Renergen released its financial statements for the six months ended 31 August 2024 on 31 October 2024. We note the below highlights and remaining concerns:

• Even though revenue increased by 8%, losses for the period increased by 63%. This is due to expenses ramping up quicker due to less capitalisation and increases relating to higher operational activities.
• There were 2 388 tonnes of LNG produced during the period, in line with the 2 386 tonnes produced in 1H24. Delivering its first container of helium to its customer remaining a key priority for management.
• We hope to see details soon regarding the Nasdaq listing due to it being a crucial funding requirement and creating a risk of potential share dilution.

Our research supports a sell recommendation.