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Buy Day today: Neutral (47) Mixed market breadth · no major macro event
HPOW.LSE

H-Power Plc

Industrials · Electrical Equipment & Parts

0.093£ -2.2% vs. previous close Closing price · As of: Oct 8, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Substance risk

We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.

Why this colour

Red because of a documented threat to the business itself: the company writes that, without a substantial increase in revenue, it needs new money in the second half of 2027 to continue to trade. Cash of £17.4m (04/30/2026), at an unchanged pace and with £3.2m in expected tax credits, lasts roughly five quarters by our calculation, revenue covers only a fraction of costs, and survival therefore depends on the capital markets. No going-concern qualification from the auditor, hardly any debt, and the technical milestones arrived on time — so this is not a verdict on the technology but on the funding. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

H-Power, formerly AFC Energy, keeps its technical dates and is cutting its cash burn, but it has not made a profit in ten fiscal years and booked only £253,000 of revenue in its last half-year, from a development contract. By its own forecast, a substantial revenue increase or new money must come by the second half of 2027. The market value of about £106 million (10/08/2026) pays solely for the expectation that the LC30 and HY5 will sell in volume. Not investment advice.

Revenue

Below £1m in four of the five fiscal years 2021 to 2025, most recently £0.125m (FY 2025); the £0.253m in H1 fiscal 2026 came from the Komatsu development contract according to Note 3.

Cash and funding

£17.4m on 04/30/2026 after a £7.9m cash decrease in the half-year; per the full-year results of 02/25/2026, a substantial revenue increase or new money is needed in H2 2027.

Cost discipline

Outflow including capitalized development cut to £7.5m in H1 fiscal 2026 (prior year £10.7m); LC30 about 85% cheaper to manufacture than its predecessor, according to the company.

Technology and partners

LC30 CE attestation (08/26/2026), Komatsu phase 1 completed (08/10/2026), Protium contract for 5,000 kg of hydrogen (06/10/2026), replenishment order for 15 LC30s from Speedy Hire.

Joint venture

Receivable from Speedy Hydrogen Solutions of £3.4m (10/31/2025), of which £2.8m for 15 unpaid AR2 generators was written off as irrecoverable.

Dilution

2025 placing at 10p with a 26.3% discount, roughly one third more shares; 1,137,347,223 shares (09/30/2026) plus 10,397,437 new options (06/29/2026).

Worth Noting

The trigger was the wallstreet-online forum hot list (10/08/2026) under the U.S. OTC ticker AFGYF; the analysis covers the home listing HPOW on the London Stock Exchange's AIM market.

As of 10/08/2026. The most recent periodic report is the interim report to 04/30/2026 (published 06/10/2026); all RNS announcements through 08/26/2026 were reviewed, with none between then and 10/08/2026. Fiscal 2026 ends on 10/31/2026.

H-Power is not an SEC filer: no 10-K, no 10-Q, no 20-F. All evidence comes from the full-year results, the interim report and RNS announcements; figures for fiscal 2021 to 2023 come from fundamental data.

Cash figures include short-term deposits, as the company presents them in its summaries (04/30/2026: £8.2m cash at bank plus £9.2m deposits). The runway of about five quarters is our own calculation.

Do not confuse: the former AFC Energy plc has nothing to do with U.S. insurer Aflac (ticker AFL) or with "AFC" tickers on other markets.

Read the Full Deep Dive H-Power (Formerly AFC Energy): 15 Generators Unpaid, Now Speedy Hire Orders 15 New Ones In May 2026, AFC Energy became H-Power plc. The name and the ticker changed; the math did not: £253,000 of revenue in the half-year to April 2026, £17.4 million in cash, and, by the company's own forecast, a need for new money in the second half of 2027 unless revenue rises substantially by then. We read the annual and half-year reports and every regulatory announcement through October 2026. The most striking finding: the joint venture whose unpaid bill for 15 generators was written off is now getting an order for 15 new ones. Read the analysis →

Stock Watch

This analysis is as of October 8, 2026. Stock Watch will tell you what's changed at HPOW.LSE since then.

Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.

Price history

Chart

Too few trading days on record for a price history - here are the key figures.

Last price: 0.093 £ (As of: October 8, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 0.1£B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. –
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. –
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. –

Performance

Perf. 1M ?Price performance over the last month. -13.20%
Perf. 3M ?Price performance over the last 3 months. -17.60%
Perf. 6M ?Price performance over the last 6 months. -17.10%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). -8.82%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -45.4%

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. –
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. –
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. –
P/B ?Price-to-book ratio: market value relative to book equity. 3.6
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 26.4
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. –
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. –

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. –
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. -3,002.4%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. –
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? -67.5%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). –

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 85.8%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 0.01
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 4.86
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. weak 2 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 1,388.20%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 0.00%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. -96.88%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 1,367.20%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. -17.20%

Dividend

No dividend data is available for this stock yet.

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. –
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. –
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. –
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (57 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter (£M)
H2 2022 · 0.3 £M H2 H1 2023 · 0.2 £M H1 H2 2023 · 0.0 £M H2 H1 2024 · 0.4 £M H1 H2 2024 · 3.6 £M H2 H1 2025 · 0.0 £M H1 H2 2025 · 0.1 £M H2 H1 2026 · 0.3 £M H1

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales (£M) Sales YoY (%) Net Margin (%) OCF (£M) FCF (£M)
H2 2022 – – 0 -30.90 -2,822.50 -8 -9
H1 2023 – – 0 -27.10 -3,110.40 -8 -9
H2 2023 – – 0 -91.50 -43,165.40 -5 -6
H1 2024 – – 0 103.00 -2,038.70 -11 -12
H2 2024 – – 4 13,723.10 -253.20 -8 -9
H1 2025 – – 0 -95.80 -59,694.10 -7 -8
H2 2025 – – 0 -97.00 -11,154.60 -4 -5
H1 2026 – – 0 1,388.20 -2,300.80 -4 -4

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 2 of our scanner strategies — each hit links to the scanner.

Research

Risk & Weakness

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners

AI classification

AI Rating

Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available.

How the Rating Is Built

The company

About the Company

H-Power plc ist im Vereinigten Königreich in der Entwicklung ammoniakbasierter emissionsarmer Wasserstoffproduktion und Wasserstoff-zu-Strom-Lösungen tätig. Das Unternehmen ist in den Segmenten Verkauf von Brennstoffzellengeneratoren sowie Vermietung tätig. Es bietet den H-Power Tower, einen Brennstoffzellengenerator der S-Serie, sowie Brennstoffzellengeneratoren der L-Serie an. Es entwickelt zudem einen H-Power-Generator der S-Serie, eine modulare, kompakte Brennstoffzelle; einen H-Power-Generator der S+-Serie als dieselbetriebene Generatoralternative; einen Ammoniakcracker, eine Technologie zur Umwandlung von Ammoniak in Wasserstoff; sowie einen Methanol-Brennstoffturm, eine technologische Lösung zur Umwandlung des Trägerkraftstoffs Methanol in Wasserstoff. Darüber hinaus bietet das Unternehmen verschiedene Unterstützungslösungen an, darunter die Lieferung von Wasserstoff, Ammoniak oder Methanol; Beratung zum Kraftstoffverbrauch und zu Logistikanforderungen; die Organisation von Beschaffung, Lieferung und Zustellung des gewählten Kraftstoffs; Beratung oder Lieferung von Kraftstofflagerung vor Ort; Beratung und Konzeption der gesamten Energielösung je nach Anwendung; Vereinbarungen zur Lieferung, Installation und Anbindung von Batteriespeichertechnologie; technische Integration von Technologien wie Batterie, Brennstoffzelle, Kraftstoffumwandlung und Kraftstofflagerung; Überwachung und Optimierung des Gesamtsystems; Installation, Inbetriebnahme und Stilllegung vor Ort; Bereitschaftswartung durch ein Vor-Ort-Support-Team; sowie Betriebsrichtlinien und Einweisungen vor Ort. Es bietet Produkte für verschiedene Anwendungen an, darunter Seefahrt, Bauwesen, Rechenzentren, Außenveranstaltungen, EV-Laden und die Bahnbranche. Das Unternehmen hieß zuvor AFC Energy plc und änderte seinen Namen im Mai 2026 in H-Power plc. Das Unternehmen wurde 2006 gegründet und hat seinen Sitz in Cranleigh, Vereinigtes Königreich.

Data as of: October 8, 2026 · symbol.source_foreign

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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