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Clean Power Hydrogen PLC
(LSE:CPH2)
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Rating:40Underperform
Price Target:
1.50 p
▼(-75.00% Downside)
Action:Downgraded
Date:07/09/26
The score is primarily constrained by very weak financial performance—no meaningful revenue, ongoing losses, and sustained negative free cash flow—indicating continued reliance on funding rather than self-sustaining operations. Technicals add further downside risk with the price far below major moving averages and bearish momentum indicators. Valuation provides limited support due to a negative P/E and no dividend yield data.
Positive Factors
Low leverage / supportive balance sheet
Low leverage and positive equity reduce near-term insolvency risk and lower fixed financing costs, giving management capacity to fund R&D and pilot deployments. This structural capital strength extends runway versus highly levered peers and supports negotiation flexibility for partnerships or further funding.
Negative Factors
No meaningful commercial revenue
A multi-year absence of commercial revenue leaves the business model unproven: product-market fit, pricing power, and large-customer adoption remain uncertain. Without sustained sales, forecasts rely on successful scale-up events, making long-term viability dependent on execution and continued external funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / supportive balance sheet
Low leverage and positive equity reduce near-term insolvency risk and lower fixed financing costs, giving management capacity to fund R&D and pilot deployments. This structural capital strength extends runway versus highly levered peers and supports negotiation flexibility for partnerships or further funding.
Read all positive factors
Clean Power Hydrogen PLC (CPH2) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£9.40M
Dividend YieldN/A
Average Volume (3M)377.36K
Price to Earnings (P/E)―
Beta (1Y)-0.56
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees52
SectorIndustrials
Sector Strength72
IndustryRenewable Utilities
Share Statistics
EPS (TTM)-0.06
Shares Outstanding671,346,440
10 Day Avg. Volume366,923
30 Day Avg. Volume377,364
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)2.01
Price to Sales (P/S)0.00
P/FCF Ratio-3.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.01
Revenue Forecast (FY)£1.00M
Clean Power Hydrogen PLC Business Overview & Revenue Model
Company Description
Clean Power Hydrogen plc is a technology and manufacturing enterprise specializing in green hydrogen. The company focuses on developing advanced solutions for producing hydrogen and oxygen, prominently featuring its proprietary membrane-free elect...
How the Company Makes Money
CPH2 makes money primarily by selling hydrogen production equipment and related solutions based on its proprietary electrolysis technology (often referred to as its membrane-free approach). The core revenue model is expected to be driven by: (1) s...
Clean Power Hydrogen PLC Financial Statement Overview
Summary
Income Statement
8
Very Negative
Balance Sheet
55
Neutral
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.00K | 0.00 | 0.00 | 0.00 | 0.00 | 28.00K |
| Gross Profit | -536.00K | -519.00K | -540.00K | -413.00K | -249.00K | 3.00K |
| EBITDA | -15.37M | -6.00M | -14.36M | -4.67M | -3.31M | -3.26M |
| Net Income | -15.49M | -7.08M | -14.44M | -4.12M | -3.44M | -3.32M |
Balance Sheet | ||||||
| Total Assets | 11.85M | 14.80M | 9.68M | 24.51M | 29.37M | 6.03M |
| Cash, Cash Equivalents and Short-Term Investments | 1.83M | 3.95M | 327.00K | 8.47M | 15.29M | 480.00K |
| Total Debt | 708.00K | 625.00K | 824.00K | 737.00K | 858.00K | 1.37M |
| Total Liabilities | 3.05M | 3.05M | 3.27M | 3.55M | 4.20M | 6.38M |
| Stockholders Equity | 8.80M | 11.75M | 6.42M | 20.95M | 25.17M | -352.00K |
Cash Flow | ||||||
| Free Cash Flow | -7.02M | -7.43M | -8.88M | -6.80M | -11.78M | -2.84M |
| Operating Cash Flow | -6.90M | -7.39M | -5.89M | -2.35M | -7.17M | -2.10M |
| Investing Cash Flow | -854.00K | -1.08M | 3.73M | 3.06M | -19.61M | -596.00K |
| Financing Cash Flow | 5.58M | 12.10M | 18.00K | -24.00K | 28.09M | 241.00K |
Clean Power Hydrogen PLC Peers Comparison
UnderperformOutperform
Sector (63)
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% | |
58 Neutral | £19.52M | -0.99 | -68.06% | ― | 4.66% | 40.29% | |
51 Neutral | £796.50M | -23.05 | -14.17% | ― | 23.20% | 18.73% | |
45 Neutral | £10.50M | -10.25 | -87.07% | ― | 146.84% | 36.36% | |
45 Neutral | £11.46M | -15.00 | -20.52% | ― | ― | -38.46% | |
40 Underperform | £9.40M | -0.81 | -203.60% | ― | ― | ― |
* Industrials Sector Average
GB:CPH2
Clean Power Hydrogen PLC
1.45
-3.70
-71.84%
GB:AMP
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2.70
0.40
17.39%
GB:ITM
ITM Power
115.00
36.60
46.68%
GB:PHE
Powerhouse Energy
0.21
-0.31
-59.80%
GB:HUI
Hydrogen Utopia International PLC
2.55
1.13
79.58%
Clean Power Hydrogen PLC Corporate Events
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Clean Power Hydrogen Raises £500,000 in AIM Retail Share Offer
Positive
Jul 7, 2026
Clean Power Hydrogen plc, a UK-based green hydrogen technology company listed on AIM, develops patented hydrogen and oxygen production systems designed to minimise the lifetime cost of hydrogen. The group targets electrolysis and decentralised ene...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Clean Power Hydrogen Restores AIM Trading and Secures Funding for Capital-Light Strategy
Positive
Jul 7, 2026
Clean Power Hydrogen plc has secured gross proceeds of about £2.54 million through the firm placing element of a wider fundraising and has had the suspension of trading in its ordinary shares on AIM lifted. The net proceeds from this initial ...
Financial DisclosuresShareholder Meetings
Clean Power Hydrogen Publishes Annual Report and Sets Date for AGM
Neutral
Jul 3, 2026
Clean Power Hydrogen plc has circulated its 2025 Annual Report to shareholders and made it available online, providing investors with updated financial and operational information on its green hydrogen technology business. The move reinforces tran...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Clean Power Hydrogen Calls General Meeting to Advance Fundraising Plan
Positive
Jul 2, 2026
Clean Power Hydrogen plc, the UK-based green hydrogen technology specialist listed on AIM, develops patented electrolysis systems aimed at delivering low-cost hydrogen and oxygen for decentralised and alternative energy applications. The company p...
Business Operations and StrategyPrivate Placements and Financing
Clean Power Hydrogen launches discounted retail offer to fund capital‑light pivot
Neutral
Jul 2, 2026
Clean Power Hydrogen PLC has launched a retail offer via the BookBuild platform, giving existing UK shareholders the chance to subscribe for new ordinary shares at 1.5 pence, targeting at least £0.5 million in proceeds. The retail offer compl...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Clean Power Hydrogen pivots to licensing model after key technology milestones and test-site incident
Neutral
Jul 1, 2026
Clean Power Hydrogen reported a £7.1m loss for 2025 but achieved a key milestone with its demonstrator MFE110 unit completing site acceptance tests and producing hydrogen and oxygen at purity levels exceeding fuel cell and medical standards. ...
Business Operations and StrategyPrivate Placements and Financing
Clean Power Hydrogen targets £7.5m raise as it pivots to capital-light model
Negative
Jul 1, 2026
Clean Power Hydrogen plans to raise up to £7.5 million through a multi-part equity fundraising at 1.5 pence per share, including a £2.54 million firm placing, a £0.46 million conditional placing, up to £4 million in additional ...
Business Operations and StrategyPrivate Placements and Financing
Clean Power Hydrogen launches £7.5m fundraising to advance membrane-free electrolysers
Neutral
Jul 1, 2026
Clean Power Hydrogen plans to raise up to £7.5 million through a multi-part equity fundraising at 1.5 pence per share, including a £2.54 million firm placing, a £0.46 million conditional placing, up to £4 million from a propose...
Business Operations and StrategyLegal Proceedings
Clean Power Hydrogen Agrees Conditional Settlement Over Delayed NI Water Project
Positive
Jun 26, 2026
Clean Power Hydrogen has agreed a deed of termination and settlement with Lagan MEICA Limited over a delayed 1MW MFE220 unit for Northern Ireland Water, bringing an end to their subcontract through a conditional payment. The settlement, dependent ...
Business Operations and StrategyPrivate Placements and Financing
Clean Power Hydrogen Secures Hidrigin Funding and Exclusive Partnership Talks
Positive
Jun 25, 2026
Clean Power Hydrogen has signed a binding term sheet with renewable energy developer Hidrigin under which Hidrigin will provide a £750,000 convertible loan note, subject to CPH2 completing an equity fundraise of at least £3m. The note, f...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesPrivate Placements and Financing
Clean Power Hydrogen Abandons Manufacturing to Pursue Licensing Model After Test-Site Incident
Negative
Jun 22, 2026
Clean Power Hydrogen has confirmed that a recent incident at its test site damaged an MFE220 1MW electrolyser during final factory acceptance testing, with no injuries and its core membrane-free stack technology ruled out as the cause. A detailed ...
Business Operations and StrategyDelistings and Listing ChangesProduct-Related Announcements
Clean Power Hydrogen Halts MFE220 Development After Test Incident, Shifts to IP Strategy
Negative
Jun 5, 2026
Clean Power Hydrogen has confirmed that a serious incident during factory acceptance testing of its MFE220 1MW electrolyser caused irreparable damage, leading management to conclude the unit requires a substantial redesign to operate safely. Lacki...
Business Operations and StrategyDelistings and Listing ChangesPrivate Placements and Financing
Clean Power Hydrogen halts testing and trading after 1MW electrolyser incident
Negative
May 29, 2026
Clean Power Hydrogen PLC, a UK-listed developer of membrane-free electrolysers for high-purity hydrogen and oxygen, focuses on low-cost hydrogen solutions for decentralised industrial, energy and mobility markets. The company leverages a decade of...
Business Operations and Strategy
Clean Power Hydrogen signs MoU with BKW unit for 175MW electrolyser partnership
Positive
Apr 27, 2026
Clean Power Hydrogen PLC has signed a non-binding memorandum of understanding with ABE Gruppe, a subsidiary of Swiss-listed BKW Infra Services Europa, to explore the supply, installation, commissioning and maintenance of 175MW of its membrane-free...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.