New Risk • Mar 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 (-kr.575m free cash flow). Share price has been highly volatile over the past 3 months (52% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Currently unprofitable and not forecast to become profitable over next 2 years (kr.278m net loss in 2 years). Market cap is less than US$100m (kr.152.1m market cap, or US$22.2m). New Risk • Mar 10
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr.60.0m (US$8.72m) 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 (-kr.575m free cash flow). Share price has been highly volatile over the past 3 months (29% average weekly change). Market cap is less than US$10m (kr.60.0m market cap, or US$8.72m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr.278m net loss in 2 years). Duyuru • Jan 17
Green Hydrogen Systems A/S Revises Earnings Guidance for the Year 2024 Green Hydrogen Systems A/S revised earnings guidance for the year 2024. For the year, the company expects revenue to be in the range of DKK 130 million to DKK 140 million against previous guidance range of DKK 105 million to DKK 145 million. Duyuru • Oct 30
Green Hydrogen Systems Announces CEO Changes, Effective from 1 November 2024 Board of Directors of Green Hydrogen Systems has appointed René Umlauft as new Chief Executive Officer (CEO) with effect from 1 November 2024. René Umlauft will replace the current CEO Peter Friis, who will leave the company. René Umlauft has a Ph.D. in engineering and has previously been managing director and CSO in Rittal, and CEO in MAN Diesel and Siemens Renewable Energy, and brings significant business transformation and restructuring experience to the business. CEO René Umlauft and CFO Michael Kaalund will hereafter form the Executive Management of Green Hydrogen Systems. New Risk • Oct 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr.553.8m (US$81.2m) 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 (-kr.575m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr.378m net loss next year). Market cap is less than US$100m (kr.553.8m market cap, or US$81.2m). Duyuru • Sep 17
Green Hydrogen Systems A/S Appoints Michael Kaalund as Chief Financial Officer Green Hydrogen Systems has appointed Michael Kaalund as Chief Financial Officer and member of the company's Executive Management. Michael Kaalund will assume the position as of 1 November 2024. Michael brings over 20 years of international leadership experience, with a strong background in finance and general management across a wide range of industries. For the past 15 years, Michael has held CFO roles in both multinational corporations and local businesses, where he developed a comprehensive skill set in finance, IT, HR, and legal operations. His expertise in project-based industrial companies, coupled with his experience working with North European equity funds, will be instrumental as Green Hydrogen Systems navigates future financial growth. With a solid foundation in the automotive and off-highway component industries, Michael has held leadership positions in various companies and sectors, notably in project-based businesses serving the wind industry. His roles have included CFO at Svendborg Brakes and Group CFO at East Metal. Additionally, Michael served as CFO and Vice President at Haarslev Industries, which manufactures process lines and equipment for the rendering industry. Major Estimate Revision • Sep 12
Consensus revenue estimates fall by 59% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr.369.2m to kr.151.7m. Forecast losses increased from -kr.2.13 to -kr.2.28 per share. Electrical industry in Denmark expected to see average net income growth of 15% next year. Consensus price target down from kr.8.80 to kr.4.90. Share price rose 2.9% to kr.5.94 over the past week. Price Target Changed • Sep 11
Price target decreased by 43% to kr.4.90 Down from kr.8.55, the current price target is provided by 1 analyst. New target price is 17% below last closing price of kr.5.89. Stock is down 18% over the past year. The company is forecast to post a net loss per share of kr.2.28 next year compared to a net loss per share of kr.2.60 last year. Reported Earnings • Aug 30
First half 2024 earnings released: kr.1.13 loss per share (vs kr.2.40 loss in 1H 2023) First half 2024 results: kr.1.13 loss per share. Net loss: kr.211.5m (loss widened 6.0% from 1H 2023). Revenue is forecast to grow 129% p.a. on average during the next 2 years, compared to a 7.2% growth forecast for the Electrical industry in Europe. Duyuru • Aug 27
Green Hydrogen Systems Maintains Earnings Guidance for Year 2024 Green Hydrogen Systems maintained earnings guidance for year 2024. For the period, the company expects revenue to be in the range of DKK 125 million to DKK 165 million. Duyuru • Jul 01
Green Hydrogen Systems Announces Resignation of Ole Vesterbæk as Chief Financial Officer, Effective End of September Green Hydrogen Systems has received the resignation from Ole Vesterbæk, Chief Financial Officer (CFO) of the company. The resignation follows Ole Vesterbæk’s decision to take on a new position outside Green Hydrogen Systems. Ole Vesterbæk continues as CFO until end of September. The process of finding a new CFO for Green Hydrogen Systems A/S will be initiated immediately. Duyuru • Jun 26
Green Hydrogen Systems A/S Completes X-Series Reliability Testing Green Hydrogen Systems A/S has completed phase 1 of the reliability testing of the X-Series electrolyser prototype. This milestone allows the company to release the X-Series product for binding contractual commitments on a performance-based price structure. Following the technical proof of concept and third-party validation announced on February 29, 2024, Green Hydrogen Systems has conducted more than 250 hours of on-site and monitored reliability and stability testing of the X-Series electrolyser prototype in Skive, Denmark. The X-Series system's performance has proven reliable and stable at various loads and sustained levels of operation. This provides confidence in the technical product and its performance needed to commit to supply and service contracts. Green Hydrogen Systems will now continue with phase 2 of the prototype testing, which includes additional technical and operational learnings from the new product. The X-Series product is a 6MW pressurised alkaline electrolyser module that offers a competitive product to medium-to-large-scale hydrogen plants and projects. Green Hydrogen Systems is engaged in dialogue with potential customers regarding the X-Series product, which will be available for order intake in 2024 and beyond. The X-Series prototype tested in Skive, Denmark, is a part of the GreenHyScale project. This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 101036935. Board Change • May 01
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Director Lars Bertelsen 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 board continuity. Lack of experienced directors. Duyuru • Apr 30
Green Hydrogen Systems Maintains Earnings Guidance for 2024 Green Hydrogen Systems maintained earnings guidance for 2024. For the period, the company expects revenue to be in the range of DKK 125 million to DKK 165 million. Duyuru • Apr 09
Green Hydrogen Systems A/S Announces Board Changes Green Hydrogen Systems A/S at its AGM held on 9 April 2024 approved election of Thomas Broe-Andersen and Andreas Nauen as new members of the board of directors. After the Annual General Meeting, the Board of Directors held its constituting board meeting. At the meeting, Thomas Broe-Andersen was elected as chairperson of the Board of Directors and Anders Jakob Vedel was elected as vice-chairperson of the Board of Directors. Duyuru • Mar 22
Green Hydrogen Systems A/S Announces Appointment of Peter Friis as Permanent CEO Green Hydrogen Systems A/S announces that interim Chief Executive Officer Peter Friis has been appointed by the Board of Directors as the continuing and permanent CEO as of March 22, 2024. Peter Friis assumed the position of interim Chief Executive Officer on 15 October 2023, as communicated in the Company Announcement 31/2023 of 2 October 2023. CEO Peter Friis and CFO Ole Vesterbæk will hereafter form the Executive Management of Green Hydrogen Systems. Reported Earnings • Mar 17
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: kr.2.60 loss per share. Net loss: kr.406.2m (loss widened 44% from FY 2022). Revenue missed analyst estimates by 52%. Earnings per share (EPS) exceeded analyst estimates by 5.6%. Revenue is forecast to grow 100% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Electrical industry in Europe. New Risk • Mar 10
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 Less than 1 year of cash runway based on free cash flow trend (-kr.533m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (126% increase in shares outstanding). 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 (kr.343m net loss in 2 years). Revenue is less than US$5m (kr.25m revenue, or US$3.6m). New Risk • Feb 18
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 Danish stocks, typically moving 9.7% 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 Less than 1 year of cash runway based on free cash flow trend (-kr.533m free cash flow). Share price has been highly volatile over the past 3 months (9.7% average weekly change). Shareholders have been substantially diluted in the past year (126% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr.343m net loss in 2 years). Revenue is less than US$5m (kr.25m revenue, or US$3.6m). Duyuru • Feb 09
Green Hydrogen Systems Adjusts Its Revenue Guidance for 2024 Green Hydrogen Systems adjusted its revenue guidance for 2024. For the year, the company expects revenue of DKK 125 million to DKK 165 million (previously: DKK 110 million to DKK 150 million). New Risk • Jan 31
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: -kr.533m 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 (-kr.533m free cash flow). Shareholders have been substantially diluted in the past year (126% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr.343m net loss in 2 years). Share price has been volatile over the past 3 months (8.4% average weekly change). Revenue is less than US$5m (kr.25m revenue, or US$3.6m). Duyuru • Jan 24
Green Hydrogen Systems Announces Resignation of Troels Øberg as Vice Chairman Green Hydrogen Systems A/S announced that Vice Chairman, Troels Øberg, has decided to step down from the Board of Directors to dedicate more time to his other executive commitments outside Green Hydrogen Systems. In connection with Troels Øberg’s decision, the Board of Directors expresses its respect for Troels Øberg's decision and thanks him for his great and value-creating efforts for Green Hydrogen Systems. New Risk • Jan 23
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: -kr.533m 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 (-kr.533m free cash flow). Shareholders have been substantially diluted in the past year (126% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr.352m 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 (kr.25m revenue, or US$3.6m). Duyuru • Jan 23
Green Hydrogen Systems Provides Earnings Guidance for the Full Year 2024 Green Hydrogen Systems provided earnings guidance for the full year 2024. For the period, the company expects revenue to be in the range of DKK 110 million to DKK 150 million. New Risk • Nov 19
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 Danish stocks, typically moving 9.3% 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 (9.3% average weekly change). Shareholders have been substantially diluted in the past year (126% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr.533m). Currently unprofitable and not forecast to become profitable over next 2 years (kr.263m net loss in 2 years). Revenue is less than US$5m (kr.25m revenue, or US$3.6m). Duyuru • Nov 17
Green Hydrogen Systems A/S Revises Earnings Guidance for the Full Year 2023 Green Hydrogen Systems A/S revised earnings guidance for the full year 2023. For the ear, the company expects revenue in the range of DKK 30 million to DKK 45 million (previously: DKK 120 to DKK 160 million). Duyuru • Nov 02
Green Hydrogen Systems A/S Provides Earnings Guidance for the Year 2023 Green Hydrogen Systems A/S provided earnings guidance for the year 2023. For the year, the company expects Revenue: DKK 120 million to DKK 160 million. Duyuru • Oct 05
Green Hydrogen Systems Appoints Peter Friis Interim Chief Executive Officer Green Hydrogen Systems has appointed Peter Friis as interim Chief Executive Officer (CEO) and member of the company's Executive Management. Peter Friis will assume the position as of 15 October 2023. CEO, Sebastian Koks Andreassen, will remain available to ensure a smooth handover in the coming months. Peter Friis holds a master’s degree in electrical engineering and an executive MBA. He joins Green Hydrogen Systems with valuable leadership, production, and clean-tech industry experience. Peter Friis comes from a position as managing director and CEO of Kilde Automation. Before that, Peter Friis spent more than 13 years with Vestas Wind Systems in various management positions, mainly within the areas of operations, engineering, automation, and technology. Major Estimate Revision • Sep 04
Consensus EPS estimates upgraded to kr.2.66 loss, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from kr.139.7m to kr.131.7m. 2023 losses expected to reduce from -kr.3.40 to -kr.2.66 per share. Electrical industry in Denmark expected to see average net income growth of 11% next year. Consensus price target down from kr.17.15 to kr.8.55. Share price was steady at kr.8.04 over the past week. Duyuru • Aug 28
Green Hydrogen Systems A/S Announces Sebastian Koks Andreassen Resigns as CEO Green Hydrogen Systems has received the resignation from Sebastian Koks Andreassen, Chief Executive Officer (CEO) of the company. The resignation follows Sebastian Koks Andreassen’s decision to take on a new position with Copenhagen Infrastructure Partners. Sebastian Koks Andreassen continues as CEO until a successor is found, ensuring a smooth transition. The process to find a new CEO for Green Hydrogen Systems A/S, will be initiated immediately. Reported Earnings • Aug 23
First half 2023 earnings released: kr.2.40 loss per share (vs kr.1.80 loss in 1H 2022) First half 2023 results: kr.2.40 loss per share (further deteriorated from kr.1.80 loss in 1H 2022). Net loss: kr.199.5m (loss widened 35% from 1H 2022). Revenue is forecast to grow 84% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Electrical industry in Europe. Duyuru • Aug 22
Green Hydrogen Systems Maintains Earnings Guidance for the Year 2023 Green Hydrogen Systems maintained earnings guidance for the year 2023. The company expects revenue to be DKK 120 to DKK 160 million. Major Estimate Revision • Jul 14
Consensus EPS estimates upgraded to kr.3.40 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -kr.3.92 to -kr.3.40 per share. Revenue forecast unchanged from kr.139.7m at last update. Electrical industry in Denmark expected to see average net income growth of 15% next year. Consensus price target down from kr.21.00 to kr.17.15. Share price fell 21% to kr.9.75 over the past week. Price Target Changed • Jul 13
Price target decreased by 16% to kr.17.15 Down from kr.20.50, the current price target is an average from 2 analysts. New target price is 75% above last closing price of kr.9.81. Stock is down 29% over the past year. The company is forecast to post a net loss per share of kr.3.40 next year compared to a net loss per share of kr.3.42 last year. New Risk • Jul 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 129% 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 (21% average weekly change). Shareholders have been substantially diluted in the past year (129% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr.579m). Currently unprofitable and not forecast to become profitable over next 3 years (kr.227m net loss in 3 years). Revenue is less than US$5m (kr.10m revenue, or US$1.5m). New Risk • Jun 15
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 Danish stocks, typically moving 9.4% 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 Less than 1 year of cash runway based on free cash flow trend (-kr.579m free cash flow). Share price has been highly volatile over the past 3 months (9.4% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr.227m net loss in 3 years). Revenue is less than US$5m (kr.10m revenue, or US$1.5m). Recent Insider Transactions • May 04
Independent Director recently bought kr.145k worth of stock On the 1st of May, Lars Bertelsen bought around 5k shares on-market at roughly kr.28.99 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • May 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Poul Jensen was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 04
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: kr.3.42 loss per share (improved from kr.7.85 loss in FY 2021). Net loss: kr.282.3m (loss narrowed 43% from FY 2021). Revenue missed analyst estimates by 22%. Earnings per share (EPS) exceeded analyst estimates by 1.2%. Revenue is forecast to grow 99% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Electrical industry in Europe. Price Target Changed • Feb 10
Price target increased by 28% to kr.20.50 Up from kr.16.00, the current price target is an average from 2 analysts. New target price is 32% below last closing price of kr.30.10. Stock is up 1.9% over the past year. The company is forecast to post a net loss per share of kr.3.46 next year compared to a net loss per share of kr.7.85 last year. Duyuru • Jan 24
Green Hydrogen Systems A/S Provides Earnings Guidance for the Year of 2023 Green Hydrogen Systems A/S provided earnings guidance for the year of 2023. For the year, the company expected revenue in the range of DKK 120 million to DKK 160 million. The revenue range is partly based on the share of total backlog with targeted delivery in 2023 as well as in-for-out orders that may be signed and revenue recognised in 2023. Price Target Changed • Nov 16
Price target decreased to kr.15.00 Down from kr.23.00, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of kr.14.56. Stock is down 61% over the past year. The company is forecast to post a net loss per share of kr.3.46 next year compared to a net loss per share of kr.7.85 last year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Chairman Christian Clausen was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 02
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from kr.27.5m to kr.10.0m. EPS estimate unchanged from -kr.3.48 per share at last update. Electrical industry in Denmark expected to see average net income growth of 19% next year. Consensus price target of kr.15.00 unchanged from last update. Share price rose 10.0% to kr.15.18 over the past week. Price Target Changed • Aug 23
Price target decreased to kr.23.00 Down from kr.29.00, the current price target is an average from 2 analysts. New target price is 56% above last closing price of kr.14.78. Stock is down 63% over the past year. The company is forecast to post a net loss per share of kr.3.03 next year compared to a net loss per share of kr.7.85 last year. Board Change • Jul 21
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Chairman Christian Clausen was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 31
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. 
