1 million in FY25 due to sales of LC30 fuel cell generators, production and sale of hydrogen and the fulfilment of the first phase of the Komatsu Joint Development Agreement. Revenue in H1 FY26 was £0.25 million, rising to £1.75 million in H2 FY26, representing the third consecutive half year of revenue growth for the Company.
FY26 commercial highlights:
LC30 fuel-cell
- LC30 product sales: 15-unit order received from Speedy Hydrogen Solutions joint venture, following above target utilisation and increasing customer demand. H-Power and Speedy also agreed to establish an H-Power depot within Speedy's flagship London Gateway location to support expected demand from infrastructure projects.
- Speedy Hydrogen Solutions JV customers now benefiting from cost parity with diesel on a weekly rental plus fuel basis.
- Signed agreement for the sale of two LC30 fuel cell generators to TAMGO, H-Power’s exclusive fuel cell generator distribution partner in Saudi Arabia and other Gulf Cooperation Council countries for performance and customer trials.
- LC30 achieved Attestation of Conformity for the CE Mark, representing an important milestone towards commercial deployment of the product.
HY5 ammonia cracker
- First HY5 deployment remains on track for completion with hydrogen production in calendar year 2026. As updated at the FY26 interim results, the Company has been considering where this first deployment should be based. As hydrogen sales commenced in May 2026, ahead of target, the Company has taken the decision to deploy the first HY5 unit in Dunsfold, as opposed to a control environment in Port Clarence, to optimise resource efficiency and serve to accelerate scaling plans of future HY5 units.
- HY5 product revenue (FY27): Heads of Terms with hydrogen customer Protium for initial two-year supply and deployment of a HY5 ammonia cracker, establishing another core commercial route for H-Power.
- Hydrogen sales: sale of 5,000kg of fuel-cell-grade green hydrogen to Protium over contractual term, representing the UK's first commercial sale to a third party of bulk hydrogen produced from cracked ammonia.
- ICL Joint Venture: Shareholders’ Agreement signed and joint venture preparatory works ongoing. ICL joint venture relationship strengthened by award of confidential grant monies to a joint H-Power and ICL collaboration, which will be publicly announced in due course.
Integration with partners
- Technology integration: successful delivery of the first phase of H-Power's c. US$2 million, milestone-based Joint Development Agreement with Komatsu. Second phase focused on demonstrating H-Power's proprietary ammonia cracking technology integrated with a Komatsu engine and remains on track for delivery by the end of calendar year 2027. The programme demonstrates a further route through which H-Power can commercialise its proprietary technology by integrating it into third-party equipment and industrial applications.
- The Company continues to see strong engagement and progress around the use of decentralised ammonia cracking for industrial hydrogen demand. Its work with an S&P 500 partner is focused on identifying further applications where HY5 can demonstrate the practical and economic benefits of producing hydrogen closer to demand, with the relationship now moving to commercial term discussions.
FY26 financial highlights
- Unaudited revenue of £2.0 million, compared with £0.1 million in FY25.
- Cash and cash equivalents and short-term deposits at 31 October 2026 of approximately £11.1 million, compared with £25.3 million at 31 October 2025, with the movement reflecting investment in the commercial growth of the business during FY26.
Outlook
The commercial foundations established during FY26 give H-Power multiple routes through which to continue to build revenue in FY27.
Continued revenue growth during FY27 and beyond is based upon the following growth drivers:
LC30
- The Speedy Hydrogen Solutions JV has exceeded target utilisation with further assets required to meet demand, not least from a number of large infrastructure projects with hydrogen related requirements.
- Strong end-customer “try before buy” demand which is expected to translate to contractual orders from direct customers.
- Distribution-led geographical expansion into territories in which regulatory drivers require hydrogen assets to displace incumbent technologies.
HY5
- Substantial interest in the HY5 with a number of opportunities well developed across numerous partners and a variety of verticals.
- Commercial discussions progressing with S&P 500 partner.
H-Power will continue to leverage its commercial and strategic partnerships to support manufacturing, market access and customer deployment, enabling the Company to pursue growth without the need to build the entire value chain itself.
The Company will maintain a disciplined approach to capital allocation as it progresses these opportunities and focuses on building repeatable revenue and scale.
John Wilson, CEO of H-Power plc, commented:
"FY26 was an important year in the reset of H-Power from a technology-led business into a commercially focused products company.
We have made meaningful progress across the commercial routes we have set out for the business. The LC30 is generating product sales and repeat orders, hydrogen sales are now established, HY5 product sales have commenced and our proprietary ammonia cracking technology is generating revenue through development and integration programmes.
The progress with Speedy is particularly encouraging. LC30 utilisation has exceeded our target, our commercial offering is at price parity with diesel and this has translated into a 15-unit replenishment order, further overcoming traditional industry barriers. We are also seeing growing commercial momentum around HY5, with Protium agreeing to deploy the product.
Our focus for FY27 is now on building on these foundations: converting customer demand into further orders, increasing deployed units and utilisation, progressing HY5 into customer operations and building the repeatable revenues needed to scale H-Power."
FOR FURTHER INFORMATION, PLEASE CONTACT:
H-Power plc
John Wilson (Chief Executive Officer)
Karl Bostock (Chief Financial Officer)
+44 (0) 1483 276726
investors@h-power.co.uk
Zeus – Nominated Adviser and Joint Broker
David Foreman / James Hornigold (Investment Banking)
Dominic King (Corporate Broking) / Rupert Woolfenden (Sales)
+44 (0) 203 829 5000
Canaccord - Joint Broker
Henry Fitzgerald-O'Connor
Harry Pardoe
+44 (0) 207 523 8000
JP Capital Markets - Investor Communications Advisors
Nick Christopher
Will Morgan-Harrold
h-power@jpcapitalmarkets.co.uk
ABOUT H-POWER
H-Power plc develops and commercialises products that produce hydrogen from ammonia and convert hydrogen into clean off-grid power.
Our products are designed to overcome two of the traditional barriers to hydrogen adoption: the cost and complexity of producing hydrogen, and the difficulty of transporting and storing it. By using ammonia as a carrier and producing hydrogen at or close to the point of use, we provide practical solutions to these challenges at a commercially viable and attractive price point.
Our current two products are the HY5 and the LC30. The HY5 is a decentralised ammonia cracker designed to produce up to 500kg of fuel-cell-grade hydrogen per day at or close to the point of use. The LC30 is a 30kW fuel cell generator designed to provide clean off-grid power in applications where grid access is unavailable, constrained or unsuitable.
Together, our products address two key parts of the hydrogen value chain: producing hydrogen where it is needed and converting hydrogen into usable power.
We are addressing significant growth opportunities across both hydrogen production and hydrogen-to-power, including a global generator market worth around $18 billion and a UK hydrogen market targeting c.1.6 million tonnes of demand by 2030.
We are commercialising our products through multiple routes, including product sales and financing, hydrogen sales, Fuel-as-a-Service and integration into third-party equipment and industrial applications.
We are leveraging a partnership model across the value chain, including manufacturing, supply, distribution and customer deployment. This approach supports scale while limiting the need to invest heavily in our own infrastructure, allowing us to direct capital towards the areas of greatest commercial opportunity.
H-Power is listed on the London Stock Exchange's AIM Market and headquartered in Dunsfold, Surrey, UK.
Please read more on our website https://h-power.co.uk and follow us on LinkedIn.
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