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Powerhouse Energy's H1 2025: revenue up, losses wider as strategic focus sharpens on Ballymena, Australia, and new Feedstock Testing Unit.
This article covers information on Powerhouse Energy Group PLC.
LON:PHELast updated:
Powerhouse Energy Group (AIM: PHE) has posted its unaudited half-year numbers to 30 June 2025. The headline: revenue grew, margins improved, but losses widened as the business invested in people, shares-based incentives and its commercial toolkit. The period also saw clear strategic pruning of old projects and fresh momentum behind Ballymena, Australia, and the newly commissioned Feedstock Testing Unit.
PHE’s default strategy is to earn licensing fees, royalties and engineering services revenue without owning assets. For Ballymena, the company plans to raise project finance because management believes the commercial risk is favourable, with feedstock and offtake foundations, plus local authority support. The logic is straightforward: funding this one gives PHE greater control and a more favourable delivery timeline.
For investors, this marks a pragmatic tilt rather than a policy shift. If executed well, it could accelerate first commercial revenues from PHE’s DMG process – the company’s waste-to-syngas technology – while preserving the broader capital-light model elsewhere.
Front-end engineering design (FEED) has been completed with NH2 in Australia, which is an important step towards project definition. The company also flags ongoing interest in south-east Asia and active support for Altec Energy in Thailand. Timelines or contract values are not disclosed, but the direction of travel is positive.
PHE has closed out Longford (land option lost) and chosen not to renew the Protos option, citing cost and commerciality. That is sensible discipline: focus time and cash on projects with clear line-of-sight to returns. It will sting for holders who hoped those sites might deliver near-term milestones, but strategically it reduces drag.
Engsolve’s orders exceeded expectations in H1 and the team has brought in a specialist sales originator to deepen industrial client access. That should help underpin near-term revenue while PHE progresses licensing and project opportunities. In short, Engsolve remains the commercial engine while DMG projects scale.
The FTU at the Powerhouse Technology Centre has been completed and has already verified multiple waste streams for interested parties. That matters commercially: the ability to test a client’s specific waste on PHE kit shortens sales cycles, de-risks designs, and could open up fee-paying testing services. Management also notes learnings from the FTU are optimising DMG performance, aiming to improve efficiency and commerciality.
Further patents were granted across Indonesia, the USA, Australia and Europe. That strengthens the defensibility of PHE’s process. The team is also exploring supplying gasification technology into Sustainable Aviation Fuel – early-stage, with details not disclosed, but a potentially valuable adjacency if economics stack up.
Loss per share was 0.04p (H1 2024: 0.03p), with the weighted average share count rising to 4.21 billion following the 275 million shares issued in March. The board states it has prepared 12-month cash flow forecasts and considers the group a going concern based on cash at 30 June 2025. That said, with operating cash burn at £920k for the half, near-term revenue conversion from Engsolve, FTU-related work and project milestones will be important to sustain headroom.
Post period, the CFO acquired 6,907,520 shares, taking his holding to 13,440,527 (0.30%). Small in percentage terms, but it signals alignment.
| Revenue | £474,879 |
| Gross profit | £166,207 |
| Operating loss (pre-exceptional) | £1,833,233 |
| Loss after tax | £1,840,078 |
| Administrative expenses (incl. share-based payments) | £1,676,091 (includes £947k share-based payments) |
| Operating cash outflow | £920,001 |
| Cash at bank (period end) | £1,470,111 |
| Net assets | £4,879,891 |
| Loss per share | 0.04p |
| Weighted average shares | 4,210,038,074 |
| Gross fundraise in March 2025 | £1.375 million |
This is the shape of a company moving from R&D into commercial execution. The FTU commissioning gives PHE a credible, near-term way to validate client waste streams and nurture a pipeline. Engsolve is doing the heavy lifting on revenue while the project portfolio is trimmed and refocused on sites with better risk-reward. Losses are still meaningful and cash is not abundant, so delivery discipline remains the name of the game.
If PHE lands the Ballymena lease, lines up project finance on acceptable terms, and converts FTU-led interest into fee-paying work, the story looks a lot more tangible. For now, it is a case of cautious optimism backed by a clearer strategic compass and some practical milestones achieved in H1.
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