The going concern warning and cash burn to €0.3M are the dominant signals. Monitor the ATM program usage, August PIPE closing, and QIND forbearance compliance. The Royal Uranium acquisition adds royalty income potential but massive dilution (~63% to former RU shareholders) creates a new shareholder base dynamic.
Price Chart
Executive Summary
Fusion Fuel Green PLC filed unaudited H1 2026 financials showing a 5.7% YoY revenue decline to €6.5M (from €6.9M), a widened operating loss of €3.7M (vs €2.9M), and a net loss of €3.7M (vs €2.8M). Cash burned to €0.3M from €0.6M at year-end, with net current liabilities of €7.1M. The filing discloses a material uncertainty about going concern, noting existing cash is insufficient for 12 months without additional funding. The company completed the all-stock acquisition of Royal Uranium (valued at $15M) post-period, issued 3.75M shares representing ~63% of pro forma ownership, and raised ~$1.5M in an August PIPE.
Key Facts
- Revenue declined 5.7% YoY to €6.5M (H1 2026) from €6.9M (H1 2025)
- Operating loss widened to €3.7M from €2.9M YoY
- Net loss attributable to parent was €3.4M vs €2.3M YoY
- Cash and equivalents fell to €0.3M from €0.6M at Dec 2025
- Net current liabilities of €7.1M at June 30, 2026
- QIND's matured convertible notes of €1.7M remain unpaid; forbearance agreement reached July 10, 2026
- Completed acquisition of Royal Uranium on July 21, 2026 for 3,750,018 shares (~63% of pro forma ownership)
- Raised ~$1.5M gross in August 2026 PIPE
- Filed prospectus supplement for ATM program up to $6.6M on July 29, 2026
- Going concern disclosure: existing cash insufficient for 12 months without additional funding
Financial Impact
Revenue declined €0.4M (-5.7%) YoY; operating loss increased €0.9M; cash burn of €0.3M in H1; net current liability position of €7.1M; acquisition of Royal Uranium valued at $15M but fair value of consideration was ~€8.8M at closing
Risk Factors
- Going concern risk: cash of €0.3M insufficient for 12 months without additional funding
- Massive dilution: 3.75M shares issued for Royal Uranium (~63% of pro forma shares outstanding)
- QIND convertible note default risk: €1.7M matured and unpaid; forbearance agreement may not hold
- Revenue decline trend: LPG-related services revenue fell to $7.2M from $7.6M in USD terms
- Share price-dependent milestone fees under advisory agreements could trigger further dilution
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-046669 |
| Exhibit: ex99-2.htm | 0001493152-26-046669 |
| Document: form6-k.htm | 0001493152-26-046669 |
| Document: 0001493152-26-046669-index-headers.html | 0001493152-26-046669 |
| Document: 0001493152-26-046669-index.html | 0001493152-26-046669 |
| Document: 0001493152-26-046669.txt | 0001493152-26-046669 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 6-K | $1.82 | awaiting T+20 | — | $1.75 (−3.85%) |
Oct 14, 2026 12d ago | 6-K | $1.83 | awaiting T+20 | — | $1.75 (+4.37%) |
Oct 13, 2026 13d ago | 6-K | $1.90 | awaiting T+20 | — | $1.75 (+7.89%) |
Sep 25, 2026 4w ago | 6-K | $2.06 | awaiting T+20 | — | $1.75 (+15.05%) |
Sep 25, 2026 4w ago | 6-K | $2.06 | awaiting T+20 | — | $1.75 (−15.05%) |
Sep 23, 2026 4w ago | EFFECT | $2.23 $1.83 | ▲ +17.97% | ▲ +18.66% | $1.75 (+21.52%) |
Sep 15, 2026 5w ago | 6-K | $2.13 $1.90 | ▼ −10.80% | ▼ −13.52% | $1.75 (−17.84%) |
Sep 10, 2026 6w ago | 6-K | $2.43 $1.92 | ▼ −20.99% | ▼ −23.11% | $1.75 (−27.98%) |
Sep 4, 2026 7w ago | 6-K | $2.39 $2.10 | ▲ +11.95% | ▲ +13.66% | $1.75 (+26.62%) |
Aug 20, 2026 9w ago | 6-K | $2.26 $2.03 | ▼ −10.18% | ▼ −10.18% | $1.75 (−22.57%) |
US Market Status
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