SunHydrogen Inc (HYSR) Q1 2026 Earnings Report

SunHydrogen’s QQ1 2026 results underscore the company’s position as an early-stage solar-to-hydrogen technology developer. Revenue stood at $1.25 million (USD thousands implied), while cost of revenue totaled $10.203 million, producing a gross loss of $8.953 million and a gross margin of -7.16%. The quarter’s operating loss totaled $1.923 million and EBITDA was -$1.55 million, resulting in a net loss of $1.56 million with an EPS of -$0.0003. These figures reflect a heavy R&D and corporate spend typical of pre-commercial, IP-driven solar hydrogen ventures and indicate that the company remains far from cash-flow positive on a quarterly basis.

Notably, SunHydrogen retains a robust liquidity position, with total cash and short-term investments around $35.4 million, and a cash balance of approximately $33.5 million at period end. Net debt is negative, signaling a net cash position that provides runway to fund continued development, partnerships, or licensing discussions. The prior quarter (Q3 2025) showed a positive EBITDA of about $2.30 million, suggesting episodic improvements in operating performance ahead of any scale-up in commercial activities. The near-term priority remains advancing commercialization opportunities, preserving liquidity, and securing strategic partnerships or grants to de-risk the path to monetization.

Overall, the QQ1 2026 results reinforce the risk-reward profile of SunHydrogen: substantial long-term hydrogen-production potential from solar energy, but persistent near-term losses and heavy dependence on external funding, licensing revenue, or breakthrough collaborations to translate R&D into meaningful profitability.