Financial leverage has escalated significantly, with the debt-to-equity ratio surging to 4.43x by 2023Q4 as the firm continues to rely on debt to fund project development.
Fusion Fuel Green PLC (HTOO) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Jun'19 |
|---|
| Total Assets | 36.02M | 28.13M | 42.35M | 65.36M | 69.25M | 62.42M | 17K | 49.47M |
| Asset Growth % | 28.08% | -33.59% | -35.21% | -5.61% | 10.94% | - | -99.97% | - |
| PP&E (Net) | 1.23M | 307K | 24.78M | 21.27M | 18.11M | 6K | 15K | 0 |
| PP&E / Total Assets % | 3.42% | 1.09% | 58.5% | 32.54% | 26.15% | 0.01% | 88.24% | 0% |
| Total Current Assets | 6.42M | 7M | 11.32M | 38.74M | 47.29M | 60.21M | 2K | 61.78K |
| Cash & Equivalents | 574.75K | 214K | 860K | 5.24M | 7.68M | 58.01M | 0 | 14.21K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 |
| Inventory | 170.93K | 1.13M | 3.67M | 22.34M | 3.69M | 0 | 0 | 0 |
| Other Current Assets | 113.72K | 1.85M | 3.98M | 2.92M | 0 | 2.21M | 2K | 47.57K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.41M |
| Goodwill | 6.6M | 6.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 21.51M | 23.96M | 5.08M | 5.35M | 3.85M | 1.92M | 0 | 0 |
| Other Assets | 254.89K | -9.74M | 1.18M | 0 | 0 | 288K | 0 | 0 |
| Total Liabilities | 15.53M | 17.43M | 39.62M | 36.01M | 19.74M | 55.06M | 16K | 1.22K |
| Total Debt | 2.2M | 2.23M | 12.11M | 8.32M | 800K | 0 | 14K | 0 |
| Net Debt | 1.62M | 2.02M | 11.25M | 3.08M | -6.88M | -58.01M | 14K | -14.21K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 475.11K | 0 |
| Short-Term Borrowings | 1.91M | 2M | 1.33M | 0 | 0 | 0 | 14K | 0 |
| Capital Lease Obligations | 280.88K | 230K | 10.78M | 8.32M | 800K | 0 | 0 | 0 |
| Total Current Liabilities | 12.18M | 13.01M | 20.36M | 25.44M | 19.33M | 55.06M | 16K | 1.22K |
| Accounts Payable | 1.37M | 2.84M | 11.02M | 3.68M | 1.03M | 1.78M | 16K | 0 |
| Accrued Expenses | 1.1M | 499K | 1.76M | 1.93M | 1.18M | 0 | 0 | 0 |
| Deferred Revenue | 321K | 0 | 587K | 186K | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 7.47M | 1.38M | 1.37M | 16.05M | 15.27M | 53.28M | -14K | 1.22K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 3.07M | 6.46M | 9.3M | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 20.5M | 10.7M | 2.73M | 29.35M | 49.51M | 7.36M | 1K | 49.47M |
| Equity Growth % | 91.55% | 291.8% | -90.7% | -40.72% | 572.35% | - | -100% | - |
| Shareholders Equity | 16.16M | 12.79M | 2.73M | 29.35M | 49.51M | 7.36M | 1K | 49.47M |
| Minority Interest | 4.34M | -2.09M | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 9K | 3K | 2K | 2K | 2K | 1K | 45.73M | 48.75M |
| Additional Paid-in Capital | 240.58M | 242.25M | 220.16M | 217.16M | 213.48M | 194.05M | 3K | 0 |
| Retained Earnings | -239.71M | -236.44M | -222.79M | -191.78M | -164.43M | -188.13M | -2K | 719.96K |
| Accumulated OCI | 15.28M | 29K | 5.37M | 3.97M | 463K | 1.44M | 0 | 0 |
| Return on Assets (ROA) | -5.07% | -39.12% | -57.59% | -40.63% | 35.79% | -586.59% | -0.01% | 1.46% |
| Return on Equity (ROE) | -10.43% | -205.29% | -193.34% | -69.35% | 82.86% | -4972.98% | -0.01% | 1.46% |
| Debt / Equity | 0.11x | 0.21x | 4.43x | 0.28x | 0.02x | - | 14.00x | - |
| Debt / Assets | 6.09% | 7.94% | 28.59% | 12.73% | 1.16% | - | 82.35% | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - |
| Book Value per Share | 15.34 | 0.58 | 0.19 | 2.2 | 3.76 | 2.76 | 0 | 25.77 |
Quick answers to the most common questions about buying HTOO stock.
As of 2025, Fusion Fuel Green PLC (HTOO) had total assets of $36.0M including $6.4M in current assets.
Fusion Fuel Green PLC (HTOO) carries total debt of $2.2M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fusion Fuel Green PLC (HTOO) has total shareholders' equity (book value) of $16.2M ($15.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fusion Fuel Green PLC (HTOO) reported a current ratio of 0.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Critical liquidity and solvency
Leverage Escalation Amid Equity Erosion
As reported in recent financial statements, HTOO's debt-to-equity ratio has surged to 4.43x by 2023Q4, reflecting a rapid deterioration in the capital structure as equity reserves have been depleted by persistent operational losses and the necessity of debt-funded project development.
The shift from a nearly debt-free position in 2021 to a highly leveraged state suggests that the company is increasingly reliant on external credit to bridge its funding gap. This leverage profile appears unsustainable given the lack of consistent cash-generating assets to service debt obligations.
Equity Base Under Severe Pressure
Based on the company's reported figures, total equity has contracted significantly from $49.5 million in 2021Q4 to just $2.7 million by 2023Q4, indicating that the firm's net asset value is being rapidly consumed by ongoing operational deficits.
The precipitous decline in equity suggests that the company may be approaching a point where further capital raises will be heavily dilutive to existing shareholders. Investors should monitor whether the current equity base can support continued R&D and project deployment without further impairment.
Liquidity Threshold Reaches Critical Levels
According to recent SEC filings, cash and equivalents have plummeted to $860,000 as of 2023Q4, a level that appears insufficient to sustain the company's capital-intensive operations and suggests an urgent requirement for external financing to maintain business continuity.
The current ratio of 0.56 indicates that current liabilities significantly outweigh liquid assets, which may imply a heightened risk of technical default or an inability to meet short-term obligations. This liquidity crunch appears to be the primary constraint on the company's ability to execute its project pipeline.
Asset Growth Lacks Revenue Conversion
As indicated by the financial data, PPE net has grown to $24.8 million by 2023Q4, yet this expansion in physical assets has not translated into a stable or profitable revenue stream, suggesting a potential mismatch between capital deployment and commercial viability.
The accumulation of PPE suggests that the company is heavily investing in infrastructure that has yet to demonstrate a clear path to regulated or recurring returns. This asset-heavy approach warrants further investigation into the utilization rates and long-term maintenance costs of the installed HEVO-Solar units.