First Hydrogen (FHYD) AI Stock Analysis

• Market Cap: C$30.63M
• Dividend Yield: N/A
• Average Volume (3M): 12.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.72
• Revenue Growth: N/A
• EPS Growth: 57.00%
• Country: CA
• Employees: N/A
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Manufacturers
• EPS (TTM): >-0.01
• Shares Outstanding: 78,532,460
• 10 Day Avg. Volume: 7,970
• 30 Day Avg. Volume: 12,953
• PEG Ratio: 0.12
• Price to Book (P/B): -6.20
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -22.97
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: C$0.44 ▼(-0.45% Downside)
• Action: Reiterated Date: 03/01/26
• Date: Action: Reiterated 03/01/26

The score is primarily held down by weak financial performance (near-zero revenue, ongoing losses, negative equity, and continued cash burn). Technicals provide some support via improving short-term trend and positive momentum, but valuation remains constrained by unprofitability and the lack of a dividend.

Positive Factors

Narrowing losses

Material narrowing of net losses versus FY2024 signals improving expense control and operational discipline. That trend reduces near-term financing pressure and gives management time to pursue commercialization, improving the company's path to sustainable operations if revenue follows.

Improved cash burn

A meaningful reduction in operating and free cash outflows versus the prior year extends runway and lowers immediate funding needs. Sustained improvement in cash burn demonstrates better cost control, making the business less fragile while it advances product and infrastructure milestones.

Position in hydrogen mobility market

The company targets the structural shift to decarbonized transport via hydrogen fuel-cell LCVs and ecosystem work (green hydrogen and refueling). This vertical focus aligns with long-term policy and fleet electrification trends, enabling potential integrated offerings across vehicles and fueling.

Negative Factors

Pre-revenue operations

Effectively zero recent revenue means product-market fit and commercial demand are unproven. Without recurring sales, the company cannot demonstrate a sustainable business model, increasing reliance on capital markets and heightening execution risk for long-term viability.

Negative shareholders' equity

Negative equity is a structural solvency red flag that erodes financial flexibility. It can restrict access to debt, force dilutive equity raises, and weaken negotiating leverage with partners and suppliers, materially increasing the risk profile for multi‑period commercialization plans.

Persistent negative cash flow

Ongoing negative operating and free cash flow requires repeated external funding to sustain operations and scale. Even with improved burn, persistent cash deficits constrain investment in production, commercialization, and hydrogen infrastructure, raising execution and dilution risks.

First Hydrogen Business Overview & Revenue Model

Company Description

First Hydrogen Corp. focuses on zero-emission vehicles, green hydrogen production and distribution, and supercritical carbon dioxide extractor systems. It is designing and building hydrogen-fuel-cell-powered light and medium commercial vehicle under two agreements with AVL Powertrain and Ballard Power Systems Inc. The company was formerly known as Pure Extraction Corp. and changed its name to First Hydrogen Corp. in October 2021. First Hydrogen Corp. was incorporated in 2007 and is based in Vancouver, Canada.

How the Company Makes Money

First Hydrogen makes money primarily through the sale and leasing of hydrogen-powered vehicles, as well as the provision of hydrogen refueling services. The company generates revenue from partnerships with various automotive manufacturers and energy providers to develop and expand hydrogen infrastructure. Additionally, First Hydrogen may benefit from government incentives and grants aimed at promoting sustainable energy solutions. The company also explores opportunities in licensing technology or entering joint ventures to further enhance its market presence and revenue streams.

First Hydrogen Financial Statement Overview

Summary

Income statement quality is weak with effectively zero recent revenue and continued net losses, despite meaningful narrowing vs FY2024. Balance sheet risk is elevated due to negative shareholders’ equity and shrinking asset base. Cash flow remains negative (operating and free cash flow), indicating ongoing reliance on external funding even though burn has improved.

Income Statement

The business is effectively pre-revenue in recent periods (TTM (Trailing-Twelve-Months) and FY2025 show zero revenue), while losses remain sizable (TTM net loss ~2.97M; FY2025 net loss ~5.07M). Cost structure is still not covered by revenue, with negative gross profit in the most recent periods and persistently negative operating earnings. A positive is that losses have narrowed materially versus FY2024 (net loss ~10.91M), suggesting some expense control, but overall profitability and revenue traction remain the key weaknesses.

Balance Sheet

Financial position is pressured by negative shareholders’ equity in the last two reporting periods (FY2025 and TTM (Trailing-Twelve-Months)), which is a meaningful solvency red flag and limits financial flexibility. Debt is moderate in absolute terms (TTM ~2.53M; FY2025 ~3.68M), but with negative equity the leverage picture is unfavorable. Total assets have also declined from FY2024 (~2.15M) to TTM (~1.12M), pointing to reduced balance sheet capacity, though debt is not extremely large relative to the company’s scale.

Cash Flow

Cash burn remains persistent: operating cash flow is negative across all periods, including TTM (Trailing-Twelve-Months) (~-0.87M) and FY2025 (~-1.53M). Free cash flow is also negative (TTM ~-0.36M; FY2025 ~-1.53M), indicating ongoing funding needs. The burn rate has improved significantly versus FY2024 (operating cash flow ~-8.92M; free cash flow ~-9.09M), which is constructive, but cash generation is still not self-sustaining and volatility in free cash flow growth underscores execution risk.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	0.00	0.00	160.06K	0.00	302.11K
Gross Profit	-109.65K	-118.06K	-117.00K	5.55K	0.00	-126.41K
EBITDA	-2.53M	-4.11M	-10.45M	-13.40M	16.00K	-2.43M
Net Income	-2.97M	-5.07M	-10.91M	-13.85M	-8.87M	-2.46M
Balance Sheet
Total Assets	1.12M	1.82M	2.15M	4.24M	5.15M	2.62M
Cash, Cash Equivalents and Short-Term Investments	27.04K	11.51K	87.47K	394.82K	2.60M	1.64M
Total Debt	2.53M	3.68M	2.23M	30.80K	1.26M	25.28K
Total Liabilities	6.75M	7.50M	4.28M	3.15M	4.03M	1.46M
Stockholders Equity	-5.62M	-5.68M	-2.13M	1.09M	1.12M	1.17M
Cash Flow
Free Cash Flow	-361.75K	-1.53M	-9.09M	-13.65M	-7.15M	-1.82M
Operating Cash Flow	-867.47K	-1.53M	-8.92M	-13.64M	-7.15M	-1.79M
Investing Cash Flow	0.00	0.00	-165.48K	-12.35K	-20.26K	198.69K
Financing Cash Flow	858.80K	1.46M	8.78M	11.58M	8.11M	2.90M

First Hydrogen Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.44
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:FHYD, the sentiment is Positive. The current price of 0.44 is above the 20-day moving average (MA) of 0.39, above the 50-day MA of 0.40, and below the 200-day MA of 0.53, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 59.07 is Neutral, neither overbought nor oversold. The STOCH value of 88.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:FHYD.

First Hydrogen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LNR	73 Outperform	C$5.64B	22.93	4.01%	1.32%	-5.33%	-57.58%
MG	66 Neutral	C$24.37B	20.98	6.90%	3.69%	0.66%	-0.61%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
NFI	52 Neutral	C$2.01B	-5.02	-52.38%	―	14.40%	-1117.18%
MRE	51 Neutral	C$766.90M	-18.84	-2.64%	1.93%	-7.25%	-143.07%
WPRT	50 Neutral	C$47.75M	-0.62	-24.45%	―	-47.09%	-119.76%
FHYD	47 Neutral	C$30.63M	-9.73	―	―	―	57.00%

First Hydrogen Corporate Events

First Hydrogen Moves Into Robotics With 60% Stake in Actuation Specialist

First Hydrogen has signed a binding letter of intent to acquire a 60% stake in Exodus Actuation Solutions, a robotics company with a substantial portfolio of issued and pending patents for advanced actuators and high-performance motors used in robotics, automotive and industrial applications. The move is intended to secure core robotics and actuator technology seen as foundational for electric vehicles, automation and autonomous platforms, positioning First Hydrogen at the convergence of clean energy and humanoid robotics as it builds a vertically integrated energy and mobility ecosystem.

Under the proposed transaction, First Hydrogen will issue two million common shares in stages and fund US$2 million, subject to due diligence, a definitive agreement and TSX Venture Exchange approval, while paying finder and consulting fees in line with exchange policies. Management highlights that owning this robotics IP could enhance the company’s role in emerging markets such as EV manufacturing and autonomous systems, potentially improving its long-term industry positioning amid forecasts of rapid growth in the humanoid robotics sector.

The most recent analyst rating on (TSE:FHYD) stock is a Hold with a C$0.39 price target. To see the full list of analyst forecasts on First Hydrogen stock, see the TSE:FHYD Stock Forecast page.

First Hydrogen Raises $1.56 Million in Warrant-Backed Private Placement

First Hydrogen Corp. has closed a private placement financing of 5.2 million units, raising gross proceeds of $1.56 million, with each unit comprising one common share and a warrant exercisable at $0.45 for two years. Conducted under a listed issuer financing exemption that removes hold-period restrictions, the raise provides fresh working capital and general corporate funding, while the company also paid a $124,800 cash finder’s fee and issued 416,000 finder warrants on the same terms, modestly strengthening its balance sheet to support ongoing development of its zero-emission vehicle and green hydrogen initiatives.

The most recent analyst rating on (TSE:FHYD) stock is a Hold with a C$0.41 price target. To see the full list of analyst forecasts on First Hydrogen stock, see the TSE:FHYD Stock Forecast page.

First Hydrogen Launches $3 Million Private Placement to Fund Operations

First Hydrogen Corp. has arranged a non-brokered private placement of up to 10 million units to raise as much as $3 million, with each unit comprising one common share and a warrant exercisable at $0.45 for two years. Conducted under the listed issuer financing exemption, the offering’s securities will not be subject to a statutory hold period in Canada, and proceeds are earmarked for working capital and general corporate purposes, bolstering the company’s liquidity as it advances its hydrogen vehicle and green energy initiatives.

The most recent analyst rating on (TSE:FHYD) stock is a Hold with a C$0.35 price target. To see the full list of analyst forecasts on First Hydrogen stock, see the TSE:FHYD Stock Forecast page.

First Hydrogen Advances Clean Energy Research with University Collaboration

First Hydrogen Corp. has announced a collaboration with the University of Alberta to research molten salt fuel mixtures for Small Modular Reactors (SMRs). This initiative is part of their strategy to pair clean energy from SMRs with green hydrogen production, supporting data centers, AI infrastructure, and hydrogen-powered vehicles. The company aims to leverage SMRs’ safety and efficiency to enhance its green energy solutions, particularly for off-grid industrial sites.

First Hydrogen Corp. Announces Debt Settlement and Debenture Extension

First Hydrogen Corp. has announced a debt settlement involving the conversion of $206,930.25 in accrued interest into common shares, alongside an extension of the maturity date for convertible debentures from 2025 to 2028. This strategic move is likely aimed at strengthening the company’s financial position and extending its debt obligations, potentially enhancing its operational flexibility and market positioning within the green energy sector.