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AFC Energy
(LSE:HPOW)
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Rating:56Neutral
Price Target:
11.50 p
▲(12.75% Upside)
Action:Reiterated
Date:05/01/26
The score is held back primarily by very weak financial performance (sharp revenue decline, large ongoing losses, and persistent cash burn), despite a low-debt balance sheet. Technicals are comparatively supportive with the stock trading above major moving averages and positive momentum. Earnings-call guidance improves the outlook via clearer product commercialization milestones and a stronger cash runway, but near-term execution and order-conversion risks remain significant.
Positive Factors
Conservative balance sheet
Very low leverage provides durable financial optionality: it reduces refinancing risk and gives management flexibility to fund certification, initial production and partnerships via equity or limited debt. This conservative capital structure supports execution across a multi‑quarter commercialization window.
Negative Factors
Collapsed revenue and negative margins
Severely depressed sales and persistent negative gross margins show the business has not yet delivered commercial economics. Ongoing operating losses imply reliance on external funding rather than self‑sustaining cash generation, leaving long‑term viability contingent on rapid revenue scale‑up and margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage provides durable financial optionality: it reduces refinancing risk and gives management flexibility to fund certification, initial production and partnerships via equity or limited debt. This conservative capital structure supports execution across a multi‑quarter commercialization window.
Read all positive factors
AFC Energy (HPOW) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£129.57M
Dividend YieldN/A
Average Volume (3M)5.32M
Price to Earnings (P/E)―
Beta (1Y)0.49
Revenue Growth-90.00%
EPS Growth24.02%
CountryUK
Employees121
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.02
Shares Outstanding1,136,539,300
10 Day Avg. Volume5,283,526
30 Day Avg. Volume5,324,297
Financial Highlights & Ratios
PEG Ratio-0.41
Price to Book (P/B)2.15
Price to Sales (P/S)626.55
P/FCF Ratio-6.23
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)-0.02
Revenue Forecast (FY)£2.02M
AFC Energy Business Overview & Revenue Model
Company Description
H-Power plc engages in the development of ammonia-based low carbon hydrogen production and hydrogen-to-power solutions in the United Kingdom. It operates through Sales of fuel cell generators and Rental segments. The company provides an H-Power To...
How the Company Makes Money
AFC Energy makes money primarily by commercialising its fuel cell power products and associated services. Key revenue streams include: (1) Sale of fuel cell generator units and integrated power solutions: revenue is recognised from supplying its h...
AFC Energy Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
68
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 361.00K | 125.00K | 4.00M | 227.00K | 582.00K | 592.80K |
| Gross Profit | -4.38M | -4.34M | -1.87M | -67.00K | -1.51M | -777.97K |
| EBITDA | -17.23M | -21.51M | -16.66M | -17.82M | -17.60M | -9.51M |
| Net Income | -17.87M | -22.20M | -17.42M | -17.48M | -16.45M | -9.38M |
Balance Sheet | ||||||
| Total Assets | 39.20M | 42.45M | 36.57M | 36.24M | 50.68M | 63.14M |
| Cash, Cash Equivalents and Short-Term Investments | 17.44M | 25.32M | 15.37M | 27.37M | 40.22M | 55.99M |
| Total Debt | 1.30M | 179.00K | 664.00K | 1.12M | 996.00K | 906.13K |
| Total Liabilities | 7.59M | 6.05M | 6.30M | 5.15M | 4.94M | 3.26M |
| Stockholders Equity | 31.61M | 36.40M | 30.27M | 31.09M | 45.74M | 59.89M |
Cash Flow | ||||||
| Free Cash Flow | -8.33M | -12.57M | -26.31M | -14.81M | -15.35M | -10.34M |
| Operating Cash Flow | -7.95M | -11.84M | -18.91M | -13.14M | -12.63M | -8.44M |
| Investing Cash Flow | -13.51M | -15.01M | -7.70M | -1.24M | -2.72M | -1.90M |
| Financing Cash Flow | 25.02M | 25.37M | 14.62M | 1.53M | 197.00K | 34.76M |
AFC Energy Technical Analysis
Negative
10.20
Price Trends
14.16
Negative
12.86
Negative
11.48
Negative
Market Momentum
-0.69
Positive
32.77
Neutral
9.47
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:HPOW, the sentiment is Negative. The current price of 10.2 is below the 20-day moving average (MA) of 13.34, below the 50-day MA of 14.16, and below the 200-day MA of 11.48, indicating a bearish trend. The MACD of -0.69 indicates Positive momentum. The RSI at 32.77 is Neutral, neither overbought nor oversold. The STOCH value of 9.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:HPOW.
AFC Energy 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% | |
57 Neutral | £52.44M | -6.84 | -42.08% | ― | -93.86% | -54.74% | |
56 Neutral | £129.57M | -6.50 | -76.88% | ― | -90.00% | 24.02% | |
52 Neutral | £39.00M | -5.40 | -42.23% | ― | ― | 42.60% | |
49 Neutral | £964.65M | -19.76 | -39.26% | ― | -37.09% | -67.49% |
* Industrials Sector Average
GB:HPOW
AFC Energy
11.24
-3.94
-25.96%
GB:CWR
Ceres Power Holdings
474.20
391.00
469.95%
GB:IKA
Ilika plc
29.00
-11.00
-27.50%
GB:GELN
Gelion PLC
17.00
-7.00
-29.17%
AFC Energy Corporate Events
Business Operations and StrategyExecutive/Board Changes
H-Power links new management share awards to strict TSR targets
Positive
Jun 29, 2026
H-Power plc has granted nominal-cost share options over 10,397,437 ordinary shares, equivalent to 0.91% of its issued share capital, to executive directors, senior management and employees under its Performance Share Plan. Chief executive John Wil...
Business Operations and StrategyProduct-Related Announcements
H-Power clinches UK-first commercial sale of hydrogen from cracked ammonia to Protium
Positive
Jun 10, 2026
H-Power has signed a contract to supply 5,000 kilograms of fuel cell-grade green hydrogen, produced from its pilot ammonia cracker plant, to green hydrogen energy company Protium in what it says is the UK’s first commercial third‑party...
Business Operations and StrategyFinancial Disclosures
H-Power Builds Commercial Momentum as Green Hydrogen Sales and Orders Accelerate
Positive
Jun 10, 2026
H-Power reported interim results showing rising commercial traction in ammonia-based hydrogen and fuel cell solutions, alongside a rebranding that better reflects its technology focus. Revenue rose significantly year on year, cash burn narrowed an...
Business Operations and StrategyProduct-Related Announcements
H-Power sells LC30 fuel cell units to TAMGO for Saudi trials
Positive
Jun 10, 2026
H-Power has agreed to sell two of its LC30 fuel cell generators to TAMGO, part of Saudi Arabia’s Zahid Group, for field trials and customer demonstrations in the Kingdom. The LC30 units, designed to operate in extreme temperatures, will unde...
Business Operations and StrategyRegulatory Filings and Compliance
H-Power Sets Updated Share Capital Figure for Disclosure Calculations
Positive
May 29, 2026
H-Power plc has confirmed that as of 29 May 2026 its issued and outstanding share capital stands at 1,136,539,282 ordinary shares, each carrying voting rights, with no shares held in treasury. This updated share count will serve as the reference d...
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.