olivLaw · US equity research
Fusion Fuel Green PLC HTOO
Misc Industrial & Commercial Machinery & Equipment · SIC 3590 · Vertical: Misc Industrial & Commercial Machinery & Equipment (SIC 3590)
Fusion Fuel Green PLC is an Irish holding company that ended its green hydrogen business through the insolvency of its Portuguese subsidiary and refocused on industrial gas distribution and engineering services in the UAE through QIND. The refocus matters now because the company is diversifying into energy projects, including a 51.0% stake in Biosteam Energy, and its 2026 financing and acquisition steps signal a change in strategy.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 30 Oct 2026, Fusion Fuel Green PLC (HTOO) stock was 1.70 USD (+1.80% on the day), with beta 0.86, 52-week range 1.67–5.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.2
- weak (30–45)
- Bollinger (20, 2)
- 1.61 – 2.10
- in the lower half of the band · %B 0.19 · band width 26.4%
- SMA 50 / 200
- 2.04 / 2.83
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.0% | −0.9% | −19.1 pp | — |
| 3 months | −35.8% | +1.2% | −37.1 pp | — |
| 6 months | −46.3% | +4.8% | −51.1 pp | — |
| Year to date | −48.9% | +10.7% | −59.7 pp | — |
| 1 year | −58.8% | +11.1% | −69.9 pp | −38.2% |
| 3 years | −93.2% | +80.7% | −173.9 pp | +60.6% |
| 5 years | −99.6% | +64.6% | −164.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| Revenue | unavailable | 0 | 0 | unavailable | 4.1 m | 1.6 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | −61.3% |
| Net income | 2.0 k | -183.1 m | 23.6 m | -27.3 m | 4.0 m | -13.7 m |
| Net income YoY | unavailable | −9,156,600.0% | unavailable | −216.1% | unavailable | −443.3% |
| Diluted EPS | 0.00 | -68.53 | 1.79 | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | 96.5% | -855.5% |
| Free cash flow | unavailable | unavailable | -31.3 m | -38.4 m | -17.8 m | -8.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 214.0 k EUR
- Financial debt
- 2.1 m EUR
- Net debt
- 1.9 m EUR
- Equity
- 10.7 m EUR
- Total assets
- 28.1 m EUR
- Debt / equity
- 0.20x
- Current ratio
- 0.54x
- ROE
- -204.5%
- ROA
- -39.0%
- FCF margin
- -516.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | 0 | 0 | — | 4.1 m | 1.6 m | SEC (XBRL)· 09 May 2025verified |
| Cost of revenue | — | — | — | 8.8 m | 20.1 m | 1.2 m | SEC (XBRL)· 09 May 2025verified |
| Gross profit | — | — | — | -8.8 m | -15.9 m | 437.0 k | SEC (XBRL)· 09 May 2025verified |
| Research & development | — | — | 182.0 k | 908.0 k | 1.9 m | — | SEC (XBRL)· 30 Apr 2024verified |
| Operating income | -2.0 k | -4.8 m | -6.9 m | -34.7 m | -37.1 m | -17.2 m | SEC (XBRL)· 09 May 2025verified |
| Depreciation & amortisation | — | — | — | 1.0 m | 1.5 m | 2.6 m | SEC (XBRL)· 09 May 2025verified |
| EBITDA | — | — | — | -33.7 m ≈ | -35.5 m ≈ | -14.5 m ≈ | SEC (XBRL)· 09 May 2025derived |
| Interest expense | — | 677.0 k | 23.0 k | 962.0 k | 544.0 k | — | SEC (XBRL)· 30 Apr 2024verified |
| Pre-tax income | -2.0 k | -183.1 m | 23.6 m | -27.3 m | -30.9 m | -13.7 m | SEC (XBRL)· 09 May 2025verified |
| Income tax | — | — | — | 34.0 k | 159.0 k | 275.0 k | SEC (XBRL)· 09 May 2025verified |
| Net income | 2.0 k | -183.1 m | 23.6 m | -27.3 m | 4.0 m | -13.7 m | SEC (XBRL)· 09 May 2025verified |
| Diluted EPS | 0.00 | -68.53 | 1.79 | — | — | — | SEC (XBRL)· 02 May 2022verified |
| Weighted average diluted shares | — | — | — | — | 14.6 m | 18.5 m | SEC (XBRL)· 09 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | — | 58.0 m | 7.7 m | 5.2 m | 1.1 m | 214.0 k | SEC (XBRL)· 09 May 2025verified |
| Receivables | 2.0 k | 2.2 m | 8.5 m | 8.2 m | 4.9 m | — | SEC (XBRL)· 30 Apr 2024verified |
| Inventories | — | — | 0 | 17.6 m | 3.7 m | 1.1 m | SEC (XBRL)· 09 May 2025verified |
| Current assets | 2.0 k | 60.2 m | 47.3 m | 38.7 m | 11.3 m | 7.0 m | SEC (XBRL)· 09 May 2025verified |
| Property, plant & equipment, net | 15.0 k | 6.0 k | 18.1 m | 21.3 m | 24.8 m | 307.0 k | SEC (XBRL)· 09 May 2025verified |
| Goodwill | — | — | — | — | — | 19.0 m | SEC (XBRL)· 09 May 2025verified |
| Intangibles (excl. goodwill) | — | 2.2 m | — | — | 5.1 m | — | SEC (XBRL)· 09 May 2025verified |
| Total assets | — | 62.4 m | 69.2 m | 65.4 m | 42.4 m | 28.1 m | SEC (XBRL)· 09 May 2025verified |
| Accounts payable | 16.0 k | 1.8 m | 2.9 m | 7.3 m | 15.3 m | 9.1 m | SEC (XBRL)· 09 May 2025verified |
| Short-term debt | — | — | — | — | 1.3 m | 2.0 m | SEC (XBRL)· 09 May 2025verified |
| Long-term debt | — | — | — | — | — | 116.0 k | SEC (XBRL)· 09 May 2025verified |
| Current liabilities | 16.0 k | 55.1 m | 19.3 m | 25.4 m | 20.4 m | 13.0 m | SEC (XBRL)· 09 May 2025verified |
| Total liabilities | — | 55.1 m | 19.7 m | 36.0 m | 39.6 m | 17.4 m | SEC (XBRL)· 09 May 2025verified |
| Equity | 1.0 k | 7.4 m | 49.5 m | 29.4 m | 2.7 m | 10.7 m | SEC (XBRL)· 09 May 2025verified |
| Shares outstanding at year end | — | — | — | 13.8 m | 17.4 m | 22.9 m | SEC (XBRL)· 09 May 2025verified |
Cash flow · EUR
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.0 k | -4.2 m | -14.7 m | -29.9 m | -9.2 m | -8.3 m | SEC (XBRL)· 09 May 2025verified |
| Capex | — | — | 16.6 m | 8.6 m | 8.6 m | 11.0 k | SEC (XBRL)· 09 May 2025verified |
| Free cash flow | — | — | -31.3 m ≈ | -38.4 m ≈ | -17.8 m ≈ | -8.3 m ≈ | SEC (XBRL)· 09 May 2025derived |
| Investing cash flow | -15.0 k | -1.4 m | -45.5 m | 25.0 m | -1.2 m | 800.0 k | SEC (XBRL)· 09 May 2025verified |
| Financing cash flow | 17.0 k | 64.3 m | 9.6 m | 2.4 m | 3.1 m | 6.5 m | SEC (XBRL)· 09 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -186.1% | 0 (on a fixed band) | 38% |
| Net margin · Quality | -855.5% | 25 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -31.6x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Fusion Fuel Green PLC (HTOO). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.6 m EUR in 2024; YoY growth -61.3%; net margin -855.5%; ROE -204.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -186.1%
- Net margin: -855.5%
- Interest coverage: -31.6x
- Current ratio: 0.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Misc Industrial & Commercial Machinery & Equipment (SIC 3590) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ETNEATON CORPORATION plc | 143.7 bn | 37.7 | 19.7% | 12.8% | +10.3% | −3% / +78% |
| CWCurtiss-Wright Corporation | 17.6 bn | 32.8 | 19.7% | 14.8% | +12.1% | −20% / +139% |
| EPACEnerpac Tool Group Corp. | 2.1 bn | 23.6 | 20.2% | 13.8% | +5.7% | −1% / +43% |
| ZOOZZOOZ Strategy Ltd. | 950.9 m | — | -88.3% | -22,505.7% | −76.3% | −79% / unavailable |
| VHUBVenhub Global, Inc. | 21.9 m | — | — | -11,799.2% | unavailable | unavailable / unavailable |
| LIQTLiqtech International, Inc. | 9.9 m | — | -48.9% | -63.2% | +13.0% | −87% / −92% |
| SMXSMX (Security Matters) Public Limited Company | 2.9 m | — | -2,287.2% | — | unavailable | −93% / −100% |
| MOG-AMOOG Inc. | — | 29.8 | 18.2% | 8.7% | +7.0% | +71% / +202% |
| RAINRain Enhancement Technologies Holdco, Inc. | — | — | — | — | unavailable | −90% / unavailable |
| HTOOFusion Fuel Green PLC | — | — | -204.5% | -855.5% | −61.3% | −59% / −93% |
| SHMDSCHMID Group N.V. | — | — | — | -138.3% | −32.6% | −38% / unavailable |
1- and 3-year price returns: for HTOO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 May 2026; since then the company filed 6-K (28 Oct 2026), 6-K (22 Oct 2026), 6-K (14 Oct 2026), 6-K (13 Oct 2026), 6-K (02 Oct 2026), 6-K (25 Sept 2026).
In brief
Fusion Fuel Green PLC is an Irish holding company that ended its green hydrogen business through the insolvency of its Portuguese subsidiary and refocused on industrial gas distribution and engineering services in the UAE through QIND. The refocus matters now because the company is diversifying into energy projects, including a 51.0% stake in Biosteam Energy, and its 2026 financing and acquisition steps signal a change in strategy.
SWOT
Strengths
- Effective control of an operating business through QIND and integration of the UAE subsidiaries.
- Access to a diversified project structure, including biomass and mineral interests.
- A cooperation agreement with a local partner in South Africa that brings field experience.
Weaknesses
- The original hydrogen business was halted and its main subsidiary is in insolvency.
- Dependence on share issuance and private placements for funding, with dilution effects.
- Operations concentrated in a single geographic market, creating concentration risk.
Opportunities
- If the Biosteam project reaches its planned performance, it could generate carbon credit revenues.
- Expanding hydrogen and biomass advisory services to new clients.
- Mineral asset acquisitions, if the transactions in the advisory agreements are completed.
Threats
- Continued dilution of shareholders through shares issued for financing and advisory fees.
- Uncertainty over closing of the share exchange and of the mineral sector transactions.
- The risk that new projects fail to meet expectations, which would limit growth.
Risks
- Shareholder dilutionhigh
Share issuances for the placement, consultancy and share exchange could reduce value per share.
- Biosteam project executionmedium
The South African project depends on loan repayment pace and verification of carbon credits, which could delay cash flow.
- Geographic concentrationmedium
Operations in the UAE expose the company to economic and regulatory conditions in a single region.
- SEC registration obligationslow
Penalties for failing to register resale securities on time could increase costs if deadlines are missed.
Investment thesis
What would need to be true (bull case)
- If QIND keeps generating stable revenue from industrial gases, the company could have a more predictable operating base than during the hydrogen period.
- The Biosteam project could become a replicable fuel-switching model if its performance and carbon credits are confirmed.
- Mineral advisory agreements could open a new revenue area if the transactions are completed.
What would break the thesis
- The hydrogen history, with production halted and the subsidiary in insolvency, could point to financing and execution difficulties.
- Reliance on share issuance could keep diluting the stake of existing shareholders.
- Diversifying into new projects such as minerals and biomass could add risk without significant short-term revenue.
What to watch
- Closing of the Royal Uranium share exchange and its conditions2026
- Progress of the Biosteam Energy project and first carbon credit payments2026
- Operating results of QIND and Al Shola Gasnext 10-K
- Liquidation of Fusion Fuel Portugal assets and effects on the group2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 07 May 2026; since then the company filed 6-K (28 Oct 2026), 6-K (22 Oct 2026), 6-K (14 Oct 2026), 6-K (13 Oct 2026), 6-K (02 Oct 2026), 6-K (25 Sept 2026).
The business
According to the 2025 annual report 1, Fusion Fuel Green PLC was incorporated in Ireland in 2020 and until late 2024 offered green hydrogen products and services through Fusion Fuel Portugal. Production and sale of its PEM electrolyzers were discontinued for lack of capital, and on November 11, 2024 Fusion Fuel Portugal entered insolvency; its physical assets were sold by December 2025. Since December 1, 2024, consolidated operations have mainly come from QIND and its subsidiary Al Shola Gas, providing industrial gas distribution and engineering services in the UAE. In 2025 the company launched Bright Hydrogen Solutions for hydrogen and biomass project advisory and engineering.
Segments
Industrial gas distribution and engineering (QIND)
The main operating activity is that of QIND and its subsidiary Al Shola Gas, in which the company holds approximately 69.36% of QIND's capital stock, with effective control since December 2024. The segment supplies industrial gases and engineering services in the United Arab Emirates and forms the core of consolidated revenue after the end of the hydrogen business.
Hydrogen and biomass advisory
Through Bright Hydrogen Solutions, formed in February 2025, the company offers advisory and engineering services for hydrogen projects and fuel-switching initiatives. The assets of the former hydrogen business are not part of this service.
Market context
The markets in which the subsidiaries operate are industrial gases and energy engineering services in the United Arab Emirates, for which the annual report gives no size data. Demand for projects that switch fossil fuels to biomass or hydrogen, such as the Biosteam project in South Africa, could become a relevant market if pilot projects expand.
Trends
- Exit from green hydrogenheadwind
Discontinuing PEM electrolyzers and the insolvency of the Portuguese subsidiary removed the original business line, reducing the asset and revenue base.
- Diversification into biomass energytailwind
The Biosteam Energy project in South Africa, a fuel-switching initiative at a dairy farm, could open carbon credit revenues if the project achieves its expected performance.
- Financing through private placementsmixed
The February 2026 private placement and consultancy agreements paid in shares show that funding depends on new share issuance, which may dilute existing shareholders.
- Mineral and uranium acquisitionsmixed
The share exchange agreement for Royal Uranium signals an extension into the mineral sector, which could add a new business area but also execution risks.
Competitive position
The annual report does not identify direct competitors. The company operates in local industrial gas and energy engineering markets, where competition comes from regional suppliers. In hydrogen and biomass advisory, competition comes from engineering and consultancy firms whose names do not appear in the source.
- Regional industrial gas suppliers in the UAE
Local competitors of QIND and Al Shola Gas, not named in the source.
- Hydrogen and energy consultancy firms
Competitors of Bright Hydrogen Solutions, not identified in the report.
- Biomass project developers in South Africa
Local players that could compete for fuel-switching projects.
- Mining and mineral asset companies
Potential partners or competitors in mineral asset acquisitions, mentioned generically in the advisory agreements.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Boffins bet on quantum computers, AI supers to solve fusion fuel dilemmaThe Register · 06 Jul 2026 · RO
The latest news item in our archive is from 06 Jul 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)14 Oct 2026
- Current report (foreign issuer)13 Oct 2026
- Current report (foreign issuer)02 Oct 2026
- Current report (foreign issuer)25 Sept 2026
- Current report (foreign issuer)25 Sept 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)04 Sept 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Fusion Fuel Green PLC · 07 May 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.