You have to spend money to make money, as the old cliché goes. Green Hydrogen Systems once again lives up to this mantra with a loss for 2023 of DKK 406m (EUR 54.4m). Almost ten times more than the revenue of DKK 42m.

However, it is the revenue, not the loss, that is the highest ever for the electrolysis manufacturer. The current CEO, Peter Friis, also sees positive signs in the financial year.

”On the surface, 2023 was a year of technical and supply chain challenges and a year where we did not reach our targets. When we look deeper below the surface, we see that 2023 was also a year of progress,” he says in a statement.

The CEO, who took office in October, points to ”operational experience from on-site production hours” as having improved Green Hydrogen Systems’ A-series, as well as testing of the planned subsequent X-series, which ”is now a product on its way to commercial launch”. 

Not to mention the successful completion of a share issue that secured much-needed capital of DKK 469m and a new loan of DKK 250m from two of the main shareholders, ATP and Maersk company APMH Invest.

In terms of day-to-day business operations, the Kolding-based company is not expecting miracles for the current year. Revenue is expected to increase further to DKK 125-165m, while the company is targeting an operating loss (EBITDA) of DKK 160-200m, that is up to DKK 100m less than the DKK 267.5m operating loss in 2023.

”Despite the headwinds in 2023, we have moved our company forward in many areas. We are confident that this position of strength will give us progress in 2024,” says the CEO.