24/2021 Green Hydrogen Systems – Commercial statement for Q3


Market statement Q3 2021

Performance highlights for the third quarter of 2021

• Following updated guidance for 2021, assembly and testing shows positive progress confirming plan execution with delivery of initial A90 electrolyzers from Q4 2021

• Order book of 10.0 MW – an increase of 8.0 MW or 400% compared to Q3 2020

• Positive development of the pipeline in key strategic markets with a sharp increase in the average size of projects

• Revenue from customer contracts of DKK 0.2 million compared to DKK 8.1 million in Q3 2020
• Recognition of 2021 order book sales postponed to the first half of 2022

Gross profit of -14 million DKK compared to 2.0 million DKK in the third quarter of 2020
• Provisions related to deferred deliveries recognized in the income statement in Q3 2021

• Following the Nasdaq listing in Copenhagen in June 2021 and due to strong investor interest in Green Hydrogen Systems, additional shares (over-allotment option) worth DKK 165 million were issued in July 2021, consolidating even more the capital structure of the company

• Final signature on the GreenHyScale project supporting the X-Series as part of a future 100 MW Power-to-X platform

• Continued progress on strategic objectives:

• Three firm customer orders in Q3 2021 totaling 3.2 MW. Continuous order intake validates the technological offer and the price of Green Hydrogen Systems

• Expansion of production facilities is progressing as planned

• Ole Vesterbæk appointed Chief Financial Officer and member of the General Management

• Kasper Tipsmark Therkildsen promoted to Chief Technology Officer succeeding Jørgen Krogsgaard Jensen who will assume the position of Senior Vice President, Technology & R&D

• Recruitment of Birgitte Høgh Frederiksen as new director of human resources following the integration of the HR discipline at the C level of the company

Orientation for 2021

The 2021 annual guidance (updated on September 29, 2021) is maintained:

• Turnover of around DKK 5 million
• Gross profit Around DKK -15 million
• EBITDA -145 to -155 million DKK
• EBIT DKK -160 to -170 million
• R&D 75-85 million Danish kroner
• CAPEX 135 to 145 million DKK

Sebastian Koks Andreassen, CEO of Green Hydrogen Systems, comments:

“With orders signed in the third quarter of 2021, our backlog increased to 10 MW, an increase of four times compared to last year. These advances show that there is great confidence in our technology and that we offer electrolysers at a competitive price. Overall, we are seeing a growing interest in the development of the green hydrogen industry both in Denmark and in other European countries, and we must continue to push for the energy transition to accelerate.

The industry has experienced delays from OEMs like us in finalizing and installing prior to full scale mass production. However, we are executing our plan and are on track to start delivering backlogged orders this year, which will allow us to recognize revenue from these orders in early 2022. ”

Conference call details

As part of the announcement of the third quarter 2021 market statement, Green Hydrogen Systems will host a conference call. The conference call will take place on November 2, 2021 at 10:00 a.m. CET. Please visit investment.greenhydrogen.dk to access the presentation used for the meeting.


DK: +45 32714988

NUMBER: +47 239 600 36

United Kingdom: +44 (0) 203 05 958 69

Forward-looking statements

This announcement contains forward-looking statements. Words such as “believe”, “expect”, “power”, “will”, “plan”, “strategy”, “prospect”, “foresee”, “estimate”, “plan”, “anticipate” , “Power”, “intention”, “prospect”, “direction”, “objective” and other words and terms with similar meanings in connection with any discussion of future operational or financial performance identify forward-looking statements. Statements regarding the future are subject to risks and uncertainties which may cause them to differ materially from the outlook stated. In addition, some of these expectations are based on assumptions about future events which may prove to be inaccurate.

Please also refer to the overview of risk factors on page 9-37 of the Prospectus available at greenhydrogen.dk.

For more information please contact:

Jens Holm Binger
Head of Investor Relations,
+45 6065 6525, [email protected]

Aleksandra Lozinska
Marketing and Press Relations Manager
+45 4414 0344, [email protected]

Source: Green hydrogen systems
Symbol: GREEN
Tag: Company Announcement

  • Green Hydrogen Systems – Q3 Trading Statement 2021 v1


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