NewHydrogen, Inc.

What they do

NewHydrogen describes itself as a developer of clean energy technologies whose current focus is a green hydrogen production technology that uses water and heat rather than electricity, intended to avoid the cost of green electricity that the company says accounts for 73% of green hydrogen cost. It states it is working with a research team at UC Santa Barbara on a low-cost thermochemical water splitting process, with heat sourced from concentrated solar, geothermal, nuclear reactors and industrial waste heat. The 10-Q also notes the company previously developed a material technology to reduce the cost per watt of PV solar modules. No commercial product or revenue line is described in the excerpts.

Revenue drivers

• Green hydrogen technology (development stage) — The company's stated current focus; the filings describe development work with UC Santa Barbara, not commercial sales, and no revenue from this technology is reported.
• Legacy PV solar materials technology — The 10-Q states the company previously developed an innovative material technology to reduce the cost per watt of PV solar modules; no current revenue contribution is disclosed.
• No reported operating revenue — The financial data provided show no revenue figures, only net income, EPS and operating cash flow, all of which are negative in recent years.

Recent performance

Net income was $10.2M in 2021, then negative in each year from 2022 through 2025: -$12.1M, -$3.2M, -$1.8M and -$2.8M. Diluted EPS was $0.01 in 2021, -$0.02 in 2022 and $0 in 2023, 2024 and 2025. Operating cash flow was negative every year, from -$2.1M in 2021 to -$2.0M in 2025, with -$1.2M in 2023 and -$1.6M in 2024. The latest balance sheet shows total assets of $809,282 as of 2026-06-30 and shareholder equity of -$2.6M as of 2026-06-30, while cash and equivalents were $1.3M as of 2025-09-30.

Strategy

Management's stated goal is to develop a thermochemical water splitting process that uses heat directly, skipping electricity generation, to fundamentally lower the cost of green hydrogen. The company cites collaboration with a research team at UC Santa Barbara and points to concentrated solar, geothermal, nuclear reactors and industrial waste heat as inexpensive heat sources. It frames the opportunity around a green hydrogen economy that it says Goldman Sachs estimated in a 2022 report could reach $12 trillion in future market value. The 10-Q reiterates the prior PV solar materials work but presents green hydrogen as the current focus.

Risks

• No revenue and recurring losses — The company reports no operating revenue in the provided financials and net losses in 2022 through 2025, including -$2.8M in 2025.
• Negative shareholder equity and thin assets — Shareholder equity was -$2.6M as of 2026-06-30 against total assets of $809,282, and cash and equivalents were $1.3M as of 2025-09-30.
• Technology is unproven commercially — The filings describe the thermochemical water splitting process as under development with a university research team, with no disclosed commercial deployment.
• Persistent cash consumption — Operating cash flow has been negative each year from 2021 to 2025, ranging from -$1.2M to -$2.1M annually.

Outlook

Management states its goal is to help usher in the green hydrogen economy by lowering the cost of green hydrogen through heat-based water splitting. The excerpts do not disclose specific timelines, production targets or revenue guidance. The company frames its effort around collaboration with UC Santa Barbara and a cited external estimate of a $12 trillion future market. No forward financial projections are given in the provided source material.