Fusion Fuel Green PLC Financial Report: Mid-2024 Insights & Loss Reduction
Here are the key insights and information extracted from the financial report of Fusion Fuel Green PLC, as presented in the Form 6-K filing:
General Information:
- Company Name: Fusion Fuel Green PLC
- Filing Date: December 26, 2024
- Reporting Period: Six months ended June 30, 2024
- Commission File Number: 001-39789
Financial Highlights:
- Condensed Consolidated Statements of Financial Position (Unaudited):
- Total Assets:
- June 30, 2024: €41,005,000
- December 31, 2023: €42,351,000
- Total Liabilities:
- June 30, 2024: €39,151,000
- December 31, 2023: €39,620,000
- Net Assets:
- June 30, 2024: €1,855,000
- December 31, 2023: €2,731,000
- Total Equity:
- June 30, 2024: €1,855,000
- December 31, 2023: €2,731,000
- Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income (Unaudited):
- Revenue:
- For six months ended June 30, 2024: €0
- For six months ended June 30, 2023: €0
- Cost of Sales:
- 2024: €197,000
- 2023: €7,298,000
- Gross Profit:
- 2024: €197,000
- 2023: (Loss) €7,298,000
- Operating Expenses:
- Total operating loss for 2024: €7,856,000
- Total operating loss for 2023: €19,319,000
- Loss Before Tax:
- 2024: (Loss) €7,909,000
- 2023: (Loss) €14,452,000
- Total Comprehensive Loss:
- 2024: (Loss) €7,941,000
- 2023: (Loss) €14,611,000
- Basic and Diluted Loss per Share:
- 2024: (Loss) €0.47
- 2023: (Loss) €0.57
Notable Observations:
- The company's revenue remains at zero for both reporting periods, indicating that it did not generate sales in the first half of 2024 or 2023.
- There is a significant reduction in the total operating loss from €19,319,000 in 2023 to €7,856,000 in 2024, reflecting improved operational efficiency or cost management.
- Total assets and total liabilities decreased slightly from the end of 2023 to mid-2024, contributing to a reduction in net assets and total equity.
Compliance:
- The report is prepared in accordance with International Financial Reporting Standards (IFRS) and is subject to audit adjustments.
Conclusion:
Fusion Fuel Green PLC continues to face challenges with generating revenue, but it has managed to reduce its operating losses significantly over the past year. The company remains in a net asset position, but the decline in total equity suggests it may need to address its financial performance and operational strategy moving forward.