Well,
The way that the Macroworld looks right now, I doubt people would have thought 6 months ago, and so on.
i am still 100% convinced that Maritime H2 will come + take over as fuel going forward!
If HYON does not do it, someone else will succeed with it, on a later stage. But I really do think it will come!
The challenge now is 2 things, time + cash. (it has been last 6 months and still is for most startups)
Time: a lot of projects in all sectors are now postponed due to various Macro/interest reasons, not only Hydrogen. Literally ALL sectors that need a creditline suffer postponings. i.e if a shipowner is thinking of ordering Hydrogenvessels , if they deceide to postpone its projects, then HYON (in this case) will suffer as well, and so on.
Cash: HYON burn cash, not much, but still they burn. On the other hand they have very little income as well. i.e HYON is a net negative cash burning company. (startups)
Conclusion: If HYON would have had enough cash to just "wait" I would say, "I dont care, lets wait"
The challenge is that HYON dont have such. Nor is the stockenvironment right now, the best time to raise cash either.
HYONs size in all this might be the good part of it though.
Why ? cause they dont need much cash + they are cheap enough for hostile takeovers/strategical positions etc.
Either HYON manage to team up with "customer" they already had planned for, or they could even catch interest for a potensial takeover. who knows
No matter how HYON intend to sort the current situation they should be priced higher than today i think.
Even if we look it from a "oportunistic non-Hydrogen friendly view"/ potensial takeover
Even if we slay the company where they are now, HYON have:
- 1 registered company onboard the stock exchange (in a normal environment investors planning to go to stock exhange could rather be interested in buying the company instead of 6 months of IPO. Also the reason why the SPAC phenomen arrose 2-3 years ago. A process worth 3-4 mio EUR maybe in normal world maybe ?)
- 9 engingeers under contract (rent them out as consultans to buy time, or maybe a company needing engingeers could buy them. In Norway there is lack of engeniers.
Or maybe, HYON could rent them selv out as a group, selling hours and that way buy time)
- 1 mio EUR in cash maybe ? How much did HYON have 6 months ago 2 ,2 mio EUR ? anyone ?
- 4 mio EUR carry forward loss (correct me if I am wrong, but the tax in Norway is 22 pct. if so, in this case, that would be worth 880K EUR.
but still MC is only arround 2mio EURO (even less as EUR is stronger now).
This is why I think that even an oportunistic investor could be interested in HYON where they are now.
The market will deceide i guess, and feel free to disagree
+++
Freddie.
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