Today’s Date: Daily Blog Post on Stocks I Own – 2023-06-05

Welcome to my daily blog post where I share updates on the stocks I own. In today’s post, I’ll be discussing the latest news and financial results of some of the companies I invest in. So, let’s get started!

Fusion Fuel Green plc Announces Q1 2023 Financial Results: Green Hydrogen Leader Sees Major Wins

Fusion Fuel Green plc (NASDAQ: HTOO), a green hydrogen company that is committed to hastening the energy transition through innovative clean hydrogen solutions, recently announced their Q1 2023 financial results. The company is seeing significant progress with several major deal announcements and financial gains.

First-quarter results show that Fusion Fuel has made several strategic investments in clean hydrogen, and as a result, we saw a significant increase in their revenue and gross profit. The Portugal-based company announced multiple collaborations and agreements, including a hydrogen offtake agreement with Dourogás, signed of terms of acceptance for a €10m grant from PRR Component 14, and a long-term offtake agreement with Hydrogen Ventures. The company has also been awarded multiple grant-funded projects, including a €3.3m grant from H2 Pioneros Program and another from GALP for a 1 MW green hydrogen mobility project.

The company has made significant strides in terms of its collaboration and partnership strategy as well. Fusion Fuel announced a Strategic Partnership Agreement with Toyota Material Handling España, which will result in the development and distribution of fuel cell-powered forklifts in Spain. The company’s patented miniaturized Proton Exchange Membrane (PEM) electrolyzer, the HEVO, has been a significant selling point for much of their success, and according to their first-quarter results, it has proven to be a key component of their technological offering.

In summary, Fusion Fuel Green plc has continued to grow its clean hydrogen portfolio, and their strategic investments are starting to reap considerable rewards. The recent set of deal announcements and collaborations are significant milestones for the company and provide positive signs for their long-term growth prospects. I recommend buying this stock for the long term.

Hurco Companies, Inc. Reports Q2 Results – Net Income of $377,000

Hurco Companies is a global industrial automation and manufacturing company that designs, manufactures, and sells computerized machine tool systems for the metal cutting and metal forming industries. In its press release today, Hurco reported its Q2 results for the fiscal year 2023.

In Q2 2023, Hurco recorded a net income of $377,000, or $0.06 per diluted share, which is a significant decline compared to the corresponding period in fiscal year 2022, where it recorded a net income of $2,029,000, or $0.30 per diluted share. For the first six months of fiscal year 2023, Hurco reported a net income of $1,707,000, or $0.26 per diluted share, significantly lower than the net income of $5,564,000 or $0.83 per diluted share, for the same period in fiscal year 2022.

Sales and service fees for the second quarter of fiscal year 2023 were $53,819,000, a decrease of $9,006,000, or 14%, compared to the corresponding prior year period. On a geographic segment basis, the sales in the Americas for the second quarter and first six months of fiscal year 2023 decreased by 18% and 13%, respectively, compared to the corresponding periods in fiscal year 2022.

These results indicate that Hurco is struggling to maintain its performance compared to last year. In my opinion, investors should consider selling their shares in Hurco given the decline in net income and sales. Additionally, with no clear catalyst or optimism for future growth, the current results suggest that Hurco’s decline may continue.

CooperCompanies Announces Strong Q2 Results, CooperVision and CooperSurgical Revenue Up

CooperCompanies (NYSE: COO) has reported its Q2 fiscal results ended April 30, 2023, with a 6% YoY increase in revenue to $877.4 million. CooperVision reported a revenue increase of 6% to $589.3 million, while CooperSurgical revenue rose by 4% to $288.1 million. However, GAAP diluted EPS has suffered, down 69% YoY to $0.80, while non-GAAP diluted EPS has fallen by 5% to $3.08. Cooper’s CEO Al White noted that “this consistency is a testament to the strength of our businesses and the hard work of our employees around the world.” Operating results show a good picture, with revenue up 6% YoY, up 9% in constant currency, and up 8% organically. CooperVision continues to record its ninth consecutive quarter of double-digit organic revenue growth, while CooperSurgical’s fertility business posted its tenth consecutive quarter of double-digit organic revenue growth. While the company experienced a drop in diluted EPS, I believe that the long-term prospects for CooperCompanies are strong. Therefore, I recommend buying the stock.

Zscaler Announces Strong Q3 2023 Results, Reflecting Growing Customer Adoption

Zscaler, the leader in cloud security, has announced its financial results for Q3 2023. The company reports a 46% increase in revenue YoY, reaching $418.8 million. The calculated billings grew 40%, deferred revenue grew 44%, and non-GAAP net income was $74.6 million, marking a significant growth from $24.7 million in Q3 2022. The company’s CEO, Jay Chaudhry, credits the strong performance to the adoption of their Zero Trust security platform by a growing number of customers in all sectors globally.

As a shareholder of Zscaler, I am pleased with the company’s Q3 2023 results, which exceeded their previous guidance. The company’s strong growth can be attributed to customers’ increasing need for security solutions that can address the dynamic cybersecurity threat landscape. With Zscaler’s cloud security services, the company is well-positioned to deliver on this need. I recommend holding onto the stock and expect further growth in the cloud security market.

nCino Announces Record Q1 Results, Proves to Be Leader in Cloud Banking

nCino, Inc. (NASDAQ: NCNO), a cloud banking trailblazer, reported Q1 fiscal year 2024 financial results that showed a total revenue of $113.7M, representing a 21% YoY increase, with subscription revenue accounting for $97.3M, marking a 23% YoY increase. The company’s free cash flow reached a record high at $29.7M, GAAP loss from operations was $(8.6)M, and non-GAAP operating income was $10.9M. CEO Pierre Naudé praised the outstanding performance and linked it to the high demand for the company’s cloud banking platform, citing the success of the annual user conference, nSight, as evidence. The positive outcome is particularly impressive considering that the industry is presently experiencing volatile market conditions.

As an investor, I highly recommend buying the NCNO stock given the excellent financial results demonstrated in Q1. The aforementioned impressive figures, such as the increase in revenue and non-GAAP operating income, imply that the company is growing in a way that ensures long-term profitability. Therefore, an investment in nCino is an investment in a company that continues to lead in cloud banking, creating explicit value for its ecosystem. Furthermore, nCino has proven its ability to navigate market challenges, making it an even more attractive investment opportunity.

DISCLAIMER: As positive as the news is, investors should do their own analysis before investing. However, I see no reason why an investment in nCino should be deemed unfavorable given the Q1 fiscal year 2024 financial results.