First Hydrogen (FHYD) AI Stock Analysis

• Market Cap: C$32.27M
• Dividend Yield: N/A
• Average Volume (3M): 12.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.68
• 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: 73,332,466
• 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: 43 Neutral
• Price Target: C$0.43 ▼(-3.41% Downside)

The score is held down primarily by very weak financial performance (minimal revenue, sustained losses, negative cash flow, and negative equity) and bearish technicals (below key moving averages with negative MACD). Valuation provides limited support due to negative earnings and no dividend yield, while recent corporate events are modestly positive but do not offset the core financial and trend risks.

Positive Factors

Strategic positioning in hydrogen mobility

The company’s core focus on hydrogen-fuel-cell light commercial vehicles and the broader hydrogen ecosystem aligns with a multi-year structural shift to decarbonize commercial transport. This strategic fit provides a clear long-term market opportunity if product commercialization and refueling infrastructure scale.

Research and policy alignment

Partnerships with universities on small modular reformer research and explicit support for EU hydrogen initiatives reduce technology and regulatory adoption risk, improving access to grants, technical validation and potential regional policy-driven demand over the coming years.

Improving cash burn trajectory

Material year-over-year reduction in operating cash outflows indicates improved cost discipline and a longer runway versus prior periods. Sustained lower cash burn increases the time available to reach commercialization or secure strategic financing without immediate insolvency pressure.

Negative Factors

Effectively zero revenue

With effectively no recent revenue and continuing operating losses, the company remains pre-commercial. That undermines near-term self-sufficiency: margins are undefined, product-market fit unproven, and the business will require sustained external funding to progress development and commercialization.

Negative shareholders' equity and compressed balance sheet

Negative equity and debt materially exceeding reported assets signal weakened financial flexibility and higher credit risk. This structural imbalance constrains capital options, increases likelihood of dilution or expensive refinancing, and limits the firm’s ability to absorb development setbacks.

Ongoing funding and dilution risk

The company’s use of debt settlements and debenture maturity extensions to manage liabilities, combined with persistent negative cash flow, indicates reliance on financing actions. Over time this raises the probability of shareholder dilution or onerous financing terms that impair long-term capital structure stability.

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

Overall, First Hydrogen is facing significant financial challenges. The company is experiencing operational inefficiencies, high leverage, and liquidity issues. Consistent losses, negative equity, and poor cash flow management highlight the need for strategic restructuring to stabilize and improve financial health. Immediate actions are required to enhance revenue generation, reduce debt, and manage cash flow more effectively to ensure long-term viability.

Income Statement

The income statement for First Hydrogen reveals significant challenges. Revenue has been inconsistent, with no revenue in the latest TTM period. Gross and net profit margins are negative, highlighting operational inefficiencies and substantial losses. EBIT and EBITDA margins are also negative, indicating poor operational performance and lack of profitability. The company experienced revenue in previous years, but the growth trajectory is negative, posing a concern for revenue generation capability.

Balance Sheet

First Hydrogen's balance sheet indicates financial distress, with negative stockholders' equity in recent periods, implying more liabilities than assets. The debt-to-equity ratio is extremely high due to negative equity, signaling high leverage. The equity ratio is negative, reflecting instability and potential solvency issues. Such a financial structure presents significant risks for stability and long-term sustainability.

Cash Flow

The cash flow statement shows a consistent pattern of negative operating and free cash flow, suggesting that the company is struggling to generate cash from its operations. The free cash flow to net income ratio is negative, further underscoring cash flow challenges. Although there have been some financing inflows, the inability to cover operational costs with cash inflows presents serious liquidity concerns.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	160.06K	0.00	302.11K
Gross Profit	-115.34K	-118.06K	-117.00K	5.55K	0.00	-126.41K
EBITDA	-4.00M	-4.11M	-10.45M	-13.40M	16.00K	-2.43M
Net Income	-4.73M	-5.07M	-10.91M	-13.85M	-8.87M	-2.46M
Balance Sheet
Total Assets	1.43M	1.82M	2.15M	4.24M	5.15M	2.62M
Cash, Cash Equivalents and Short-Term Investments	254.76K	11.51K	87.47K	394.82K	2.60M	1.64M
Total Debt	3.65M	3.68M	2.23M	30.80K	1.26M	25.28K
Total Liabilities	7.20M	7.50M	4.28M	3.15M	4.03M	1.46M
Stockholders Equity	-5.77M	-5.68M	-2.13M	1.09M	1.12M	1.17M
Cash Flow
Free Cash Flow	-1.19M	-1.53M	-9.09M	-13.65M	-7.15M	-1.82M
Operating Cash Flow	-1.19M	-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	1.44M	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: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 0.40, above the 50-day MA of 0.43, and below the 200-day MA of 0.55, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.82 is Neutral, neither overbought nor oversold. The STOCH value of 71.79 is Neutral, 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
MG	77 Outperform	C$21.51B	15.00	8.31%	3.69%	0.66%	-0.61%
LNR	73 Outperform	C$5.24B	21.41	4.01%	1.32%	-5.33%	-57.58%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
NFI	52 Neutral	C$1.98B	-4.95	-52.38%	―	14.40%	-1117.18%
MRE	51 Neutral	C$770.50M	-18.93	-2.64%	1.93%	-7.25%	-143.07%
WPRT	50 Neutral	$50.18M	-0.65	-24.45%	―	-47.09%	-119.76%
FHYD	43 Neutral	C$32.27M	-9.24	―	―	―	57.00%

First Hydrogen Corporate Events

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.

First Hydrogen Collaborates with University of Alberta on SMR Fuel Research

First Hydrogen Corp. has initiated a technical research collaboration with the University of Alberta to explore non-radioactive surrogate molten-salt fuel mixtures for small nuclear reactors (SMRs). This research aims to advance the company’s commercial scale-up objectives by identifying practical surrogate salts for lab prototypes, aligning with its vision of providing clean energy solutions for data centers, AI, and green hydrogen production.

First Hydrogen Extends Debenture Maturity and Proposes Debt Settlement

First Hydrogen Corp. announced its intention to extend the maturity date of its convertible debentures from November 2025 to November 2028, maintaining the interest rate and conversion price. Additionally, the company plans to settle accrued interest through the issuance of common shares, reflecting its strategic financial management and commitment to stakeholders.

First Hydrogen Supports EU’s New Hydrogen Mechanism and Matchmaking Platform

First Hydrogen Corp. welcomes the European Commission’s launch of the Hydrogen Mechanism and H2 Matchmaking Platform, which aims to accelerate Europe’s clean-hydrogen economy by connecting hydrogen buyers with producers. This initiative is expected to help First Hydrogen advance its hydrogen-fuel-powered vehicles and green energy projects in Europe by providing a pathway to secure commercial commitments and engage with financial institutions, addressing the longstanding barrier of lacking binding offtake agreements in the sector.

First Hydrogen Settles Debt with Share Issuance

First Hydrogen Corp. has announced the settlement of $62,188.50 in accrued interest by issuing 129,560 common shares at a price of C$0.48 per share. This move is part of the company’s financial strategy to manage its obligations and could potentially impact its market positioning by strengthening its financial stability.