New Risk • Oct 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €8.66m (US$9.34m) 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 Shares are highly illiquid. Earnings have declined by 43% per year over the past 5 years. Revenue is less than US$1m (kr2.1m revenue, or US$188k). Market cap is less than US$10m (€8.66m market cap, or US$9.34m). Minor Risk Shareholders have been diluted in the past year (38% increase in shares outstanding). Reported Earnings • Sep 22
First half 2024 earnings released First half 2024 results: kr0.72 loss per share. Net loss: kr117.3m (loss widened 108% from 1H 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has fallen by 44% per year, which means it is performing significantly worse than earnings. Board Change • Aug 30
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Board Member Birgit Liodden was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Tillkännagivande • Jul 30
TECO 2030 ASA announced that it expects to receive NOK 11 million in funding TECO 2030 ASA announced a private placement that it will issue 5,500,000 new shares at an issue price of NOK 2 per share for the gross proceeds of NOK 11,000,000 on July 29, 2024.
On the same day, the company issued 2,000,000 new shares at an issue price of NOK 2 per share for the gross proceeds of NOK 4,000,000 in its first tranche. Board Change • Jul 26
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). Board Member Birgit Liodden was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Jul 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% 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 Shares are highly illiquid. Earnings have declined by 46% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (kr12m revenue, or US$1.1m). Market cap is less than US$100m (€30.2m market cap, or US$32.6m). New Risk • Jun 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Less than 1 year of cash runway based on free cash flow trend (-kr130m free cash flow). Shares are highly illiquid. Earnings have declined by 46% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Revenue is less than US$5m (kr12m revenue, or US$1.1m). Market cap is less than US$100m (€23.7m market cap, or US$25.4m). New Risk • Mar 03
New major risk - Revenue and earnings growth Earnings have declined by 46% 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 Less than 1 year of cash runway based on free cash flow trend (-kr130m free cash flow). Shares are highly illiquid. Earnings have declined by 46% per year over the past 5 years. Minor Risks Revenue is less than US$5m (kr12m revenue, or US$1.1m). Market cap is less than US$100m (€34.1m market cap, or US$36.9m). Breakeven Date Change • Jan 05
No longer forecast to breakeven The 2 analysts covering TECO 2030 no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr85.0m in 2025. New consensus forecast suggests the company will make a loss of kr18.0m in 2025. Reported Earnings • Nov 30
Third quarter 2023 earnings released Third quarter 2023 results: Net loss: kr22.2m (loss narrowed 6.5% from 3Q 2022). Revenue is forecast to grow 63% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Machinery industry in Germany. Tillkännagivande • Oct 13
TECO 2030 ASA Elaborates the Fcm400 TECO 2030 ASA elaborated the FCM400. The FCM400 has already an Approval in Principle from DNV and currently undergoes type approval process for maritime and heavy-duty applications. FCM400 is inherently gas-safe to accommodate easy integration onboard a ship for zero emission energy generation. TECO 2030 has developed hydrogen fuel cells that enable ships and other heavy-duty applications to become emissions-free, and the company is in the process of establishing Europe's first Giga production facility for hydrogen PEM fuel cell stacks and modules in Narvik, Norway. Production of fuel cell stacks is already underway, and the commencement of module production is expected tostart within the next few months. TECO 2030's fuel cell stacks employ unique technologies developed together with technology partner, AVL, a forerunner in hydrogen applications, enabling power density and performance. TECO 2030's world-class fuel cell system is a technologically advanced clean energy generation system. The attributes of the modular 400kW fuel cell system includes industry leading energy efficiency, inherent safety concept, leading dimensions and component design, lifetime, and rapid dynamic load response. Safety is always the key priority. TECO 2030's fuel cell system has been developed along with an inherent safety concept, this means that the design and operation of fuel cells minimize consequence of potential hazards. This includes a separate and independent safety system, venting arrangement, certified and field proven components, and robust containment systems. The FCM400 system has the lowest footprint on the market when calculating poweroutput per unit volume, meaning that there is no other supplier of similar energy density for marine and heavy-duty applications. Real estate onboard a ship or similar sites is limited so the importance of energy density is key to many of TECO 2030's clients and partners. The FCM400 has a dynamic load which relates to the ability of the fuel cell to rapidly respond to changes in power demand, which is important for mobility and grid applications were power requirements can change swiftly. Reported Earnings • Sep 03
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: kr28.9m (loss widened 73% from 2Q 2022). Revenue is forecast to grow 60% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Machinery industry in Germany. New Risk • Jun 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €87.9m (US$96.0m) 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 Risks Less than 1 year of cash runway based on free cash flow trend (-kr181m free cash flow). Shares are highly illiquid. Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Revenue is less than US$5m (kr16m revenue, or US$1.5m). Market cap is less than US$100m (€87.9m market cap, or US$96.0m). Reported Earnings • Apr 30
Full year 2022 earnings released: kr0.65 loss per share (vs kr0.42 loss in FY 2021) Full year 2022 results: kr0.65 loss per share (further deteriorated from kr0.42 loss in FY 2021). Net loss: kr93.1m (loss widened 76% from FY 2021). Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Machinery industry in Germany. Tillkännagivande • Jan 12
TECO 2030 Completes First FCM400's Component Procurement TECO 2030 has completed selection of all major component suppliers and procured necessary parts for the first fuel cell modules (FCM400). This means the FCM400 development is close to completion and the first units are ready for assembly. The layout release entails a freeze of all functional components to allow for further resimulation and fine detail solutions to be executed. The first FCM400 will be assembled at AVL's facility in Graz, Austria during Quarter 2, before its scheduled operation in the advanced testbed for complete simulation. The fuel cell development project now shifts from design engineering to the build and validation phase. The FCM400 will complete advanced testbed operations during Quarter 3 2023. The FCM400 is the building block in TECO 2030's Fuel Cell Power System and is a key driver towards achieving zero emissions while operating marine and heavy-duty applications. The system is designed for an electrical capacity of 400kW. Tillkännagivande • Dec 15
TECO 2030 Completes Production of First Fuel Cell Stack TECO 2030 announced the completed production of the fuel cell stack developed and purposely designed for heavy-duty and marine applications. A fuel cell stack consists of a number of individual stack cells, each generating electricity from electrochemical reactions based on fuels such as hydrogen. TECO 2030's fuel cell stack contains a few hundred stack cells and provides a net output of 100 kW. The stacks are then combined together with balance of plant (BoP) components into a fuel cell module. TECO 2030 plans to assemble and test the first FCM400 (Fuel Cell Module 400 kW) during the summer of 2023 at AVL's s facility in Graz, Austria. Several modules, in turn, can be combined to supply the megawatts of output needed for applications such as ship propulsion, auxiliary power and other heavy-duty applications. Tillkännagivande • Dec 06
TECO 2030 ASA Appoints Tim Young as Board Member An Extraordinary General Meeting of TECO 2030 ASA was held on 1 December 2022. All resolutions were adopted in accordance with the Board's proposal, including the appointment of Tim Young as a new board member. Breakeven Date Change • Nov 16
No longer forecast to breakeven The 2 analysts covering TECO 2030 no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr212.0m in 2024. New consensus forecast suggests the company will make a loss of kr20.0m in 2024. Board Change • Nov 16
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Chairperson Sigurd Lange is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Sep 03
First half 2022 earnings released: kr0.26 loss per share (vs kr0.18 loss in 1H 2021) First half 2022 results: kr0.26 loss per share (down from kr0.18 loss in 1H 2021). Net loss: kr36.3m (loss widened 67% from 1H 2021). Over the next year, revenue is forecast to grow 1,258%, compared to a 8.9% growth forecast for the Machinery industry in Germany. Tillkännagivande • Jul 05
TECO 2030 ASA Receives Funding for Developing the High-Speed Vessel of the Future TECO 2030 ASA leads a consortium with partners Umoe Mandal and BLOM Maritime to develop a hydrogen powered high-speed vessel with zero emissions. The consortium will receive up to NOK 5 million in funding support. The vessel will combine the class-leading fuel cell systems from TECO 2030 and energy-efficient catamaran design with SES technology from Umoe Mandal. The vessel will have the capacity to transport 200-300 passengers at speeds above 35 knots while sailing over a longer distance. The contract contains two phases, where the consortia in 2022 and 2023 will first develop and get their solutions approved. In the next phase, one supplier will be chosen to build and demonstrate the newly developed vessel. The vessel will be in pilot operation from 2025. Board Change • Jun 17
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairperson Sigurd Lange is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Tillkännagivande • Jun 14
TECO 2030 Launches Hydrogen Tanker Concept with Partners, Hy-Ekotank TECO 2030 ASA launches hydrogen powered tanker concept, Hy-Ekotank, together with its partners Ektank AB, Shell Shipping and Maritime, and DNV. The hydrogen powered tanker will allow zero emission at berth, and up to 100% reduction of GHG emissions during voyage. This pioneering concept could become a first mover in this maritime shipping segment and contribute to the developments of achieving the ambitious climate targets committed by the European Union. As part of the European Green Deal, the EU has committed to reducing GHG emissions by 55% by 2030, and a binding target of achieving climate neutrality by 2050. Under the `Fit for 55 package' the EU is currently developing its climate, energy and transport- related legislation to align current laws with the 2030 and 2050 ambitions. It is therefore a great and ever-increasing need for technological innovation in zero-emission solutions developed for maritime transport, in particular for retrofitting of existing ships. Switching from traditional petroleum-based marine fuels to zero-carbon alternatives such as hydrogen can drastically shrink shipping's climate impact. Tillkännagivande • May 31
TECO 2030 ASA announced a financing transaction TECO 2030 ASA announced that it will receive in a round of funding on May 30, 2022. The company will issue convertible loan in the transaction. The convertible loan has a term of 3 years at an interest rate of 8% per annum. The conversion rate is of NOK 50,868.
On the same date, the company has received NOK 70.6 million in its first tranche. Breakeven Date Change • May 01
Forecast breakeven date pushed back to 2024 The analyst covering TECO 2030 previously expected the company to break even in 2022. New forecast suggests the company will make a profit of kr3.00m in 2024. Average annual earnings growth of 79% is required to achieve expected profit on schedule. Breakeven Date Change • Apr 27
Forecast breakeven date pushed back to 2024 The analyst covering TECO 2030 previously expected the company to break even in 2022. New forecast suggests the company will make a profit of kr3.00m in 2024. Average annual earnings growth of 71% is required to achieve expected profit on schedule. Board Change • Apr 27
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairperson Sigurd Lange is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Breakeven Date Change • Feb 22
Forecast breakeven date pushed back to 2023 The 2 analysts covering TECO 2030 previously expected the company to break even in 2022. New consensus forecast suggests the company will make a profit of kr26.5m in 2023. Average annual earnings growth of 72% is required to achieve expected profit on schedule. Board Change • Feb 16
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairperson Sigurd Lange is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Tillkännagivande • Feb 10
TECO 2030 ASA to Report Fiscal Year 2021 Results on Apr 29, 2022 TECO 2030 ASA announced that they will report fiscal year 2021 results on Apr 29, 2022 Tillkännagivande • Dec 21
TECO 2030 ASA announced that it has received NOK 45 million in funding TECO 2030 ASA announced a private placement of 9,000,000 common shares at an issue price of NOK 5 per share for gross proceeds of NOK 45 million on December 20, 2021. Breakeven Date Change • Sep 20
Forecast to breakeven in 2021 The analyst covering TECO 2030 expects the company to break even for the first time. New forecast suggests the company will make a profit of kr35.0m in 2021. Earnings growth of 65% is required to achieve expected profit on schedule. Board Change • Sep 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Board member Birgit Liodden was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Jun 04
TECO 2030 ASA Launches its Zero Emissions Operation Concept TECO 2030 ASA has launched its Zero Emissions Operation Concept, which will enable ships to sail in and out of ports emissions-free by exchanging one or more of their engines with a TECO Marine Fuel Cell. The TECO 2030 Zero Emissions Operation Concept will make it possible for vessels operating in different countries, such as cruise ships and ferries, to comply with any emissions regulations they may encounter when crossing national borders. Many governments are taking concrete action to lower greenhouse gas emissions, such as by introducing laws that ban ships running on fossil fuels from operating in its waters. This is for example the case in Norway, where by 2026, only cruise ships and ferries operating on zero emission will be allowed entry into several of the Norwegian fjords. TECO 2030 can deliver hydrogen fuel cell stacks ranging in size between 400 kW to 25 MW, meaning they can ensure steady operation regardless of the size of the engine they replace. Hydrogen fuel cells are like batteries that do not need to be charged. They produce electricity and heat, and function almost the same way as normal combustion engines but use hydrogen instead of traditional fossil fuels such as diesel and petrol. When using hydrogen produced from renewable energy - so-called green hydrogen - ships can cut their greenhouse gas emissions to zero, as hydrogen only emits water vapour and warm air. This means that ships can become emissions-free by switching from fossil fuels to green hydrogen. Tillkännagivande • Mar 05
Teco 2030 Signs Letter of Intent with an Undisclosed Shipowner TECO 2030 ASA announced that it has signed a letter of intent with an undisclosed European shipowner for engineering support and delivery of TECO 2030 Marine Fuel Cell system used for zero-emission propulsion. This LoI proves TECO 2030's ability to attract shipowners who are seeking environmentally friendly solutions to their propulsion needs. This LoI is in the first place related to one vessel. Tillkännagivande • Feb 23
TECO 2030 ASA Receives 2 Ballast Water Treatment Systems Order from Dole TECO 2030 ASA has received an order for 2 additional TECO Ballast Water Treatment Systems from DOLE. This ecosystem protection solution order, was landed by TECO 2030's team in Miami, USA, and is worth approximately NOK 1.8 million. These 2 systems are additional to the 4 TECO 2030 BWTS System sold earlier this month, total sale for 6 systems is worth NOK 5.3 million. Tillkännagivande • Feb 18
Teco 2030 Asa Receives 4 Ballast Water Treatment Systems Order from Dole TECO 2030 has received an order for 4 TECO Water Ballast Treatment Systems from DOLE. This ecosystem protection solution order landed by TECO 2030's team in Miami, USA, is worth approximately NOK 3.5 million. Ballasts are reservoirs used to stabilize ships according to their load. In order to prevent invasive species and possible health issues, a ship's ballast water needs to be treated before being discharged back to sea. TECO Ballast Water Treatment System, powered by BIO-SEA, is a water treatment system designed for inactivation and elimination of organisms in the ballast water, complying with the IMO D-2 standard and USCG regulations for discharge of such water by vessels during their ballasting operations. Tillkännagivande • Feb 06
TECO 2030 ASA Signs Strategic Cooperation Agreement with the Dutch Thecla Bodewes Shipyards for Zero Emission Vessels TECO 2030 ASA announced a partnership with Thecla Bodewes Shipyards in Holland to develop zero emission hydrogen-based fuel cell propulsion on all types of river going vessels, such as push tugs, dredgers, passenger and cargo ships and low-profile coasters. TECO 2030 ASA has signed a Strategic Cooperation Agreement with the Dutch Thecla Bodewes Shipyard to develop expertise and competence for the construction of low and zero emission vessels. This is the platform for potential joint projects to develop efficient and safe hydrogen fuel cell river vessels, including manufacturing, installation, testing and common marketing. Tillkännagivande • Jan 30
TECO 2030 ASA, Annual General Meeting, Feb 19, 2021 TECO 2030 ASA, Annual General Meeting, Feb 19, 2021. 