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AFC Energy
(LSE:AFC)
AFC Energy (AFC) vs. iShares MSCI United Kingdom ETF (EWC)
AFC Energy Business Overview & Revenue Model
AFC Energy Earnings Call Summary
AFC Energy Financial Statement Overview
| Breakdown | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 125.00K | 4.00M | 227.00K | 582.00K | 592.80K |
| Gross Profit | -4.34M | -1.87M | -67.00K | -1.51M | -777.97K |
| EBITDA | -21.51M | -16.66M | -17.82M | -17.60M | -9.51M |
| Net Income | -22.20M | -17.42M | -17.48M | -16.45M | -9.38M |
Balance Sheet | |||||
| Total Assets | 42.45M | 36.57M | 36.24M | 50.68M | 63.14M |
| Cash, Cash Equivalents and Short-Term Investments | 25.32M | 15.37M | 27.37M | 40.22M | 55.99M |
| Total Debt | 160.00K | 664.00K | 1.12M | 996.00K | 906.13K |
| Total Liabilities | 6.05M | 6.30M | 5.15M | 4.94M | 3.26M |
| Stockholders Equity | 36.40M | 30.27M | 31.09M | 45.74M | 59.89M |
Cash Flow | |||||
| Free Cash Flow | -12.57M | -26.31M | -14.81M | -15.35M | -10.34M |
| Operating Cash Flow | -11.84M | -18.91M | -13.14M | -12.63M | -8.44M |
| Investing Cash Flow | -15.01M | -7.70M | -1.24M | -2.72M | -1.90M |
| Financing Cash Flow | 25.37M | 14.62M | 1.53M | 197.00K | 34.76M |
AFC Energy Technical Analysis
AFC Energy Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | £604.26M | -17.00 | -23.26% | ― | 12.58% | 12.39% | |
52 Neutral | £128.03M | -4.69 | -86.37% | ― | 732.03% | 12.60% | |
49 Neutral | £44.74M | -4.78 | ― | ― | ― | ― | |
44 Neutral | £52.44M | -6.84 | -31.45% | ― | 265.67% | -16.50% |
AFC Energy Corporate Events
AFC Energy reported FY25 results highlighting a strategic reset towards commercial deployment of its fuel cell generators and ammonia crackers, backed by an oversubscribed £27.5m fundraising and increased R&D spend despite a wider post-tax loss of £22.2m. The company ended the year with £25.3m in cash and investments and has since secured a permit to begin early hydrogen sales from its Dunsfold pilot plant.
Operationally, multiple deployments of its 30kW generators through the Speedy Hydrogen Solutions JV and the launch of the Hy-5 cracker positioned AFC Energy to offer low-carbon hydrogen at a targeted £10/kg, aiming to be among the UK’s most cost-competitive suppliers. Post year-end, the LC30 generator launch, new JDAs with an S&P 500 partner and Komatsu, and a manufacturing partnership with Volex underline a pivot toward scaled commercialisation, with management signalling 2026 as the start of converting a growing pipeline into contractual orders and sustained revenue growth.
The company is prioritising pre-orders for LC30 and Hy-5, establishment of a Fuel as a Service model and continued channel expansion, particularly in North America, Europe and via Saudi partner Tamgo. A streamlined organisational structure and focus on commercial viability, alongside ongoing patent activity, are intended to strengthen AFC Energy’s competitive positioning in the emerging low-carbon hydrogen and off-grid power markets.
The most recent analyst rating on (GB:AFC) stock is a Hold with a £10.50 price target. To see the full list of analyst forecasts on AFC Energy stock, see the GB:AFC Stock Forecast page.
AFC Energy has secured a revision to its UK Environment Agency research and development permit, allowing it to export and sell low carbon hydrogen from its pilot ammonia cracking plant at Dunsfold. The approval confirms the company’s ability to produce ISO 14687 grade D hydrogen at 99.97% purity and validates its safety protocols, enabling training of operatives on a live site.
The permit change accelerates hydrogen-related revenue by several months and gives AFC Energy greater flexibility over when to relocate the Dunsfold pilot facility, which can currently produce up to 300kg of hydrogen per day. In parallel, the company is working with joint venture partner Industrial Chemicals Group to deploy multiple Hy-5 cracker units at Port Clarence in Middlesbrough and to establish a permitting framework to speed future rollouts of its Hy-5 units across the UK.
By unlocking commercial hydrogen sales from its pilot plant and advancing plans for larger-scale deployment through its joint venture, AFC Energy is moving from development towards revenue-generating operations. This progress strengthens its position in the emerging low carbon hydrogen market and may support its strategy to grow recurring revenues while helping industrial and power users transition away from fossil fuels.
The most recent analyst rating on (GB:AFC) stock is a Hold with a £10.50 price target. To see the full list of analyst forecasts on AFC Energy stock, see the GB:AFC Stock Forecast page.
AFC Energy has signed a Joint Development Agreement with Japanese heavy equipment manufacturer Komatsu and its affiliate Industrial Power Alliance to integrate AFC’s proprietary ammonia cracking technology into a Komatsu industrial diesel engine platform. The collaboration aims to assess the feasibility of running internal combustion engines on liquid ammonia with minimal modifications, potentially offering a sustainable fuel alternative for construction and mining fleets.
Valued at about $2 million and tied to specific milestones, the agreement opens a new vertical for AFC Energy in heavy equipment, expanding the addressable market for its hydrogen‑to‑power technology. The deal underscores AFC Energy’s strategy of delivering commercially viable decarbonisation solutions without government subsidies, while giving Komatsu a pathway to lower emissions across its equipment portfolio and reinforcing industry confidence in ammonia as a low‑carbon fuel option.
The most recent analyst rating on (GB:AFC) stock is a Hold with a £10.50 price target. To see the full list of analyst forecasts on AFC Energy stock, see the GB:AFC Stock Forecast page.
AFC Energy has signed a Joint Development Agreement with Japanese heavy equipment manufacturer Komatsu and its affiliate Industrial Power Alliance to integrate AFC’s proprietary ammonia cracking technology into a Komatsu industrial diesel engine platform. The collaboration aims to assess the feasibility of running internal combustion engines on liquid ammonia with minimal modifications, potentially offering a sustainable fuel alternative for construction and mining fleets.
Valued at about $2 million and tied to specific milestones, the agreement opens a new vertical for AFC Energy in heavy equipment, expanding the addressable market for its hydrogen‑to‑power technology. The deal underscores AFC Energy’s strategy of delivering commercially viable decarbonisation solutions without government subsidies, while giving Komatsu a pathway to lower emissions across its equipment portfolio and reinforcing industry confidence in ammonia as a low‑carbon fuel option.
The most recent analyst rating on (GB:AFC) stock is a Hold with a £10.50 price target. To see the full list of analyst forecasts on AFC Energy stock, see the GB:AFC Stock Forecast page.
AFC Energy is inviting retail investors to a live equipment demonstration at Dunsfold Aerodrome on 5 March 2026, showcasing its decentralised ammonia cracker and hydrogen fuel cell generator technologies. The event, hosted by the executive team, will include demonstrations of its 30 kW and 200 kW fuel cell units powering a construction site cabin, EV charging and electric excavators, plus on‑site hydrogen production and storage.
Positioned as a zero‑emission alternative to diesel on construction sites, the company will highlight its joint venture Speedy Hydrogen Solutions, which pairs AFC Energy’s fuel cell systems with Speedy Hire’s nationwide logistics to deliver a turnkey power ecosystem. While the company states that no new material disclosures will be made, the event underlines AFC Energy’s push toward commercial deployment in construction and related off‑grid markets, aiming to strengthen stakeholder confidence in its route to revenue growth and broader decarbonisation impact.
The most recent analyst rating on (GB:AFC) stock is a Hold with a £10.50 price target. To see the full list of analyst forecasts on AFC Energy stock, see the GB:AFC Stock Forecast page.
AFC Energy has confirmed that as of 30 January 2026 its issued and outstanding share capital stands at 1,132,986,953 ordinary shares, all carrying voting rights, with no shares held in treasury. This updated share capital figure provides the official denominator for investors to calculate and disclose their ownership stakes or changes in holdings under UK financial disclosure rules, ensuring transparency in the company’s shareholder base and supporting regulatory compliance for market participants.
The most recent analyst rating on (GB:AFC) stock is a Hold with a £11.00 price target. To see the full list of analyst forecasts on AFC Energy stock, see the GB:AFC Stock Forecast page.
AFC Energy has completed the first build of its new LC30 30kW liquid-cooled fuel cell generator, which is now undergoing operational testing and delivering power in line with design specifications. The company says the LC30 achieves around an 85% reduction in manufacturing costs versus the previous air‑cooled model, is up to 20% more efficient, has a significantly smaller and lighter footprint with far fewer components, and can operate in a wider temperature range, enabling global deployment. The generator is designed to scale to 100kW within the same chassis and will move toward certification and pre‑production with manufacturing partner Volex, supporting AFC Energy’s strategy to reach cost parity with diesel, accelerate market adoption, convert its opportunity pipeline into firm contracts and drive sustainable revenue growth without reliance on subsidies.
The most recent analyst rating on (GB:AFC) stock is a Hold with a £10.50 price target. To see the full list of analyst forecasts on AFC Energy stock, see the GB:AFC Stock Forecast page.
AFC Energy plc has announced it will publish its full-year results for the 12 months to 31 October 2025 on 25 February 2026 and will follow this with a live online presentation for retail investors on 27 February via the Investor Meet Company platform. The event, led by CEO John Wilson and CFO Karl Bostock and open to existing and prospective shareholders, underlines the company’s efforts to broaden investor engagement as it pursues the commercial rollout of its hydrogen and fuel cell technologies and seeks to convert a growing opportunity pipeline into firm orders and sustained revenue growth.
The most recent analyst rating on (GB:AFC) stock is a Hold with a £10.50 price target. To see the full list of analyst forecasts on AFC Energy stock, see the GB:AFC Stock Forecast page.
AFC Energy has announced the admission of 1,404,554 ordinary shares to the London Stock Exchange’s AIM to satisfy discretionary bonuses for certain leadership team members. This move will increase the company’s total voting shares to 1,132,966,953, allowing shareholders to assess their interests under the FCA’s rules, highlighting AFC Energy’s strategic financial maneuvers to support its leadership and operational goals.
The most recent analyst rating on (GB:AFC) stock is a Hold with a £11.00 price target. To see the full list of analyst forecasts on AFC Energy stock, see the GB:AFC Stock Forecast page.