Monitor H2 2026 revenue trajectory closely — the guidance implies a dramatic second-half ramp to €9.5M-€11.5M from €6.5M in H1, which depends on project execution at BrightHy Solutions, BioSteam Energy, and Al Shola Gas's seasonally strong Q4. Any delay or shortfall would raise liquidity concerns given the going concern disclosure and €7.1M net current liability position.
Price Chart
Executive Summary
Fusion Fuel reported H1 2026 revenue of €6.5M, down 5.7% YoY from €6.9M, with an operating loss of €3.7M vs €2.9M in the prior period. The company guided for FY2026 revenue of €16M-€18M (11-25% growth) and completed the acquisition of Royal Uranium on July 21, 2026. However, the filing explicitly discloses a material going concern uncertainty with net current liabilities of €7.1M, €7.9M payable to former Al Shola Gas shareholders, and matured unpaid QIND convertible notes, alongside a restatement of prior-year financials.
Key Facts
- H1 2026 revenue €6.5M, down 5.7% YoY from €6.9M
- Operating loss €3.7M vs €2.9M in H1 2025
- Non-IFRS adjusted operating loss improved 25% to €1.8M
- FY2026 revenue guidance €16M-€18M vs €14.4M in 2025
- Net current liabilities of €7.1M at June 30, 2026
- €7.9M payable to former Al Shola Gas shareholders
- Matured and unpaid QIND convertible notes
- Going concern uncertainty explicitly disclosed
- Completed Royal Uranium acquisition on July 21, 2026 for €9.9M
- Restated 2025 financial statements filed October 6, 2026
- Raised $1.5M gross in August 2026 private placement
- Goodwill at LPG unit exceeded carrying amount by only €0.5M
Financial Impact
Revenue decline of 5.7% YoY to €6.5M; operating loss widened to €3.7M; net current liabilities of €7.1M; guidance implies H2 revenue of €9.5M-€11.5M, requiring 46-77% sequential growth
Risk Factors
- Going concern risk — net current liabilities of €7.1M and matured unpaid convertible notes
- Revenue guidance dependent on H2 ramp that may not materialize
- Goodwill impairment risk — LPG unit recoverable amount exceeds carrying amount by only €0.5M
- Restatement of 2025 financials indicates potential control weaknesses
- Geopolitical risk in UAE from Iran conflict affecting Al Shola Gas volumes
- Royal Uranium acquisition has no producing uranium royalties and 66% of indicative valuation concentrated in one project
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001493152-26-046929 |
| Document: form6-k.htm | 0001493152-26-046929 |
| Document: 0001493152-26-046929-index-headers.html | 0001493152-26-046929 |
| Document: 0001493152-26-046929-index.html | 0001493152-26-046929 |
| Document: 0001493152-26-046929.txt | 0001493152-26-046929 |
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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