Operational sustainability is under pressure as the company continues to burn cash, with quarterly operating cash outflows reaching $2.2 million in 2023Q4.
| Cash from Operations | -9.18M | -7.91M | -8.28M | -8.99M | -29.85M | -14.66M | -4.19M | -1K | -438.61K |
| Operating CF Growth % | 275.74% | 4.41% | 7.95% | 69.87% | -103.68% | -249.95% | -418700% | 99.77% | - |
| Operating CF / Revenue % | -194.53% | -57.16% | -515.83% | -217.03% | - | - | - | - | - |
| Net Income | -31.02M | -1.63M | -13.73M | -31.02M | -27.35M | 23.56M | -183.13M | -2K | 724.49K |
| Depreciation & Amortization | 1.52M | 141.2K | 2.63M | 2.54M | 1M | 351K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 25K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 16.67M | -4.85M | -52K | 15.84M | 4.12M | -30.41M | 179.72M | 0 | -1.12M |
| Working Capital Changes | 2.25M | -3.14M | 658K | 2.25M | -11.13M | -7.32M | -2.21M | 1K | -46.35K |
| Capital Expenditures | -8.59M | -309.3K | 800K | -8.59M | 24.96M | -45.5M | -1.44M | -15K | 0 |
| CapEx / Revenue % | 181.96% | 2.23% | 49.84% | 207.26% | - | - | - | - | - |
| CapEx / D&A | 5.64x | 2.19x | 0.30x | 3.39x | 24.91x | 129.62x | - | - | - |
| CapEx Coverage (OCF/CapEx) | -1.07x | -25.59x | -10.35x | -1.05x | -1.20x | -0.32x | -14.24x | -0.07x | - |
| Cash from Investing | -1.16M | -438K | 800K | -1.16M | 24.96M | -45.5M | -1.44M | -15K | -48.3M |
| Acquisitions | 0 | 689.66K | 0 | -245K | -250K | -629K | -1.15M | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | -44.33M | 0 | -823.76K | -48.3M |
| Sale of Investments | 0 | 0 | 0 | 0 | 27.89M | 18.22M | 0 | 0 | 0 |
| Other Investing | 7.43M | -818.37K | 811K | 7.68M | 5.91M | -2.15M | 0 | 823.76K | 0 |
| Cash from Financing | 3.07M | 8.53M | 6.46M | 3.07M | 2.37M | 9.58M | 64.31M | 17K | 48.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 0 | 1000K | 518K | 73K | -1000K | -470K | -14K | 14K | 0 |
| Stock Issued | 0 | 3.73M | 5.94M | 3M | 3.68M | 10.45M | 65.14M | 3K | 48.88M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 3.07M | -196.9K | 0 | 0 | 0 | 10.05M | -818K | 0 | 48.7M |
| Net Change in Cash | -4.01M | 386.15K | -933K | -4.38M | -2.44M | -50.33M | 58.01M | 0 | -29.38K |
| Exchange Rate Effect | -38K | 211.34K | 51K | -38K | 82K | 245K | -667K | -14.21K | 1.1K |
| Cash at Beginning | 1.03M | 188.6K | 1.15M | 5.24M | 7.68M | 58.01M | 1K | 14.21K | 43.59K |
| Cash at End | 205K | 574.75K | 214K | 860K | 5.24M | 7.68M | 58.01M | 1K | 14.21K |
| Free Cash Flow | -17.77M | -8.22M | -7.48M | -17.77M | -4.89M | -60.15M | -5.63M | -16K | -438.61K |
| FCF Growth % | -263.49% | -9.95% | 57.91% | -263.49% | 91.87% | -968.06% | -35100% | 96.35% | - |
| FCF Margin % | -376.49% | -59.39% | -465.98% | -428.84% | - | - | - | - | - |
| FCF / Net Income % | 57.3% | 505.37% | 54.25% | 57.3% | 17.88% | -255.27% | 3.08% | 800% | -60.54% |
Critical liquidity and funding risk
As reported in recent financial statements, Fusion Fuel Green PLC consistently records negative operating cash flow, with quarterly outflows reaching $2.4 million in 2023, which necessitates external funding to sustain the capital-intensive deployment of its proprietary HEVO-Solar technology across its primary Portuguese project sites.
The company's capital expenditure profile reflects a pre-commercial phase where investment is driven by project milestones rather than organic cash generation. This persistent negative free cash flow suggests that the firm remains entirely dependent on external capital markets to fund its growth, leaving it highly sensitive to shifts in investor sentiment toward green hydrogen.
Based on the company's reported figures, cash and equivalents have dwindled to a precarious $574,754, a level that appears insufficient to support ongoing operations without immediate access to additional debt or equity capital to bridge the current funding gap.
The lack of consistent positive cash flow from operations forces the company to rely on periodic equity issuance or grant funding to maintain liquidity. Investors should monitor the company's ability to secure non-dilutive capital, as the current cash position provides little buffer against project delays or unexpected cost overruns.
According to recent SEC filings, the disparity between net income and operating cash flow suggests that reported earnings are heavily influenced by non-cash items, masking the underlying reality of a business that is currently consuming cash at an unsustainable rate.
The disconnect between accounting losses and actual cash outflows highlights the difficulty in assessing the company's true economic performance through traditional metrics. The reliance on percentage-of-completion accounting for project revenue may further obscure the timing of actual cash receipts, warranting caution regarding the quality of reported revenue growth.
As indicated by the historical cash flow data, the company's reliance on lumpy project-based revenue creates significant volatility, which may hide underlying operational inefficiencies and the potential for future cost escalations in its specialized manufacturing processes.
The absence of stable, recurring cash flow from operations suggests that the company's business model is currently more akin to a venture-stage developer than a regulated utility. This structure leaves the firm vulnerable to any disruption in the subsidy environment or delays in the conversion of its project pipeline into realized cash.
Quick answers to the most common questions about buying HTOO stock.
Fusion Fuel Green PLC (HTOO) generated $-7.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fusion Fuel Green PLC (HTOO) reported negative free cash flow of $8.2M in 2025, indicating capital requirements exceeded cash from operations.
Fusion Fuel Green PLC (HTOO) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.