Highlights – LSE:HPOW

• H-Power reports unaudited Revenue of £2.0 million for FY26, up from £0.1 million a year earlier.

• Second-half revenue of about £1.75 million marks the group's third consecutive half of revenue growth.

• Cash and short-term deposits fall to about £11.1 million from £25.3 million a year ago.

• Commercial progress includes a 15-unit LC30 order and Heads of Terms with Protium for HY5 supply.

A year ago, revenue at this hydrogen technology developer barely registered at £0.1 million. Now the figure has reached £2.0 million. H-Power (LSE: HPOW), the AIM-quoted group formerly known as AFC Energy, set out those unaudited numbers at 07:00 on Monday 9 November 2026 in its trading update for the year ended 31 October 2026, while also showing how much cash the expansion has consumed.

What the trading update revealed

Unaudited revenue for FY26 came in at £2.0 million, compared with £0.1 million in FY25. On a simple calculation, that is a twentyfold increase.

The split between the halves is striking. First-half revenue was about £0.25 million and second-half revenue about £1.75 million, which the company described as its third consecutive half of revenue growth. By calculation, the second half generated seven times the revenue of the first. The company framed the year as one of commercial expansion, a theme visible in both the revenue line and the cash outflow.

Commercial milestones behind the numbers

The update lists a series of steps that feed into that revenue line. They include a 15-unit replenishment order for the LC30 fuel cell generator from the Speedy joint venture, the sale of two LC30 units to TAMGO in Saudi Arabia, and CE attestation for the LC30, which was confirmed in August.

On the technology Partnership front, H-Power completed phase one of a joint development agreement with Komatsu worth about US$2 million, with the completion of that first phase in August opening the final phase of the programme. It also recorded a sale of 5,000kg of hydrogen produced from cracked ammonia, and agreed Heads of Terms with Protium to Supply its HY5 ammonia cracker.

The Protium arrangement, announced on 29 October, covers an HY5 unit capable of producing up to 500kg of fuel-cell-grade hydrogen a day at the point of demand. It remains at Heads of Terms stage, with an initial two-year term, deployment expected in the second half of 2027 and the possibility of supply to further Protium sites. Execution of a definitive agreement and planning are still required. The deal builds on Protium's earlier commitment to buy 5,000kg of hydrogen from H-Power. The company said the year's progress supports revenue visibility for FY27.

Cash position and funding context

Cash and short-term deposits stood at about £11.1 million on 31 October 2026, down from £25.3 million a year earlier. The company attributed the reduction to Investment in commercial expansion. On a straight comparison, around £14.2 million was used over the twelve months, leaving the year-end balance at roughly 44% of the level held a year earlier.

Risks for shareholders to weigh

The revenue base, although far larger than in FY25, remains small relative to the cash used during the year. Several growth drivers, including the Protium supply deal, are not yet binding contracts. The figures are also unaudited and could change when final results are published. With cash falling by more than half during the year, the pace of future spending relative to incoming revenue will be an important measure.

What investors may watch next

Attention is likely to turn to the audited full-year results, conversion of the Protium Heads of Terms into a definitive agreement, and the final phase of the Komatsu programme. Deliveries under the Speedy order and further LC30 sales outside the UK will also be watched closely across UK hydrogen stocks.

The company also refreshed its advisers in October, appointing Zeus Capital as nominated adviser and joint broker alongside Canaccord Genuity.

Where H-Power stands now

H-Power closes FY26 with a sharply higher revenue line, a pipeline built around the LC30 and HY5 products, and a cash balance of about £11.1 million to fund the next stage of commercial rollout.