NewHydrogen, Inc. Annual Report: A Plain-English Summary

I’ve put together this guide to help you understand how NewHydrogen, Inc. performed this year. My goal is to explain the details so you can decide if this company fits your investment strategy.

1. What does this company do?

NewHydrogen is focused on making "green hydrogen" cheaper. Most green hydrogen is currently produced by using electricity to split water, but electricity accounts for about 70% of the production cost.

The company is developing ThermoLoop™. This technology aims to use heat—from solar, geothermal, or industrial waste—instead of electricity to split water. By avoiding expensive electricity and equipment, they hope to lower the cost of hydrogen to under $1.00 per kilogram. They believe this could unlock a massive market, potentially reaching $12 trillion by 2050 as the world moves toward net-zero emissions.

2. Financial performance

The company is currently in the development stage and is not yet profitable. Since its inception in 2006, the company has accumulated losses exceeding $180 million. For the year ending December 31, 2025, the company reported $0 in revenue. They have no current orders or government contracts and have not generated significant revenue from operations.

As of March 2026, the company operated with two full-time employees and spends approximately $1.2 million annually on research and administrative fees.

3. Strategy and operations

The company focuses entirely on the development of ThermoLoop™. They are collaborating with a research team at UC Santa Barbara to validate the technology. They have filed new patents and committed to spending roughly $1.7 million on research through late 2026. Their business model is to license this technology to large manufacturers, which is intended to avoid the high capital costs associated with building their own factories.

4. Financial health

The company is in a fragile financial position and has noted "substantial doubt" regarding its ability to continue as a going concern. As of their latest filing, they held approximately $800,000 in cash. Because they do not have a commercial product, they rely on selling shares of stock to fund operations. This process dilutes existing shareholders and makes the company dependent on its ability to raise capital in a market that may be skeptical of pre-revenue ventures.

5. Key risks

• Going Concern Risk: If the company cannot raise additional capital, it may be unable to continue operations. With a monthly burn rate of $100,000, current cash reserves are projected to last approximately 8 months.
• Early-Stage Risk: The company is currently a research-focused entity. If ThermoLoop™ fails to prove viable or cannot be scaled, there is no alternative product line, which would likely result in the company shutting down.
• Competition: They face competition from established players like ITM Power, Plug Power, and Bloom Energy, all of which possess significantly larger budgets and existing industry partnerships.
• Liquidity: The stock trades on the OTC Pink Sheets, which can result in lower trading volume, higher price volatility, and increased difficulty for investors to buy or sell shares.

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Final Thought for Investors: This is a high-risk, speculative venture. The company is burning cash to fund research with no guarantee that a commercial product will ever reach the market. Investors should be prepared for the possibility of a 100% loss of their investment. Before moving forward, consider whether your portfolio can handle the volatility and the significant uncertainty inherent in a development-stage company.