New Risk • Aug 12
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (UK£361k revenue, or US$487k). Minor Risk Share price has been volatile over the past 3 months (7.9% average weekly change). New Risk • Jul 23
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Revenue is less than US$1m (UK£361k revenue, or US$481k). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). New Risk • Jun 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (UK£361k revenue, or US$476k). Minor Risk Currently unprofitable and not forecast to become profitable next year (UK£14m net loss next year). Reported Earnings • Jun 16
First half 2026 earnings released: UK£0.005 loss per share (vs UK£0.012 loss in 1H 2025) First half 2026 results: UK£0.005 loss per share (improved from UK£0.012 loss in 1H 2025). Net loss: UK£5.82m (loss narrowed 43% from 1H 2025). Revenue is forecast to grow 102% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Electrical industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Annonce • May 20
H-Power plc to Report First Half, 2026 Results on Jun 10, 2026 H-Power plc announced that they will report first half, 2026 results on Jun 10, 2026 Annonce • Mar 23
AFC Energy plc, Annual General Meeting, Apr 16, 2026 AFC Energy plc, Annual General Meeting, Apr 16, 2026. Location: the napier suite, brooklands hotel, brooklands drive, weybridge, surrey kt13 0sl, United Kingdom Reported Earnings • Feb 26
Full year 2025 earnings released: UK£0.024 loss per share (vs UK£0.022 loss in FY 2024) Full year 2025 results: UK£0.024 loss per share (further deteriorated from UK£0.022 loss in FY 2024). Net loss: UK£22.2m (loss widened 27% from FY 2024). Revenue is forecast to grow 135% p.a. on average during the next 2 years, compared to a 26% growth forecast for the Electrical industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 18% per year, which means it is performing significantly worse than earnings. Annonce • Feb 18
UK Environmental Agency Allows AFC to Sell Hydrogen Produced by Cracker AFC Energy announced the agreement by the UK Environment Agency to revise AFC Energy's Research and Development permit for the export and sale of low carbon hydrogen produced from the Company's pilot ammonia cracking plant to hydrogen off-takers. This accelerates revenue generation by AFC Energy from low carbon hydrogen production by a number of months. This revision, agreed by the Environment Agency, evidences the significant progress AFC Energy has made in producing ISO 14687 grade D (99.97% pure hydrogen) in volume and the robustness of internal safety protocols and procedures. It also provides further flexibility in the timing of the relocation of the Dunsfold pilot cracking plant as the training of operatives in a live environment can now be conducted at Dunsfold. AFC Energy continues to work with its Joint Venture ("JV") partner, Industrial Chemicals Group Ltd. (ICL), to establish hydrogen production, through multiple Hy-5 ammonia cracker units from AFC Energy (each capable of producing up to 500kg of hydrogen per day), at ICL's facility in Port Clarence, Middlesborough. The JV is engaged with the UK Environment Agency at both local and central levels to create a framework for future deployments, across the UK, of AFC Energy's future Hy-5 units through accelerated permitting. The pilot ammonia cracker site at Dunsfold is capable of producing up to 300kg of hydrogen per day in its current configuration. New Risk • Feb 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended April 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported April 2025 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (UK£15m net loss in 2 years). Share price has been volatile over the past 3 months (8.5% average weekly change). Revenue is less than US$5m (UK£3.6m revenue, or US$4.9m). Price Target Changed • Jan 29
Price target decreased by 13% to UK£0.23 Down from UK£0.26, the current price target is provided by 1 analyst. New target price is 91% above last closing price of UK£0.12. Stock is up 35% over the past year. The company is forecast to post a net loss per share of UK£0.021 next year compared to a net loss per share of UK£0.022 last year. Annonce • Jan 21
AFC Energy plc Announces Operational Update AFC Energy Plc announced the completion of the first build of new generation LC30 30kW liquid-cooled fuel cell generator (the "LC30 Generator") which is now undergoing operational testing and producing power in accordance with its design specification. In order to drive market adoption and support AFC Energy's volume growth plans, the LC30 Generator benefits from significant advantages compared to the previous, air-cooled model, including: The manufacturing cost is c.85% lower. Substantially smaller footprint, enabling deployments in locations in which space is at a premium, with a greater than 50% mass reduction and 45% reduced volume. The LC30 Generator is up to 20% more efficient and consists of 95% fewer components. With an increased operating range from -20degC to +50degC (compared with -5degC to +40degC for the previous generator) it is suitable for deployment globally across all populated continents. The LC30 Generator is also designed to accommodate a 100kW fuel cell in the same chassis, where customer requirements demand a larger power output, and will progress to certification and pre-production, supported by manufacturing partner, Volex plc. Annonce • Jan 20
AFC Energy plc to Report Fiscal Year 2025 Results on Feb 25, 2026 AFC Energy plc announced that they will report fiscal year 2025 results at 8:00 AM, GMT Standard Time on Feb 25, 2026 New Risk • Dec 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (UK£15m net loss in 2 years). Share price has been volatile over the past 3 months (7.5% average weekly change). Revenue is less than US$5m (UK£3.6m revenue, or US$4.8m). Annonce • Sep 17
AFC Energy plc Announces the Appointment of Nick Walker as Chief Strategy Officer Effective 15 September 2025 AFC Energy plc announced the appointment of Nick Walker as Chief Strategy Officer with immediate effect. Nick is a seasoned hydrogen, cleantech and energy transition technology and infrastructure specialist with over 25 years of experience as an analyst, investment banker, fund raiser and consultant, with a particular focus on hydrogen companies across the hydrogen value chain, globally. He has previously held senior investment research and/or corporate finance positions, at Liberum Capital, Evolution Securities, and Beeson Gregory, and was until recently Head of Renewable Energy, Clean Tech & Sustainability Research at Peel Hunt. Nick will lead the development and execution of AFC Energy's commercialisation strategy as the Company advances its next generation of ammonia cracker and fuel cell technologies into global markets. He will be responsible for enhancing AFC Energy's commercial partnerships, driving long-term growth opportunities, and ensuring the alignment of strategic objectives with operational delivery. In addition, he will oversee stakeholder engagement and investor relations, working closely with the investment community and industry partners to strengthen AFC Energy's profile and ensure effective communication of the Company's progress and outlook. New Risk • Aug 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risk Revenue is less than US$5m (UK£3.6m revenue, or US$4.9m). New Risk • Jul 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 28% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Revenue is less than US$5m (UK£3.6m revenue, or US$4.9m). Annonce • Jul 23
AFC Energy plc has completed a Follow-on Equity Offering in the amount of £4.472925 million. AFC Energy plc has completed a Follow-on Equity Offering in the amount of £4.472925 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 44,729,253
Price\Range: £0.1 Reported Earnings • Jul 19
First half 2025 earnings released: UK£0.012 loss per share (vs UK£0.011 loss in 1H 2024) First half 2025 results: UK£0.012 loss per share (further deteriorated from UK£0.011 loss in 1H 2024). Revenue: UK£17.0k (down 96% from 1H 2024). Net loss: UK£10.1m (loss widened 22% from 1H 2024). Revenue is forecast to grow 47% during the next year, compared to a 19% growth forecast for the Electrical industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. New Risk • Jul 17
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: UK£3.6m (US$4.8m) This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 28% per year over the past 5 years. Minor Risk Revenue is less than US$5m (UK£3.6m revenue, or US$4.8m). Annonce • Jul 17
AFC Energy plc has filed a Follow-on Equity Offering in the amount of £5 million. AFC Energy plc has filed a Follow-on Equity Offering in the amount of £5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 50,000,000
Price\Range: £0.1 New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -UK£26m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£26m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 34% per year over the past 5 years. Minor Risk Currently unprofitable and not forecast to become profitable next year (UK£19m net loss next year). New Risk • Jun 05
New major risk - Revenue and earnings growth Earnings have declined by 34% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 34% per year over the past 5 years. Minor Risks Less than 1 year of cash runway based on current free cash flow (-UK£26m). Currently unprofitable and not forecast to become profitable next year (UK£19m net loss next year). Annonce • Mar 28
AFC Energy plc, Annual General Meeting, Apr 23, 2025 AFC Energy plc, Annual General Meeting, Apr 23, 2025. Location: the napier suite, brooklands hotel, brooklands drive, surrey kt13 0sl, weybridge United Kingdom Recent Insider Transactions • Mar 21
Non-Executive Chairman recently bought UK£63k worth of stock On the 19th of March, Gary Bullard bought around 1m shares on-market at roughly UK£0.063 per share. This transaction amounted to 39% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Gary has been a buyer over the last 12 months, purchasing a net total of UK£128k worth in shares. Reported Earnings • Mar 20
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: UK£0.022 loss per share (improved from UK£0.024 loss in FY 2023). Revenue: UK£4.00m (up UK£3.78m from FY 2023). Net loss: UK£17.4m (flat on FY 2023). Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 4.2%. Revenue is forecast to grow 41% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Electrical industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 45% per year, which means it is performing significantly worse than earnings. Price Target Changed • Mar 19
Price target decreased by 13% to UK£0.55 Down from UK£0.63, the current price target is an average from 2 analysts. New target price is 781% above last closing price of UK£0.062. Stock is down 69% over the past year. The company is forecast to post a net loss per share of UK£0.021 next year compared to a net loss per share of UK£0.024 last year. Annonce • Mar 19
AFC Energy plc Announces the Launch of Hy-5 Through Its Hyamtec Brand AFC Energy announced the launch of "Hy-5" through its Hyamtec brand, the world's first containerised, portable, cracking module capable of producing up to 500kg/day for delivery from 2026. Hy-5 will be offered as a "plug and play" under a "fuel as a service" (FaaS), with the headline cost of hydrogen, on-site, charged at PS10/kg. This is substantially below prevailing market rates including those attracting government subsidies. Hy-5 will provide hydrogen purity >99.9% to ISO14687 grade D with <0.1% ppm of ammonia in the feed stream, making this compatible with AFC Energy S and S+ series hydrogen fuel cell generators, with a power consumption <9.5kWh/kg. This provides market opportunities across multiple verticals: H2 fuel for off-grid power (e.g. fuel cell generators); H2 refuelling stations for fuel cell/H2 combustion engine buses, trucks, vans; H2 refuelling for construction equipment (e.g. excavators and mining trucks); Off-grid EV charging (with a fuel cell generator); Industrial burners (for heat used in industrial applications); Industrial manufacturing facilities (e.g. refining, steel, cement, ceramics, glass, chemicals production, e-fuels production); and H2 supply for hydrogen fuel logistics companies. Ammonia is currently used and transported at scale around the world, providing Hy-5 with global opportunities. Hy-5 (together with ammonia supply vessels) provides a highly compact, self-contained footprint for hydrogen generation. It does not require a grid supply or renewable energy power source (e.g. a wind farm/solar farm) as is required for supply of energy to electrolysers which, if built from scratch, would likely require land, planning consent, grid connection, additional environmental permits, potentially requiring material capex and relatively lengthy timescales (e.g. lead-time on consents and permitting, equipment supply, construction and commissioning, dependent on the scope of the project). New Risk • Mar 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Revenue is less than US$1m (UK£434k revenue, or US$561k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£17m net loss in 3 years). Market cap is less than US$100m (UK£61.5m market cap, or US$79.5m). Annonce • Mar 07
AFC Energy plc to Report Q4, 2024 Results on Mar 19, 2025 AFC Energy plc announced that they will report Q4, 2024 results at 8:00 AM, GMT Standard Time on Mar 19, 2025 Annonce • Jan 08
AFC Energy plc Appoints John Wilson as its Executive Director AFC Energy plc announced appointment of John Wilson as its Executive Director, effective, 6 January 2025. Price Target Changed • Nov 04
Price target decreased by 17% to UK£0.61 Down from UK£0.74, the current price target is an average from 4 analysts. New target price is 475% above last closing price of UK£0.11. Stock is down 14% over the past year. The company is forecast to post a net loss per share of UK£0.021 next year compared to a net loss per share of UK£0.024 last year. New Risk • Oct 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£72.5m (US$94.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (UK£434k revenue, or US$567k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£17m net loss in 3 years). Share price has been volatile over the past 3 months (6.9% average weekly change). Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (UK£72.5m market cap, or US$94.6m). Annonce • Sep 18
AFC Energy plc Appoints Mike Rendall as Managing Director for Hyamtec Limited AFC Energy plc appointed Dr. Mike Rendall as Managing Director for its subsidary, Hyamtec Limited. Dr. Mike Rendall, currently Chief Technology Officer of AFC Energy's Hydrogen Processing Division, will lead Hyamtec as Managing Director, bringing over 25 years of experience in hydrogen generation technologies. Annonce • Sep 05
AFC Energy plc Announces Chief Executive Office Changes AFC Energy plc announced the appointment of John Wilson as the new Chief Executive Officer, effective 6th January 2025, succeeding Adam Bond, whose decision to step down was previously announced. John brings a wealth of experience in leading technology-driven businesses through significant growth and transformation, making him exceptionally well-suited to guide AFC Energy as it enters a new phase of its development and commercial scale up. John will join AFC Energy from Bulgin Ltd, a private equity-backed connectivity solutions developer, where he has held the position of CEO since leading a successful management buyout in 2019. Prior to this, John was CEO of Elektron Technology Plc for nearly a decade, where he significantly enhanced shareholder value through strategic growth initiatives and the commercialisation of complex technologies. His early career was spent in engineering and technology consulting roles, where he specialised in bringing complex and emerging technologies to market in both the UK and North America. John's appointment comes at a pivotal time for AFC Energy as the company embark on next chapter of growth, capitalising on Adam's work to date, focusing on scaling up manufacturing capabilities and developing the value in ammonia cracker technology. His proven track record in driving strategic initiatives and delivering shareholder value will be instrumental in steering AFC Energy towards continued success. To ensure a smooth transition, Gary Bullard, Chairman of AFC Energy, will take on the role of CEO on an interim basis, effective immediately, to support the transition until John assumes his position on 6thJanuary 2025. Adam Bond has resigned as a director of the Company with effect 5th September 2024, but shall remain available to support the transition. Annonce • Aug 02
ACCIONA's First 45kVA H-Power Generator AFC Energy announced the successful Factory Acceptance Test and validation of its first 45kVA H-Power Generator. The H-Power Generator left AFC Energy's offices this week and is scheduled to arrive shortly for deployment at an ACCIONA construction site in Madrid, Spain, Comprising AFC Energy's latest generation 30kW S Series fuel cell generator plus a harmonized 60kWh battery storage unit ("BSU"), the first generator system is to be leased to ACCIONA to support the decarbonisation of construction activities with an option to purchase at the conclusion of the lease. Reported Earnings • Jul 25
First half 2024 earnings released: UK£0.011 loss per share (vs UK£0.008 loss in 1H 2023) First half 2024 results: UK£0.011 loss per share (further deteriorated from UK£0.008 loss in 1H 2023). Net loss: UK£8.32m (loss widened 33% from 1H 2023). Revenue is forecast to grow 67% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Annonce • Jul 23
AFC Energy Announces Stepping Down of Adam Bond as CEO AFC Energy announced that Adam Bond advised the Board on 22 July 2024 of his decision to step down from his role as CEO in order to return to Australia and his family after 10 years in the UK with the Company. Major Estimate Revision • Jul 23
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -UK£0.024 to -UK£0.029 per share. Revenue forecast unchanged at UK£5.94m. Electrical industry in the United Kingdom expected to see average net income growth of 20% next year. Consensus price target of UK£0.79 unchanged from last update. Share price fell 7.8% to UK£0.17 over the past week. Annonce • Jul 23
AFC Energy plc Announces Gary Bullardwill Take on the Role of Executive Chairman AFC Energy announced that Gary Bullard, the current non-Executive Chairman, will take on the role of Executive Chairman until a successor CEO is in place. Gary has nearly 20 years' experience on the boards of successful UK-based industrial technology companies, including Chloride plc, Rotork plc, Spirent plc and Gooch & Housego plc. Price Target Changed • Jul 04
Price target increased by 22% to UK£0.79 Up from UK£0.65, the current price target is an average from 4 analysts. New target price is 380% above last closing price of UK£0.16. Stock is up 30% over the past year. The company is forecast to post a net loss per share of UK£0.024 next year compared to a net loss per share of UK£0.024 last year. Buy Or Sell Opportunity • Jul 02 Over the last 90 days, the stock has fallen 1.4% to UK£0.17. Revenue has grown by 25% over the last 3 years. Earnings per share has declined by 34%. For the next 3 years, revenue is forecast to grow by 57% per annum. Earnings are also forecast to grow by 4.1% per annum over the same time period.
Buy Or Sell Opportunity • Jun 28
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.3% to UK£0.17. The fair value is estimated to be UK£0.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has declined by 34%. For the next 3 years, revenue is forecast to grow by 46% per annum. Earnings are also forecast to grow by 3.0% per annum over the same time period. Annonce • Jun 26
AFC Energy Announces Ammonia Cracker Integration Improves Engine Combustion Performance AFC Energy announced that presenting the opening keynote speech at MariNH3's 2024 Conference. The presentation will highlight the positive results achieved to date through adoption of AFC Energy's novel ammonia cracker technology to improve the combustion and emissions of future ammonia fuelled maritime engines. Highlights: AFC Energy has successfully operated its ammonia cracker reactor technology alongside a MAHLE Powertrain combustion test engine fuelled principally by ammonia. The ammonia cracker provided a pilot fuel, operating in a ratio of 80:20 (ammonia: cracked gas) that delivered improved operating performance when compared to ammonia combustion alone. The Cracker was able to generate hydrogen on-demand and co-blend with additional ammonia to make a resulting flammable fuel gas stream that was fed into the engine injection system. The compact fast-start Cracker dynamically supported the fuelling needs of the test engine and achieved stable performance on the first trials. Enhanced burn characteristics from the cracked gas blend (75% Hydrogen:25% Nitrogen) are designed to improve engine performance evidenced by stable operation and increased efficiency (reduced fuel consumption) with reduced (zero carbon) pollutant emissions. Success in cracker integration with ammonia engines means maritime propulsion can be achieved with a single ammonia fuel without the need for dual (fossil) fuels as is currently the case in several ammonia combustion engine developments. The "Enhanced Ammonia Cracking to Improve Engine Combustion and Emissions" ("ENTICE") project is led by AFC Energy with partners including MAHLE Powertrain, Nottingham University and Clean Air Power (funded by InnovateUK). In addition to maritime applications, AFC Energy is also assessing applications with partners for ammonia combustion engine and cracker integration across land based hydrogen production and in the fuelling of large off-road machinery such as that used in the mining industry. The ENTICE project is scheduled to continue until March 2025 enabling further system integration with larger multiple cylinder engines for testing across a range of operational parameters. Annonce • Jun 20
AFC Energy plc Delivers Its Highest Power Rated 200Kw H-Power Generator AFC Energy plc announce it has successfully delivered its highest power rated 200kW H-Power Generator to date, utilising its latest generation S+ Series liquid cooled fuel cell technology, marking an important landmark for the Company. Price Target Changed • Jun 13
Price target decreased by 19% to UK£0.65 Down from UK£0.80, the current price target is an average from 4 analysts. New target price is 310% above last closing price of UK£0.16. The company is forecast to post a net loss per share of UK£0.025 next year compared to a net loss per share of UK£0.024 last year. New Risk • Jun 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (UK£227k revenue, or US$289k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£19m net loss in 3 years). Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (10% increase in shares outstanding). Buy Or Sell Opportunity • Jun 11
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to UK£0.16. The fair value is estimated to be UK£0.21, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has declined by 34%. For the next 3 years, revenue is forecast to grow by 46% per annum. Earnings are also forecast to grow by 3.0% per annum over the same time period. Annonce • Mar 29
AFC Energy plc, Annual General Meeting, Apr 25, 2024 AFC Energy plc, Annual General Meeting, Apr 25, 2024, at 09:30 Coordinated Universal Time. Location: Napier Suite. Brooklands Hotel, Brooklands Drive Weybridge Surrey United Kingdom Reported Earnings • Mar 27
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: UK£0.024 loss per share (further deteriorated from UK£0.022 loss in FY 2022). Net loss: UK£17.5m (loss widened 6.3% from FY 2022). Revenue missed analyst estimates by 62%. Earnings per share (EPS) exceeded analyst estimates by 11%. Revenue is forecast to grow 47% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Electrical industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 34% per year whereas the company’s share price has fallen by 33% per year. Annonce • Nov 19
AFC Energy plc (AIM:AFC) signed an agreement to acquire UK Mobile Hydrogen Storage and Distribution Assets from Octopus Hydrogen. AFC Energy plc (AIM:AFC) signed an agreement to acquire UK Mobile Hydrogen Storage and Distribution Assets from Octopus Hydrogen on November 17, 2023. Annonce • Oct 24
AFC Energy plc Announces the Latest Milestone in the Accelerated Development of Its Modular, Scalable Ammonia Cracker Technology AFC Energy plc announced the latest milestone in the accelerated development of its modular, scalable ammonia cracker technology. Highlights: AFC Energy's next generation ammonia cracker technology successfully achieves 99.99% hydrogen from single reactor testing; Results independently tested by the UK's National Physical Laboratory ("NPL"); Testing confirmed ammonia levels in hydrogen stream were materially less than the limits required to meetISO 14687:2019 standards for vehicular and stationary fuel cells; Results highlight the ability of AFC Energy's new ammonia cracking technology to deliver fuel cell grade hydrogen on a modular, scalable basis; Ammonia cracker technology complimentary to AFC Energy's growing H-Power fuel cell generator offering. AFC Energy's ammonia cracker enables ammonia, a compound of hydrogen and nitrogen (NH3), to be "cracked" into discreet hydrogen and nitrogen molecules. The hydrogen can then be consumed as a fuel in fuel cells or combustion with the nitrogen emitted to atmosphere (which comprises c. 78% nitrogen) with zero carbon emissions. However, the presence in the hydrogen of uncracked trace ammonia has the potential to damage fuel cells. In 2019, the International Organisation for Standardisation ("ISO") publishedISO 14687:2019 which governs the international standard forminimum quality characteristics of hydrogen as a fuel for utilisation in vehicular and stationary fuel cell applications and which stipulated the maximum level of residual ammonia permitted. It is therefore an important achievement that AFC Energy's ammonia cracker reactor has been able to meet the ISO standard for residual ammonia ("parts per billion" or "PPB") in hydrogen fuel. Ammonia is forecast to play a growing role in delivering on decarbonisation targets for industry and maritime due to its high energy density (relative to hydrogen gas) and potential to displace conventional fossil fuels and carbon emissions. Ammonia is also seen as an enabler to the international trade of hydrogen where hydrogen is transported by ship in the form of ammonia, and cracked back into hydrogen at its target import destination. Test Details: The UK's NPL was engaged to independently analyse the composition of hydrogen gas derived from AFC Energy's new ammonia cracking reactor and downstream purification technology. NPL's analysis was conducted on the basis of individual ammonia cracker reactors. NPL's analysis confirmed the hydrogen derived from AFC Energy's cracker and purifier successfully achieved the ammonia PPB standard for fuel cell grade hydrogen, a key milestone in demonstrating the technology's potential to support the growing "ammonia to power" market in stationary and maritime applications. Price Target Changed • Sep 19
Price target increased by 14% to UK£0.75 Up from UK£0.66, the current price target is an average from 4 analysts. New target price is 372% above last closing price of UK£0.16. Stock is down 22% over the past year. The company is forecast to post a net loss per share of UK£0.026 next year compared to a net loss per share of UK£0.022 last year. Major Estimate Revision • Sep 05
Consensus EPS estimates fall by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -UK£0.022 to -UK£0.025 per share. Revenue forecast of UK£655.8k unchanged since last update. Electrical industry in the United Kingdom expected to see average net income growth of 23% next year. Consensus price target of UK£0.66 unchanged from last update. Share price rose 24% to UK£0.19 over the past week. Price Target Changed • Aug 31
Price target decreased by 13% to UK£0.66 Down from UK£0.75, the current price target is an average from 4 analysts. New target price is 338% above last closing price of UK£0.15. Stock is down 44% over the past year. The company is forecast to post a net loss per share of UK£0.024 next year compared to a net loss per share of UK£0.022 last year. Reported Earnings • Aug 02
First half 2023 earnings released: UK£0.008 loss per share (vs UK£0.011 loss in 1H 2022) First half 2023 results: UK£0.008 loss per share (improved from UK£0.011 loss in 1H 2022). Net loss: UK£6.25m (loss narrowed 20% from 1H 2022). Revenue is forecast to grow 64% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Electrical industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Annonce • Jul 28
AFC Energy plc Announces Board Changes AFC Energy announced the appointment of Duncan Neale to the board as Non-Executive Director and Chair of the Audit Committee effective 1 August 2023. Mr. Neale is an experienced Non-Executive Director with a strong emphasis on the energy sector with current Board positions held with Gresham House Energy Storge Fund plc and Atrato Onsite Energy plc He has held numerous senior finance roles over 20 years, including Chief Financial Officer for listed and private companies with an audit, corporate finance, fundraising and M&A background. Duncan is a Fellow of the Institute of Chartered Accountants in England and Wales. Duncan replaces Joe Mangion who steps down from the Board on 31 July 2023. New Risk • Jul 27
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m (UK£582k revenue, or US$749k). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (UK£18m net loss in 3 years). Major Estimate Revision • Jun 23
Consensus revenue estimates decrease by 57% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from UK£1.58m to UK£670.0k. EPS estimate unchanged from -UK£0.024 per share at last update. Electrical industry in the United Kingdom expected to see average net income growth of 49% next year. Consensus price target broadly unchanged at UK£0.74. Share price fell 13% to UK£0.14 over the past week. New Risk • Jun 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m (UK£582k revenue, or US$732k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (UK£17m net loss in 3 years). Share price has been volatile over the past 3 months (7.6% average weekly change). Annonce • Jun 06
Afc Energy plc Announces Board Changes AFC Energy announced that Jim Gibson has indicated his intention to step down from his role as Executive Director from 9 June 2023, and as Chief Operating Officer at the conclusion of his contractual notice period. Jim has been a strong and loyal supporter of the Company since joining initially as a contractor in 2016. Since this time, Jim has worked as a member of the Executive Management Team supporting the Company's technology and market based repositioning to a focused disruption of the diesel generator market. Major Estimate Revision • May 24
Consensus revenue estimates decrease by 34% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from UK£2.40m to UK£1.58m. EPS estimate reaffirmed at -UK£0.024 per share. Electrical industry in the United Kingdom expected to see average net income growth of 36% next year. Consensus price target up from UK£0.032 to UK£0.16. Share price was steady at UK£0.18 over the past week. Annonce • May 11
AFC Energy plc Announces Intention of Joe Mangion to Retire as Non-Executive Director and Chair of the Audit Committee AFC Energy announced that Joe Mangion has indicated his intention to retire from his role as Non-Executive Director and Chair of the Company's Audit Committee. Joe will continue in this role until a suitable replacement is found. As part of a succession plan already agreed by the Board, the Company's Nomination Committee is currently in discussion with potential candidates to replace Mr. Mangion and an appointment of a new Audit Committee Chair will be made in due course. Major Estimate Revision • May 10
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 losses of -UK£0.024 per share expected, vs -UK£0.022 per share profit forecast previously. Revenue forecast reaffirmed at UK£4.20m. Electrical industry in the United Kingdom expected to see average net income growth of 36% next year. Consensus price target of UK£0.16 unchanged from last update. Share price fell 5.0% to UK£0.19 over the past week. Price Target Changed • Apr 27
Price target decreased by 86% to UK£0.16 Down from UK£1.08, the current price target is provided by 1 analyst. New target price is 17% below last closing price of UK£0.19. Stock is down 41% over the past year. The company is forecast to post a net loss per share of UK£0.022 next year compared to a net loss per share of UK£0.022 last year. Price Target Changed • Apr 25
Price target decreased by 86% to UK£0.16 Down from UK£1.12, the current price target is provided by 1 analyst. New target price is 18% below last closing price of UK£0.19. Stock is down 44% over the past year. The company is forecast to post a net loss per share of UK£0.021 next year compared to a net loss per share of UK£0.022 last year. Reported Earnings • Apr 23
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: UK£0.022 loss per share (further deteriorated from UK£0.013 loss in FY 2021). Net loss: UK£16.4m (loss widened 75% from FY 2021). Revenue missed analyst estimates by 87%. Earnings per share (EPS) also missed analyst estimates by 22%. Revenue is forecast to grow 55% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Electrical industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Price Target Changed • Feb 17
Price target increased by 65% to UK£1.95 Up from UK£1.18, the current price target is provided by 1 analyst. New target price is 688% above last closing price of UK£0.25. Stock is down 25% over the past year. The company is forecast to post a net loss per share of UK£0.017 next year compared to a net loss per share of UK£0.013 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Gerry Agnew was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 30
First half 2022 earnings released: UK£0.011 loss per share (vs UK£0.005 loss in 1H 2021) First half 2022 results: UK£0.011 loss per share (down from UK£0.005 loss in 1H 2021). Net loss: UK£7.80m (loss widened 135% from 1H 2021). Over the next year, revenue is forecast to grow 1,036%, compared to a 77% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 62% per year, which means it is well ahead of earnings. Price Target Changed • Apr 27
Price target increased to UK£1.18 Up from UK£0.17, the current price target is an average from 3 analysts. New target price is 258% above last closing price of UK£0.33. Stock is down 52% over the past year. The company posted a net loss per share of UK£0.013 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Gerry Agnew was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Oct 04
Price target decreased to UK£0.17 Down from UK£0.88, the current price target is an average from 3 analysts. New target price is 65% below last closing price of UK£0.50. Stock is up 162% over the past year. Executive Departure • Apr 24
Independent Non-Executive Chairman John Rennocks has left the company On the 14th of April, John Rennocks' tenure as Independent Non-Executive Chairman ended after 3.9 years in the role. As of December 2020, John personally held 114.04k shares (UK£91k worth at the time). John is the only executive to leave the company over the last 12 months. Is New 90 Day High Low • Dec 24
New 90-day high: UK£0.58 The company is up 224% from its price of UK£0.18 on 24 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electrical industry, which is up 58% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Price Target Changed • Dec 11
Price target raised to UK£0.46 Up from UK£0.25, the current price target is an average from 3 analysts. The new target price is 28% above the current share price of UK£0.36. As of last close, the stock is up 141% over the past year. 
