Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Enapter AG is a holding company that leads the development and production of AEM electrolysers, innovative devices producing green hydrogen to support the transition from fossil fuels. Its patented anion exchange membrane technology avoids expensive rare materials like iridium and features a modular design optimized for fluctuating renewable energies such as solar and wind, enabling efficient, scalable hydrogen generation. The company offers products including the AEM Electrolyzer EL 4 for kW-scale production, AEM Flex 120 customizable from 70 kW to 480 kW, and AEM Nexus for projects from 500 kW to multi-megawatts. Enapter AG also integrates supporting lithium-ion battery solutions from its joint venture partner Wolong, controlled by an advanced energy management system to enhance stability and utilization of renewables. These solutions serve applications in energy storage, industrial processes, refuelling, power-to-X, and research, with thousands of units deployed across more than 55 countries. Subsidiaries handle manufacturing in Italy, operations in Germany and Thailand, and a joint venture in China facilitates global expansion. Headquartered in Düsseldorf, Germany, Enapter AG provides control and functional services to its group, positioning it as a key player in sustainable hydrogen technologies.
€1.36
€0.01 (-0.36%)
Price from 4 days ago
The business is unprofitable at the operating level (-112.70% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 3.1%, steady but not accelerating. Margins contracted 40.8pp, which offsets some of the top-line progress.
ROIC dropped from -10.92% to -20.15%, capital efficiency is deteriorating. Negative free cash flow of -€13M. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
€22M
▲ +3.1% YoY
Net Income (TTM)
-€32M
▼ -55.1% YoY
Op. Margin
-112.70%
▼ -40.8pp YoY
ROIC
-20.15%
▼ -9.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€13M
▲ +11.9% YoY
Op. Cash Flow (TTM)
-€10M
▲ +23.9% YoY
Net Debt
€32M
Cash & Equiv.
€10M
3Y CAGR: +14.6%
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