Enapter AG
H2O
ISIN DE000A255G02 / Valor 52662162
Enapter AG
UMushroom community rating:
About company
Enapter AG is a company specializing in the development and production of hydrogen generation technology, particularly through its AEM Electrolysers. These electrolysers are designed to facilitate the integration of renewable energy sources by converting them into hydrogen, a clean energy carrier. A key component of Enapter's offering is its Energy Management System (EMS) Toolkit, which optimizes energy source utilization, ensuring cost-effectiveness and high hydrogen purity. The EMS Toolkit incorporates artificial intelligence to simulate, monitor, and automate energy systems, enhancing overall efficiency. Additionally, it provides open-source scripts and low-code applications, allowing advanced users to customize their energy management solutions. Enapter's focus on innovative hydrogen technology positions it as a significant player in the transition towards sustainable energy systems.
Summarized from source with an LLMView SourceSector: FinanceLatest Results (22.03.2026):
Enapter AG — first half of 2025 (Q1–Q2 2025): the company reported weaker-than-expected commercial performance in H1 2025 with revenue of €5.643m (‑32% YoY), a sharp decline in gross margin to ~8%, EBITDA of €‑8.110m and a consolidated net loss of €‑13.656m. Order intake was subdued, cash balances rose modestly to €6.468m after a €4.3m equity raise in June, and management cut full‑year 2025 guidance, now expecting €20–22m revenue and EBITDA of €‑9m to €‑10m.
Revenue and margins
Revenue H1 2025: €5.643m (down from €8.268m H1 2024). Gross profit margin fell to ~8% (from 32% prior year) mainly due to product mix and higher relative cost of materials.
Profitability
EBITDA H1 2025: €‑8.110m (versus €‑2.975m prior year). Consolidated net loss: €‑13.656m. Depreciation and financing costs contributed to operating losses.
Orders and backlog
Order intake in H1 ~€6.4m (prior period €23.4m). Order backlog at 30 June 2025: approx. €42m, primarily megawatt‑class projects.
Cash flow and liquidity
Cash and cash equivalents at 30 June 2025: €6.468m (beginning of period €4.568m). Operating cash flow improved to +€0.327m for H1. Investing cash outflow: €‑4.714m (R&D and site investments).
Financing and equity
Completed a capital increase on 12 June 2025 raising gross proceeds ~€4.3m (new shares at €2.90). Total equity at 30 June 2025: €56.244m (equity ratio ~39%). Company notes material uncertainty on going‑concern if planned financing/business targets are not met.
Product and operational developments
Enapter continues to scale AEM core production and expanded its portfolio (AEM Nexus 2500 introduced in July 2025 based on Stack T up to 2.5 MW). Over 12,000 cores delivered historically; >375 customers in 55 countries.
Guidance update
Enapter adjusted full‑year 2025 guidance (ad hoc 18 Sep 2025): revenue €20–22m and EBITDA €‑9m to €‑10m (previous guidance ~€39–42m revenue and near‑break‑even EBITDA).
Key risks highlighted
Management emphasises elevated risks from geopolitical/trade uncertainty, slower subsidy roll‑outs (notably the US), supply chain and certification bottlenecks for megawatt systems, and the need for additional financing to support growth (growth paradox / working capital risk).
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
47 M
Market cap (USD)
15,639
Daily traded volume (Shares)
4.01 / 3.9
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
P/E ratio
Est P/E ratio
EPS (USD)
Est EPS (USD)
Ratings & reviews
Haci Eren Sidar
Test Test
EQUITIES OF THE SAME SECTOR
