SinoSynergy Hydrogen (9663.HK) Q3 2024 Earnings Report

SinoSynergy Hydrogen Energy reported Q3 2024 revenue of 154.7 million CNY, marking a sequential rise of 15.4% versus Q2 but a material year-over-year decline of 36.6% from Q3 2023. The company posted a gross margin of 12.7% and an operating loss of 96.5 million CNY, with EBITDA of -74.5 million CNY and a net loss of -97.4 million CNY. The quarter benefited from a solid top-line uptick relative to Q2, but profitability remains deeply negative due to a heavy cost base driven by Research and Development (32.6 million CNY) and Selling, General & Administrative expenses (71.1 million CNY). The company continues to incur material non-cash or semi-cash cost pressures, while liquidity remains robust on a headline basis due to a substantial cash and short-term investment position. Net debt figures in the data set appear inconsistent with the stated cash balance, but the balance sheet suggests a strong cash runway versus current liabilities.