Business
Final Audited Results
AFC Energy Plc reported a loss after tax of £22.2 million for the financial year ended 31 October 2025, an increase from the previous year's £17.4 million loss, primarily due to increased R&D investment of £11.7 million and non-cash expenditures including stock and debtor write-offs totaling £8.4 million. The company successfully raised £27.5 million gross in July 2025 to accelerate commercial development and product deployment, ending the year with £25.3 million in cash and short-term investments. Key operational highlights include the launch of the new LC30 fuel cell generator and progress on the Hy-5 ammonia cracker, with the company targeting £10/kg for hydrogen sales. Post-period, a joint development agreement was signed with Komatsu Ltd, and an environmental permit was secured, allowing for earlier hydrogen production revenue. Disclaimer*
About this update from H-power Plc
[{"type":"text","content":"\n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n\n25 February 2026\nAFC Energy Plc\n(\"AFC Energy\" or the \"Company\")\nFinal Audited Results for the Financial Year Ended 31 October 2025\nDelivering strategic and operational progress\nAFC Energy Plc (AIM: AFC), a leading provider of ammonia-based low carbon hydrogen production and hydrogen-to-power solutions at a commercially viable price point, is pleased to announce its audited results for the financial year ended 31 October 2025 (\"FY25\").\n \nJohn Wilson, Chief Executive of AFC Energy, said:\n\"12 months ago, we announced plans to accelerate our path to scalable commercial success, focus on areas of greatest opportunity and deliver a market push, rather than relying solely on market pull. We are successfully delivering on these plans, working to ensure AFC Energy creates significant shareholder value.\n \nThe successful execution of our oversubscribed £27.5 million (gross) fundraising in July 2025 was a further vote of confidence in the evolution of the business, enabling the business to invest with purpose to accelerate the commercial development and deployment of our fuel cell and ammonia cracking products. This has enabled the recent launch of our new LC30 fuel cell generator and continued progress to availability of our Hy-5 ammonia cracker, capable of producing 500kg/day of hydrogen which we aim to target selling at £10/kg.\n \nWe continue to execute successfully on our strategy as we look to deliver low-cost hydrogen power at scale without the need for government subsidies. AFC Energy remains well on track for 2026 to be a year of conversion of our growing pipeline of opportunities to contractual orders and the beginning of sustained revenue growth for our business. We look forward to the future with strong and increasing optimism.\"\n \nFY25 Operational Highlights\n\n\n\n\n•\n\n\nStrategic reset and focus on delivering the commercial deployment of our proprietary technology and pr...