Fusion Fuel Green PLC fell nearly 20% on May 8 despite reporting full-year 2025 revenue of €14.4 million — a nine-fold jump from €1.6 million the prior year — as the market's reaction exposed a wider identity crisis for a company that no longer looks much like a green hydrogen play.
The earnings result was, on its face, impressive. Revenue grew sharply year-on-year, and the company reportedly beat EPS estimates by a wide margin. Yet the stock closed at $2.73, down from $3.40 the prior session. The selloff followed an after-market announcement on May 7, with the next scheduled event already on the calendar for May 13. Investors who bought the revenue growth story were clearly disappointed by something else — whether guidance, cash burn, or continued strategic drift away from the original hydrogen mandate.
That strategic drift is real and accelerating. In April, Fusion Fuel appointed uranium investor James Passin as board chairman and renamed Frederico Figueira de Chaves as CEO. The company has spent recent weeks highlighting royalty income tied to uranium and rare earth exploration projects in Argentina and Colombia. For a company still trading on the Nasdaq under a green energy ticker, the pivot is striking — and the market's response to Thursday's print suggests some holders have had enough.
Short interest tells a contrarian story relative to the selloff. The estimated short position collapsed over the past month, falling more than 60% to just 1.81% of the free float — the lowest level in months, and barely above the threshold where it becomes a meaningful signal at all. Borrow availability is extremely loose at over 1,560% of estimated short interest, meaning the lending pool is far from exhausted. The ORTEX short score has also declined sharply, from around 54–55 at the end of April to 41.6 now, reflecting the broad unwind of short-side positioning even as the stock fell. The borrow cost, last recorded at around 14%, has more than halved since mid-March, further confirming shorts have been covering rather than piling in.
The factor picture is thin for a company of this size and stage. The days-to-cover rank is notable — 94th percentile — though with short interest this low it is largely a liquidity artefact rather than a squeeze signal. The ORTEX utilisation of lending capacity remains at 18.7%, well off its 52-week peak of 91%, underscoring how completely short positioning has been unwound. Availability has loosened dramatically over the past two weeks, moving from genuinely tight territory in April to the current near-unconstrained level. The closest comparable US peers — XPON and STEM — both fell on the week, down 8.4% and 14.9% respectively, suggesting the broader clean energy / small-cap space offered no refuge.
The next event on May 13 is the immediate focus, coming just days after a violent earnings-day selloff that left the stock at multi-month lows. Whether that event brings further strategic colour on the uranium royalty pivot — or additional financial detail from the FY25 numbers — will determine whether the sharp decline finds any support.
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