Hydrogenone Capital Growth Plc (HGEN) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 236.56K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.39
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: N/A
• Sector: Utilities
• Sector Strength: 65
• Industry: Regulated Gas
• EPS (TTM): -0.49
• Shares Outstanding: 128,819,990
• 10 Day Avg. Volume: 709,692
• 30 Day Avg. Volume: 236,564
• PEG Ratio: <0.01
• Price to Book (P/B): 0.24
• Price to Sales (P/S): -1.87
• P/FCF Ratio: -20.38
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.11
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: 12.00 p ▼(-11.76% Downside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is driven down primarily by volatile profitability and multi-year negative operating/free cash flow, with the technical picture also weak due to a pronounced downtrend and negative MACD. The main stabilizing factor is the debt-free balance sheet, but a negative P/E and no stated dividend yield limit valuation support.

Hydrogenone Capital Growth Plc Business Overview & Revenue Model

Company Description

Hydrogenone Capital Growth Plc focuses on investing in a portfolio of hydrogen and complementary hydrogen focused assets. The company was incorporated in 2021 and is based in London, the United Kingdom.

How the Company Makes Money

Hydrogenone Capital Growth Plc makes money as an investment company rather than by selling operating products or services. Its economic returns primarily come from (1) changes in the market value of its investment portfolio, which flow through to net asset value (NAV) and can support shareholder returns via share price appreciation (or discount/premium movements versus NAV), and (2) income generated by portfolio holdings (such as dividends or other distributions) when paid by investee companies and received by the fund. As a listed investment trust/closed-ended fund, it also incurs ongoing charges (including investment management and other operating expenses) that reduce net returns; however, specific fee rates, named counterparties, or material partnerships tied to earnings are null because they are not provided here.

Hydrogenone Capital Growth Plc Financial Statement Overview

Summary

Overall financials are pressured by weak earnings quality and persistent cash burn. Income statement performance is highly volatile with a sharp 2024 deterioration (negative revenue and a return to sizable losses), and cash flow remains negative across all years shown. The key offset is a strong, debt-free balance sheet that reduces solvency risk despite declining equity and negative ROE in 2024.

Income Statement

Earnings quality and trajectory are weak. After positive revenue and net income in 2022–2023, 2024 revenue turned sharply negative and net income fell back to a sizable loss, indicating a highly volatile and hard-to-forecast income profile. While reported margins appear high, the swing into negative revenue and losses in the latest year dominates the outlook and raises concerns about durability of profitability.

Balance Sheet

The balance sheet is a clear strength: total debt is zero across all periods, providing strong financial flexibility and limiting solvency risk. However, equity declined in 2024 and returns on equity turned meaningfully negative, signaling value erosion despite the low-leverage structure.

Cash Flow

Cash generation is consistently weak. Operating cash flow and free cash flow are negative in every year shown, including 2024, indicating ongoing cash burn and reliance on non-operating sources or balance sheet resources to fund the business. While free cash flow improved in 2023–2024 versus 2022, the company has not demonstrated an ability to consistently convert reported earnings into cash.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	-15.00M	9.21M	2.93M	-2.41M
Gross Profit	-15.00M	9.21M	2.93M	-2.41M
EBITDA	-16.00M	-5.00K	1.77M	1.50K
Net Income	-16.23M	7.32M	1.55M	-3.63M
Balance Sheet
Total Assets	116.61M	132.86M	125.51M	103.03M
Cash, Cash Equivalents and Short-Term Investments	2.83M	4.63M	18.19M	34.02M
Total Debt	0.00	0.00	0.00	0.00
Total Liabilities	172.00K	190.00K	153.00K	246.00K
Stockholders Equity	116.44M	132.67M	125.35M	102.79M
Cash Flow
Free Cash Flow	-1.37M	-1.21M	-2.17M	-1.12M
Operating Cash Flow	-1.37M	-1.21M	-2.17M	-1.12M
Investing Cash Flow	-419.00K	-12.36M	-34.67M	-105.66M
Financing Cash Flow	0.00	0.00	21.01M	157.80M

Hydrogenone Capital Growth Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
AMP	58 Neutral	£21.32M	-1.11	-68.06%	―	-60.76%	-230.39%
AEET	54 Neutral	―	5.86	-2.83%	186.41%	―	―
FGEN	45 Neutral	―	-165.36	-0.41%	12.07%	―	―
HGEN	43 Neutral	―	-0.14	-94.21%	―	―	―
NZI	25 Underperform	―	-2.05	―	―	―	―

Hydrogenone Capital Growth Plc Corporate Events

Hydrogen Capital Growth Plans London Delisting and Switch to Private Status

Hydrogen Capital Growth plc has published a circular outlining plans to cancel the listing and trading of its ordinary shares on the FCA’s Official List and the London Stock Exchange’s Main Market, and to re-register as a private limited company with new articles of association. Shareholders will vote on the proposals at a general meeting on 30 March 2026, with the cancellation expected on 30 April 2026 if at least 75% of votes cast support it.

The move follows a strategic shift approved in December 2025 to realise the company’s assets over time and aggressive cost-cutting to preserve cash, which stood at about £1.6 million on 11 March 2026. The board, having consulted shareholders representing roughly half of the issued share capital and closed an unneeded investment partnership to reduce expenses, argues that delisting and simplifying the corporate structure will deliver further cost savings and is in the best interests of investors, with a matched bargain facility planned to provide secondary market liquidity post-delisting.

The most recent analyst rating on (GB:HGEN) stock is a Hold with a £12.00 price target. To see the full list of analyst forecasts on Hydrogenone Capital Growth Plc stock, see the GB:HGEN Stock Forecast page.

HydrogenOne Capital Growth Sells Part of Strohm Stake to Boost Liquidity

HydrogenOne Capital Growth plc has sold part of its stake in Netherlands-based Strohm Holding B.V., a low-carbon offshore pipeline manufacturer and leading provider of thermoplastic composite pipe technology, for €1.5 million to an existing Strohm investor. The transaction, completed under HydrogenOne’s managed realisation strategy adopted in December 2025, leaves the company with a 9.0% holding in Strohm.

The disposal, executed at a discount to the most recently reported NAV valuation, is intended to strengthen HydrogenOne’s liquidity as it continues to dispose of remaining assets in an orderly fashion. Following receipt of proceeds, group cash is expected to be about £1.6 million, to be used for upcoming payment obligations and working capital, while the board continues to review strategic options for the company, including a potential delisting.

The most recent analyst rating on (GB:HGEN) stock is a Hold with a £12.00 price target. To see the full list of analyst forecasts on Hydrogenone Capital Growth Plc stock, see the GB:HGEN Stock Forecast page.