Lhyfe: business accelerates in 2024, stock rises

(CercleFinance.com) - Lhyfe, a specialist in the production of green hydrogen, reported on Friday that it expects to accelerate its growth in 2024, which has boosted its share price.


The group announced this morning that it had quadrupled its sales last year, to 5.1 million euros from 1.3 million euros in 2023, a figure that already marked a doubling compared with 2022.

By way of comparison, analysts at RBC were anticipating annual revenues of 4.7 million euros.

The group says it has benefited from a growing portfolio of customers, with almost 50 references by the end of 2024, and from the start-up of several significant contracts signed recently in France and Germany.

In 2024, the producer and supplier of green and renewable hydrogen made over 470 deliveries, mainly in France and Germany, relying on a fleet of around 70 containers.

In a press release, Lhyde claims to be building one of the largest bulk hydrogen transport fleets in Europe, with a presence in eight countries.

In a reaction note, RBC welcomes this "first evidence of a significant acceleration in activity".

"Lhyfe's model is heavily debt-intensive with heavy investments, which poses a risk should the company fail to generate sufficient revenues from its hydrogen sales", recalls the Canadian broker.

However, the company has not shown the slightest sign of deceleration on this point since its creation in 2019', stresses the broker, who maintains his 'outperform' opinion and his price target of 6.5 euros on the share.

On the stock market, Lhyfe was one of the biggest risers on the Paris market this morning, gaining over 4% around 9:40 am. The share price has risen by 9% since the beginning of the year, but has fallen by 40% over the last 12 months.

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