H-Power plc (AIM: HPOW), a hydrogen products and services company using ammonia to produce and convert hydrogen into clean off-grid power, has published a trading update for the financial year ended 31 October 2026. The company reported unaudited revenue of £2.0 million for FY26, up sharply from £0.1 million in FY25, driven by LC30 fuel cell generator sales, hydrogen production revenues, and delivery of the first phase of its Komatsu Joint Development Agreement. The update signals that H-Power's commercial reset is gaining traction, with multiple routes to market now generating income ahead of FY27.

Key Points

  • H-Power plc (AIM: HPOW) — AIM-listed hydrogen products and services company headquartered in Dunsfold, Surrey
  • Unaudited FY26 revenue reached £2.0 million, rising from £0.1 million in FY25, representing the third consecutive half-year of revenue growth
  • Cash and short-term deposits stood at approximately £11.1 million at 31 October 2026, compared with £25.3 million a year earlier
  • Investors will be watching FY27 order conversion, HY5 deployment progress, and commercial term discussions with the unnamed S&P 500 partner

LC30 Fuel Cell Generator Wins 15-Unit Speedy Order and Achieves CE Mark Milestone

The LC30 30kW fuel cell generator delivered H-Power's most visible commercial progress during FY26. A 15-unit replenishment order was received from the Speedy Hydrogen Solutions joint venture following above-target utilisation and rising customer demand, with the two partners also agreeing to establish an H-Power depot at Speedy's London Gateway location to support anticipated infrastructure project demand. The LC30 reached cost parity with diesel on a weekly rental plus fuel basis, addressing a traditional adoption barrier. The product also achieved Attestation of Conformity for the CE Mark, an important step towards broader commercial deployment. Additionally, two LC30 units were sold to TAMGO, H-Power's exclusive distribution partner covering Saudi Arabia and other Gulf Cooperation Council countries, for performance and customer trials.

HY5 Ammonia Cracker Deployed at Dunsfold and Protium Supply Agreement Signed

H-Power confirmed its first HY5 decentralised ammonia cracker deployment remains on track, with the unit now being placed at Dunsfold rather than Port Clarence, a decision the company states optimises resource efficiency and accelerates future scaling. Hydrogen sales commenced in May 2026, described by the company as ahead of target. For FY27, H-Power has signed Heads of Terms with hydrogen customer Protium for an initial two-year supply and deployment of a HY5 unit, involving the sale of 5,000kg of fuel-cell-grade green hydrogen — disclosed as the UK's first commercial bulk sale of hydrogen produced from cracked ammonia to a third party. The Shareholders' Agreement for the ICL Joint Venture has also been signed, with preparatory works ongoing.

Komatsu JDA Phase One Complete and S&P 500 Partner Moves Towards Commercial Terms

H-Power confirmed successful delivery of the first phase of its approximately US$2 million milestone-based Joint Development Agreement with Komatsu. The second phase, focused on demonstrating H-Power's proprietary ammonia cracking technology integrated with a Komatsu engine, remains on track for delivery by the end of calendar year 2027. Separately, an engagement with an unnamed S&P 500 partner — focused on identifying industrial applications for the HY5 — has advanced to commercial term discussions, the announcement states. These integration programmes represent a distinct commercialisation route, enabling H-Power's technology to generate revenue through third-party equipment and industrial applications without requiring the company to build its own end-to-end infrastructure.

Cash Position Reflects Investment Phase as H-Power Sets Out FY27 Growth Priorities

Cash and cash equivalents and short-term deposits totalled approximately £11.1 million at 31 October 2026, compared with £25.3 million at 31 October 2025. The company attributed the reduction to investment in commercial growth during FY26. H-Power stated it will maintain a disciplined approach to capital allocation as it pursues FY27 priorities, which include converting customer demand into further LC30 orders, increasing deployed units, progressing HY5 into customer operations, and building repeatable revenues. The company operates in a global generator market it values at around $18 billion, targeting a UK hydrogen market with demand of approximately 1.6 million tonnes by 2030. Investors may be watching the pace at which the cash balance is deployed against incoming revenues.