Company announcement 09/2023

Green Hydrogen Systems – Trading statement Q1 2023

Performance highlights

• In Q1 2023, two A-Series customer orders were delivered and revenue totalling DKK 14 million recognised
  
  
• Additional A-Series electrolysers shipped from the factory and are awaiting installation and site acceptance test prior to revenue recognition
  
  
• The X-Series prototype delivered for installation and test at GreenLab as part of the EU supported (up to) 100 MW GreenHyScale project
  
  
• New medium-term targets announced for 2026 with targeted revenue of more than DKK 1,200 million and positive EBITDA
  
  
• The Company targets a capital increase in Q2 2023 and is considering various combinations of debt and equity instruments to allow adequate flexibility in the process
  
  

Guidance for 2023

Green Hydrogen Systems maintains guidance for 2023 as follows:

• Revenue: DKK 120 to 160 million
• EBITDA: DKK -240 to -210 million
• CAPEX: DKK 270 to 300 million
  
  

The revenue guidance range reflects the uncertainty of the exact timing of the electrolysers fulfilling revenue recognition criteria within the 2023 calendar year. Furthermore, the delivery dates, site acceptance test (SAT), revenue recognition and contribution to EBITDA may be negatively impacted by e.g. supply chain disruptions, increasing component and raw material costs, general inflation, delays in product assembly as well as delays and/or challenges at customer site not controlled by Green Hydrogen Systems.


Sebastian Koks Andreassen, CEO of Green Hydrogen Systems comments:

“In Q1 2023, the positive momentum continued and we delivered and revenue recognised additional two A-Series customer orders. Prior to delivery, these units were tested at our production facilities in Kolding, Denmark in close coordination with the customer teams. Furthermore, we have assembled, tested and shipped additional A-Series units for installation and site acceptance test.

End of Q1 2023, we were pleased to announce the important milestone of delivering the X-Series prototype for site installation at GreenLab in Skive, Denmark. During Q2 and Q3 2023, the X-Series prototype will undergo tests and validations as important next steps towards a commercial product.

We continue the capital increase process as announced in January 2023 and we are in dialogue with several of our current larger shareholders regarding timing and structure of the capital increase.”

Conference call details
In connection with this announcement, Green Hydrogen Systems will host a conference call. The conference call will be held on 17 April 2023 at 13:00 AM CET.
Please visit investor.greenhydrogen.dk to access the presentation used for the meeting.

Link to the webcast

DK: +45 89 87 50 45
International dial-in: +44 20 3936 2999
Participant access code: 656915

For more info please contact:

Investors:
Jens Holm Binger, Head of Investor Relations,
+45 6065 6525, jhb@greenhydrogen.dk

Media:
Jesper Buhl, Head of Public Affairs and Media Relations,
+45 5351 5295, jbu@greenhydrogen.dk

Forward-looking statements

This announcement contains forward-looking statements. Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘outlook’, ‘guidance’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the outlook set forth. Furthermore, some of these expectations are based on assumptions regarding future events which may prove incorrect.

Please also refer to the overview of risk factors in the Annual Report 2022 available at greenhydrogen.dk.

Source: Green Hydrogen Systems
Ticker: GREENH
Tag: Company announcement