H2APEX Achieves Strong Revenue Growth in H1 2024 and Specifies Revenue Targets

H2APEX has reported a significant increase in revenue for the first half of 2024. The company's revenue reached EUR 17.5 million, up from EUR 2.3 million during the same period in 2023. The growth was driven primarily by projects in the hydrogen plant sector.

The company has also narrowed its revenue forecast for the full fiscal year 2024 to the lower half of the EUR 35-40 million range. A backlog of EUR 22.9 million in contractually secured revenues contributes to this optimistic outlook.

Progress in developing new hydrogen plants in Laage and Lubmin is on schedule, with final investment decisions expected early in 2025. The staff count increased to 129 employees, reflecting the company's growth strategy.

Despite the positive revenue growth, the company reported a negative adjusted EBITDA of EUR -8.6 million, driven by high investments and personnel costs. H2APEX remains focused on expanding its project business and aims to secure contracts for more than 100 MW of electrolysis capacity by the end of 2024.