Announcement • Nov 21
Proton Motor Power Systems Seeks to Delist from AIM by the Year-End Proton Motor Power Systems PLC on November 20, 2024 said it intends to delist from AIM and wind down its operations by the end of 2024. Shares in Proton Motor Power Systems were down 72% at 0.12 pence each in London on November 20, 2024 afternoon. The designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems said funding discussions with a Germany-based potential industrial partner have now been terminated. The company had been warning of the risk to its working capital requirements since the end of August this year. If successful, the funding would have allowed the company to trade beyond the end of 2024. As a result, following an "extensive review" on the likelihood of securing other sources of finance, Proton Motor Powers has concluded "the most appropriate course of action is to continue with the orderly wind down of the business". As of June 30, Proton Motor Power Systems had net liabilities of around GBP116 million. The company said: "There can therefore be no guarantee that the company will be capable of a solvent winding up, nor of the possible returns to shareholders, if any, in that circumstance". Announcement • Oct 28
Proton Motor Power Systems plc Announces Manfred Limbrunner is No Longer Director Proton Motor Power Systems plc announced that Manfred Limbrunner is no longer Director of Proton Motor with immediate effect. Announcement • Oct 25
European Union Commission Selects Proton Motor Power Systems plc for Eu Commission Innovation Fund Process Proton Motor Power Systems plc noted the press release published by the European Union Commission announcing that it has selected 85 innovative net-zero projects to receive grants from the Innovation Fund, which includes a proposed Proton Motor Fuel Cell GmbH project. The Company made a grant application to the EU Commission in April 2024 in relation to a Proton smart factory involving an automated series production of unique Proton Motor fuel cell stacks and systems for stationary and mobile applications. As noted by the EU Commission, the Company will be invited to enter into a grant preparation process in relation to an Innovation Fund Grant, which would involve signing an Innovation Fund Grant agreement with the European Climate, Infrastructure and Environment Executive Agency in the first Quarter of 2025. On 22 August 2024 as well as 23 September 2024 it was announced by the Company that Proton Motor is in discussions with other potential sources of finance in order to allow the Company to continue to operate beyond 31 December 2024. Given the aforementioned material changes to the Company's business since the original submission of the grant application in April 2024, the Company will be required to clarify its continued eligibility in relation to the Innovation Fund Grant. Accordingly, there can be no certainty that Proton Motor Fuel Cell GmbH will receive an Innovation Fund Grant, nor as to the timings, terms or quantum of any such grant award. Announcement • Sep 24
Proton Motor Power Systems plc Announces an Update on the Company's Operations Proton Motor Power Systems plc announced an update on the Company's operations. Further to the update on the Company's financing provided in its half year report, announced on 18 September 2024, the Company regrets to announce that it has given notice to all its employees based in the Company's Puchheim office of its intention to terminate their employment contracts at the end of the requisite notice period under German law and/or as envisaged by their contracts of employment. Whilst the directors of Proton Motor continue to seek alternative sources of finance in order to allow the Company to continue to operate beyond 31 December 2024, this action has been necessary in order to allow, should this be necessary, an orderly wind down of the Company's operations by that date. The Company will continue to fulfil outstanding customer orders however, it will not be entering into any new contracts until the financing and future direction of the Company has been resolved. Further updates will be provided in due course. New Risk • Sep 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.48m (US$9.93m) This is considered a major 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 Risks Less than 1 year of cash runway based on free cash flow trend (-UK£13m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Negative equity (-UK£116m). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Market cap is less than US$10m (UK£7.48m market cap, or US$9.93m). Minor Risks Currently unprofitable and not forecast to become profitable next year (UK£17m net loss next year). Shareholders have been diluted in the past year (6.9% increase in shares outstanding). Revenue is less than US$5m (UK£1.8m revenue, or US$2.4m). Announcement • Sep 10
Proton Motor Power Systems plc Appoints Antonio Bossi as Non-Executive Chairman of the Board Proton Motor Power Systems plc announced that Mr. Antonio Bossi, currently non-executive director of the Company, has been appointed as Non-Executive Chairman of the Board, effective immediately. Announcement • Sep 09
Proton Motor Power Systems plc Announces Resignation of Ali Naini as Chairman of the Board and Director Proton Motor Power Systems plc announced that Mr. Ali Naini, has informed the Company that he is resigning as Chairman of the Board and a Director of the Proton Motor with immediate effect. Board Change • Aug 08
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. 4 non-independent directors. Independent Non-Executive Chairman of the Board Ali Naini was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 13
Proton Motor Power Systems Plc, Annual General Meeting, Jun 28, 2024 Proton Motor Power Systems Plc, Annual General Meeting, Jun 28, 2024, at 10:00 W. Europe Standard Time. Location: the offices of proton motor fuel cell gmbh, benzstrasse 7, 82178 puchheim, Germany Announcement • May 23
Proton Motor Power Systems plc Announces Board Changes Proton Motor Power Systems plc announced that Mr. Helmut Gierse has informed the Company that he is retiring as Chairman of the Board and a Director of Proton Motor with immediate effect. The Company announced that Mr. Ali Naini has been appointed as Chairman of the Board, effective immediately. Mr. Ali Naini joined the Board of Proton Motor as a Non-Executive Director on 31 May 2023. Announcement • May 09
Proton Motor Power Systems Plc Announces Management of Cost Base Proton Motor Power Systems Plc announced it is actively managing its cost base, while ensuring the Company remains well placed to capture the significant market opportunity presented by its proven product range. As part of this initiative, the work force is being reduced by 17%, from a headcount of 112 to 93, which will lead to a c. £1 million reduction in annual overheads once implemented. Proton Motor will continue to provide the current high levels of support for its existing customers, and looks forward to providing further updates on its clear growth strategy in due course. Meanwhile, the Company is giving its full support to those individuals who will be leaving, and to delivering a seamless internal restructuring. New Risk • Apr 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. 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 Risks Negative equity (-UK£105m). Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (UK£17m net loss in 2 years). Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (6.9% increase in shares outstanding). Revenue is less than US$5m (UK£2.0m revenue, or US$2.6m). Market cap is less than US$100m (UK£54.0m market cap, or US$68.1m). New Risk • Feb 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Negative equity (-UK£105m). Earnings are forecast to decline by an average of 3.8% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (UK£17m net loss in 2 years). Share price has been volatile over the past 3 months (7.4% average weekly change). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Revenue is less than US$5m (UK£2.0m revenue, or US$2.6m). Market cap is less than US$100m (UK£43.8m market cap, or US$55.4m). Announcement • Feb 28
Proton Motor Power Systems plc Provides Revenue Guidance for the Year Ended 31 December 2023 Proton Motor Power Systems Plc provided revenue guidance for the year ended 31 December 2023. for the year, subject to completion of the audit, the company expects to report revenue of £2.1 million against £2.1 million a year ago. New Risk • Jan 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£71.6m (US$90.9m) 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 Negative equity (-UK£105m). Minor Risks Share price has been volatile over the past 3 months (9.7% average weekly change). Shareholders have been diluted in the past year (2.4% increase in shares outstanding). Revenue is less than US$5m (UK£2.0m revenue, or US$2.6m). Market cap is less than US$100m (UK£71.6m market cap, or US$90.9m). Announcement • Jan 10
Proton Motor Power Systems plc Announces Introduction of New Hydrogen Fuel Cell System Proton Motor Power Systems plc announced the introduction of its new HyModule®? S4 fuel cell system solution. The new system offers a simple 'plug and play' solution for markets seeking an emission-free energy source alternative to traditional diesel and natural gas generators. This includes residential housing, small industrial complexes as well as emergency and off grid power supply seeking seasonal energy storage and combined heat and power applications. The new HyModule S 4 is designed to offer a lower power range, using Proton Motor's proprietary HyStack 200 liquid-cooled fuel cell technology. The introduction of this new product will be complementary to the Company's existing stationary application offerings, including the higher power HyModule®? S8 system. The extension of Proton Motor's HyModule product line is in response to sustained interest in hydrogen powered technology and the Company's strategic focus on capitalising on dominant market adoption in stationary markets at a decentralised level. This targeted approach ensures that Proton Motor is well positioned towards commercialisation and enables the Company to capitalise on predicted demand. The HyModule S4 will be presented for the first time at HyVolution Paris 2024, one of the world's leading hydrogen events, from 30 January 2024 to 1 February 2024. New Risk • Nov 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.5% 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 Negative equity (-UK£105m). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (2.5% increase in shares outstanding). Revenue is less than US$5m (UK£2.0m revenue, or US$2.6m). New Risk • Oct 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: UK£77.7m (US$95.1m) 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 Negative equity (-UK£105m). Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Revenue is less than US$5m (UK£2.0m revenue, or US$2.5m). Market cap is less than US$100m (UK£77.7m market cap, or US$95.1m). Reported Earnings • Sep 17
First half 2023 earnings released: UK£0.004 loss per share (vs UK£0.005 loss in 1H 2022) First half 2023 results: UK£0.004 loss per share (improved from UK£0.005 loss in 1H 2022). Revenue: UK£929.0k (down 5.2% from 1H 2022). Net loss: UK£5.54m (loss narrowed 31% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 21
Full year 2022 earnings released Full year 2022 results: Revenue: UK£2.09m (down 25% from FY 2021). Net loss: UK£18.9m (down 103% from profit in FY 2021). Announcement • Jun 20
Proton Motor Power Systems Plc, Annual General Meeting, Jun 30, 2023 Proton Motor Power Systems Plc, Annual General Meeting, Jun 30, 2023, at 10:30 Central European Standard Time. Location: Proton Motor Fuel Cell GmbH, 7, Benz Street, 82178 Puchheim Germany Announcement • May 31
Proton Motor Power Systems plc Announces Appointment of Ali Naini as Non-Executive Director Proton Motor Power Systems plc announced the appointment of Mr. Ali Naini to the Board of the Company as a Non-Executive Director with immediate effect. Mr. Naini is a co-founder and Managing Director of Turquoise International Limited ("Turquoise"), one of Europe´s longest established financial advisers and investors in climate technologies. His experience includes: the set up and management of the two ERDF-backed Low Carbon Innovation Funds; work with a variety of ClimateTech companies (including Proton Motor, where he was previously the deputy chairman for two years from 2008 to 2010); 10 years as co-founder and chairman of Controlled Power Technologies (hybridisation of passenger vehicles) from establishment to trade sale; and 10 years as exclusive financial advisor to Anglo Platinum on ClimateTech matters including its fuel cell JV with Johnson Matthey and establishment of a corporate venturing fund. Previously, he worked in energy project finance and privatisation at Close Brothers, Flemings and PwC, on projects such as Thailand's first IPP solicitation programme and the Northern Ireland electricity privatisation. He holds a Master's and a 1st class Bachelor's degrees from the London School of Economics. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Chairman of the Board Helmut Gierse was the last independent director to join the board, commencing their role in 2009. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 29
First half 2022 earnings released: UK£0.005 loss per share (vs UK£0.14 profit in 1H 2021) First half 2022 results: UK£0.005 loss per share (down from UK£0.14 profit in 1H 2021). Net loss: UK£8.04m (down 104% from profit in 1H 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 13
Full year 2021 earnings released: EPS: UK£0.78 (vs UK£0.28 loss in FY 2020) Full year 2021 results: EPS: UK£0.78 (up from UK£0.28 loss in FY 2020). Net income: UK£603.3m (up UK£1.01b from FY 2020). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Non-Executive Chairman of the Board Helmut Gierse was the last independent director to join the board, commencing their role in 2009. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Mar 08
Key Executive recently bought UK£58k worth of stock On the 4th of March, Helmut Gierse bought around 403k shares on-market at roughly UK£0.15 per share. This was the largest purchase by an insider in the last 3 months. This was Helmut's only on-market trade for the last 12 months. Reported Earnings • Sep 21
First half 2021 earnings released: EPS UK£0.27 (vs UK£0.33 loss in 1H 2020) First half 2021 results: Net income: UK£211.6m (up UK£432.8m from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 94% per year, which means it is well ahead of earnings. Reported Earnings • Jun 12
Full year 2020 earnings released: UK£0.57 loss per share (vs UK£0.29 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: UK£1.89m (up 146% from FY 2019). Net loss: UK£402.6m (loss widened 110% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has increased by 144% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 19
New 90-day high: UK£0.81 The company is up 32% from its price of UK£0.61 on 21 October 2020. The British market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 59% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: UK£0.70 The company is up 25% from its price of UK£0.56 on 30 September 2020. The British market is up 12% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 61% over the same period. Recent Insider Transactions • Dec 24
CFO, Company Secretary recently sold UK£62k worth of stock On the 18th of December, Roman Kotlarzewski sold around 100k shares on-market at roughly UK£0.62 per share. In the last 3 months, there was an even bigger sale from another insider worth UK£198k. Despite the recent sale, Roman has been a buyer over the last 12 months, purchasing a net total of UK£14k worth of shares. Recent Insider Transactions • Dec 03
CEO & Director recently sold UK£198k worth of stock On the 27th of November, Faiz Nahab sold around 300k shares on-market at roughly UK£0.66 per share. This was the largest sale by an insider in the last 3 months. Faiz has been a seller over the last 12 months, reducing personal holdings by UK£3.4m. Is New 90 Day High Low • Nov 26
New 90-day high: UK£0.69 The company is up 8.0% from its price of UK£0.64 on 28 August 2020. The British market is up 7.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electrical industry, which is up 41% over the same period. Is New 90 Day High Low • Oct 30
New 90-day low: UK£0.51 The company is down 19% from its price of UK£0.62 on 31 July 2020. The British market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 27% over the same period. Is New 90 Day High Low • Sep 22
New 90-day low: UK£0.55 The company is down 11% from its price of UK£0.61 on 24 June 2020. The British market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 5.0% over the same period. 