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Highlights:
- Hydrogen Utopia reduced its operating loss to £504,000 for H1 2024, down from £867,000 in 2023.
- The company completed the acquisition of a medicinal cannabis facility in North Macedonia, managed by its subsidiary Ohrid Organics.
- As of 30 June, Hydrogen Utopia reported cash reserves of £240,000, compared to £2.1 million in 2023.
Hydrogen Utopia International PLC (LSE:HUI) reported a significant improvement in its financial performance for the six months ending 30 June 2024. The company’s operating loss decreased to £504,000, a sharp reduction from £867,000 in the same period in 2023. Alongside this improvement, Hydrogen Utopia completed the acquisition of a medicinal cannabis facility in North Macedonia during the reporting period.
The facility, managed by its subsidiary Ohrid Organics, has made significant progress in advancing its operations. Ohrid Organics is actively working to meet regulatory standards and has products ready for supply to a major cannabis player. The company is focused on reaching its profitability goals, driven by the operational advancements made at the facility.
Chief executive Aleksandra Binkowska commented on the progress, stating, “With the unwavering support of our dedicated board — who consistently go above and beyond — we have substantially reduced our operating losses and secured sufficient working capital to navigate these challenging times.” She also highlighted the progress of Ohrid Organics, noting that the company is pushing hard to meet all regulatory requirements and has a finished product ready for supply.
Despite the progress, the company reported a decrease in its cash reserves, with £240,000 in cash at the bank as of 30 June, compared to £2.1 million in 2023. Hydrogen Utopia remains focused on maintaining financial stability while advancing its projects.
