FHYDF (First Hydrogen) Operating Income: $-1.72 Mil (TTM As of Dec. 2025)

What is First Hydrogen Operating Income?

First Hydrogen FHYDF +8.64% 19 Operating Income is $-1.72 Mil as of Dec. 2025. GuruFocus rates FHYDF with a GF Score™ of 19/100. The stock has 3 warning signs investors should review.

First Hydrogen's Operating Income for the three months ended in Dec. 2025 was $-0.32 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $-1.72 Mil.

Warning Sign:

First Hydrogen Corp has never been profitable in the past 3 years. It lost money every year.

Operating Margin % is calculated as Operating Income divided by its Revenue. First Hydrogen's Operating Income for the three months ended in Dec. 2025 was $-0.32 Mil. First Hydrogen's Revenue for the three months ended in Dec. 2025 was $0.00 Mil. Therefore, First Hydrogen's Operating Margin % for the quarter that ended in Dec. 2025 was %.

First Hydrogen's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. First Hydrogen's annualized ROC % for the quarter that ended in Dec. 2025 was -55.14%. First Hydrogen's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was -740.74%.

First Hydrogen (OTCPK:FHYDF) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

First Hydrogen's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

	ROC % (Q: Dec. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2025 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	-1.28 * ( 1 - 0% )	/	( (3.141	+	1.502)	/ 2 )
=	-1.28	/	2.3215
=	-55.14 %

where

	Invested Capital		(Q: Sep. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	0.873	-	2.533	-	( 0.056	-	max(0, 5.127	-	0.326	+	0.056	))
=	3.141

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	0.813	-	2.445	-	( 0.02	-	max(0, 3.418	-	0.284	+	0.02	))
=	1.502

Note: The Operating Income data used here is four times the quarterly (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

First Hydrogen's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2025		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-0.6	/	( ( (0.082 + max(-2.276, 0))	+	(0.08 + max(-2.187, 0)) )	/	2 )
=	-0.6	/	( ( 0.082	+	0.08 )	/	2 )
=	-0.6	/	0.081
=	-740.74 %

where Working Capital is:

	Working Capital		(Q: Sep. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0.171	+	0.086)	-	(2.533	+	0	+	0)
=	-2.276

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0.17	+	0.088)	-	(2.445	+	0	+	4.4408920985006E-16)
=	-2.187

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

First Hydrogen's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2025 )	/	Revenue (Q: Dec. 2025 )
	=	-0.32	/	0
	=	%

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

First Hydrogen Operating Income Related Terms

First Hydrogen Operating Income Historical Data

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The historical data trend for First Hydrogen's Operating Income can be seen below:

First Hydrogen Operating Income Chart

First Hydrogen Annual Data

Trend

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Operating Income

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-1.96

-6.67

-9.76

-7.73

-2.95

First Hydrogen Quarterly Data
	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25
Operating Income	Get a 7-Day Free Trial															-0.50	-0.51	-0.86	-0.03	-0.32

19GF Score

First Hydrogen Corp FHYDF

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First Hydrogen Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the quarterly data reported by the company within the most recent 12 months, which was $-1.72 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $-1.72 Mil mean?

First Hydrogen (FHYDF) has a Operating Income of $-1.72 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on First Hydrogen and its competitors.

Is First Hydrogen's Operating Income too high?

First Hydrogen's current Operating Income is $-1.72 Mil. Overall, First Hydrogen has a GF Score™ of 19/100, reflecting its overall financial health beyond just this single metric.

How does First Hydrogen's Operating Income compare to TSLA and GM?

First Hydrogen's Operating Income of $-1.72 Mil can be compared against companies in the Vehicles & Parts industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Vehicles & Parts company?

A good Operating Income depends on the Vehicles & Parts industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on First Hydrogen and its competitors. First Hydrogen's current Operating Income is $-1.72 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is First Hydrogen stock overvalued right now?

First Hydrogen (FHYDF) has a current Operating Income of $-1.72 Mil. The current Operating Income is $-1.72 Mil. First Hydrogen's overall GF Score™ is 19/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For First Hydrogen (FHYDF), the current Operating Income is $-1.72 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

First Hydrogen Business Description

Industry Consumer Cyclical Vehicles & Parts

Comparable Companies TSX:SFI TSXV:HC TSX:WPRT TSXV:SSA XCNQ:ATHR TSLA TSE:7203 SZSE:002594 XKRX:005380 GM MIL:RACE F XTER:MBG XTER:P911 NSE:MARUTI XTER:VOW3 XTER:BMW NSE:M&M SZSE:000338 TSE:7267

Other Exchanges FIT:Germany FHYD:Canada

Address 1100 Melville Street, Suite 1540, Vancouver, BC, CAN, V6E4A6

Website https://www.firsthydrogen.com

First Hydrogen Corp is a Vancouver Canada and London UK-based company focused on zero-emission vehicles, green hydrogen production, and distribution and supercritical carbon dioxide extractor systems in in UK, EU, and North America. Geographically the company operates in the UK and Canada.

19GF Score

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