TIDMPPS
RNS Number : 3724M
Proton Motor Power Systems PLC
14 September 2023
14 September 2023
Proton Motor Power Systems plc
("Proton Motor" or the "Company")
Unaudited Interim Results for the six months to 30 June 2023
Proton Motor Power Systems plc (AIM: PPS), t he designer and
producer of hydrogen fuel cells and hydrogen fuel cell electric
hybrid systems , announces its unaudited interim results for the
six months ended to 30 June 2023 (the "Period" or "H1 2023").
Operational Highlights
- Delivery of 19 fuel cell systems from across the Company's product range to customers
- Strengthened the board with the appointment of Mr. Ali Naini as a Non-Executive Director
- New 13,500m(2) production facility expected to support scale
up of product production capacity:
o 15-year lease signed
o Good progress made in planning the transfer of manufacturing
and development activities to the new site
Financial Highlights
- Order intake of GBP1.4m (H1 2022: GBP1.5m)
- Total order book at the Period end of GBP3.7m, including
repeat orders from existing customers and income from maintenance
agreements
- Sales of GBP929k (H1 2022: GBP980k)
- Generated a positive gross margin
- Increased existing loan facilities with principal shareholders by approximately EUR14.5m
Dr. Faiz Nahab, CEO of Proton Motor, commented :
"Activity during the period has been focused on continuing to
position Proton Motor to be able to take advantage of the expected
growth in demand for fuel cells, as the public and political will
grows towards the transition to a decarbonised energy system. Part
of that focus has been on ensuring the Company is well placed to
scale production to meet demand, while there's also been a drive to
grow and develop sales and marketing channels to support the
delivery of more near-term opportunities and access to future
demand. Having invested in products that we know are
market-leading, turning our attention to scaling-up production and
sales is a natural next step."
For further information:
Proton Motor Power Systems
Plc
Dr Faiz Nahab, CEO
Roman Kotlarzewski, CFO +49 (0) 173 189 0923
www.protonpowersystems.com
Allenby Capital Limited
Nominated Adviser & Broker +44 (0) 20 3328 5656
James Reeve / Vivek Bhardwaj
Celicourt Communications
PR Adviser +44 (0) 20 7770 6424 / protonmotor@celicourt.uk
Mark Antelme / Philip Dennis
About Proton Motor
Proton Motor has 25 years of experience in Power Solutions using
CleanTech technologies such as hydrogen fuel cells, fuel cell and
hybrid systems with a zero carbon footprint . Based in Puchheim
near Munich, Proton Motor develops and produces standard products
as well as customised solutions. The focus of Proton Motor is on
stationary solutions, as well as mobile, marine and rail
applications. The product portfolio consists of base-fuel cell
systems, standard, as well as customised systems.
Proton Motor Fuel Cell GmbH is a wholly owned subsidiary of
Proton Motor Power Systems plc. The Company has been quoted on the
AIM market of the London Stock Exchange since October 2006 (code:
PPS).
Chairman's report
Introduction
We are pleased to report our unaudited results for the six
months ended 30 June 2023. During the period, the Company has
continued to make good progress in positioning itself to take
advantage of the expected growth in demand for fuel cells, as part
of the solution towards decarbonising the world energy systems, on
the back of growing public, political and commercial momentum.
The real focus of activity has been to ensure the Company is
well placed to be able to scale production and take advantage of
near and longer-term opportunities by further improving access to
market. In support of this, and the future development of the
business, the Company has also sought to strengthen its Board with
the appointment of Mr. Ali Naini as a Non-Executive Director.
Operations
In October 2022, the Company announced that it signed a
fifteen-year lease agreement for 13,500m(2) modern premises. This
new facility is anticipated to contribute towards enhanced and
efficient production throughflows. In addition, this new facility
is anticipated to substantially expand the Company's manufacturing,
testing and development capacity.
The facility is located in the town of Fuerstenfeldbruck, less
than 12 kilometres from Proton Motor's existing operations, and is
contained within the Munich metropolitan region. Good progress is
being made on the coordination and planning for the transfer of
operations to the new facility, which is expected to be operational
in 2024. This process is being supported by a rent-free period of
10.5 months from April 2023.
The new premises comprise over 13,500m(2) of useable space, of
which over 10,500 m(2) can be dedicated to production, testing and
development with the remainder of the space being devoted to office
usage. This represents a seven-fold increase in the amount of space
available for production when compared to the Company's current
premises.
During the first half of the year, the Company saw the team
broadly stabilise, after a period of growth that is complementary
to the increase in space now available to the Company. In addition
to the focus on scaling operations, there was also an increased
focus on the development of sales channels and market access for
the Company's range of products.
Proton Motor is fortunate in that it has built close and trusted
relationships with a wide range of blue-chip organisations during
the build and test phase of its products, which have and will
continue to offer market opportunity. As a result, the Company
already benefits from repeat orders, based on the confidence these
businesses have in the products being offered. Nonetheless, the
Company recognises the need to develop wider market access and
during the period this resulted in several 'letters of intent'
being signed and the development of framework agreements aimed at
supporting near and longer-term sales.
Alongside these company specific initiatives to drive sales,
there is also a recognition across the industry that the ultimate
driver of fuel cell adoption will be regulatory. Though it is not
possible to say with absolute certainty when the inflection point
driving this adoption will be reached, the increase in momentum of
regulation and growth in substantive commercial conversations would
suggest we are now much nearer that point. This is evidenced by
Proton Motor's early-stage discussions with existing customers
concerning potential future orders of fuel cell systems.
Finance
Proton Motor received orders for GBP1.4m in the first half year
of the year, including several repeat orders from existing
customers. Repeat orders allow better planning of production
material purchases on more favourable terms, which management
expects will lead to an improvement in margins.
Sales in H1 2023 were GBP929k (H1 2022: GBP980k), arising from
the 2022 and H1 2023 order intake. These sales were primarily
generated in the stationary sector. GBP2.3m was invested in the
development programme and our workforce has increased to 115 (H1
2022: 108) full time employees. In line with demand, we have added
staff resources predominantly in the areas of production and
product development.
Excluding the impact of exchange differences, the operating loss
in the first half of 2023 was GBP6.1m (H1 2022: GBP4.9m). This was
in line with our budgeted expectations and resulted from further
investments in product development, production and staff in
addition to manufacturing infrastructure.
GBP239k was invested in equipment and infrastructure during the
period (H1 2022: GBP213k).
The new facility's lease has been capitalised in line with IFRS
16 and is accounted for as a right of use asset.
Cash burn from operating activities increased during the Period
to GBP6.8m (H1 2022: GBP4.8m), reflecting the increased level of
activity to deliver our sales pipeline and from further investment.
Current contracts are quoted with up-front payments, which reduces
reliance on working capital and allows the Company to continue to
invest in its manufacturing capability. The cash position as at 30
June 2023 was GBP2.7m (30 June 2022: GBP2.2m).
We were very pleased with the continued support of our principal
shareholders with whom we agreed to increase the existing financing
facilities by EUR14.5 million to ensure operational financing for
the Company into 2024. The principal and interest on these
additional facilities is not convertible and interest is charged at
EURIBOR +3%.
I personally would like to thank all our customers who continue
to believe in us, our committed employees and our shareholders who
have the vision to invest in our mission.
Current trading and outlook
It is evident that the awareness of hydrogen as an alternative
clean energy source for the future is increasing to a considerable
extent both amongst the public as well as within industry, and that
the demand for associated technologies, including fuel cells, will
also increase substantially.
As such, the Company will continue to invest in positioning
itself to take advantage of that growth as it builds, through
near-term and longer-term opportunities, through a proven product,
that can be scaled and readily has access to the market through a
variety of different channels.
Helmut Gierse
Non-Executive Chairman
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 to 30 31 December
June June
2023 2022 2022
GBP'
000 GBP' 000 GBP' 000
Revenue 929 980 2,088
Cost of sales (914) (715) (2,089)
----------- ----------- ------------
Gross profit 15 265 (1)
Other operating income 98 211 604
Administrative expenses (6,213) (5,455) (11,057)
----------- ----------- ------------
Operating loss (6,100) (4,979) (10,454)
Finance income 2 1 0
Finance costs incl. exchange gains((losses) 554 (3,064) (8,450)
----------- ----------- ------------
(Loss) for the period attributable
to shareholders (5,544) (8,042) (18,904)
----------- ----------- ------------
(Loss) per share (expressed as
pence per share)
Basic (0.4) (0.5) (1.2)
Diluted (0.4) (0.5) (1.2)
OTHER COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 to 30 31 December
June June
2023 2022 2022
GBP'
000 GBP' 000 GBP' 000
Profit/(Loss) for the period (5,544) (8,042) (18,904)
Othe comprehensive (expense) /
income
Items that may not be reclassified
to profit and loss
Exchange differences on translating
foreign operations (332) (97) (959)
----------- ----------- ------------
Total other comprehensive (expense)
for the period (332) (97) (959)
----------- ----------- ------------
Attributable to equity holders
of the parent (5,876) (8,139) (19,863)
=========== =========== ============
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 to 30 31 December
June June
2023 2022 2022
GBP'
000 GBP' 000 GBP' 000
Assets
Non-current assets
Intangible assets 110 107 149
Property, plant and equipment 1,970 1,589 2,037
Right of use assets 11,191 13 452
Finance investment 0 11 -
----------- ----------- ------------
13,271 1,720 2,638
Current assets
Inventories 2,469 2,408 2,302
Trade and other receivables 1,052 1,242 946
Cash and cash equivalents 2,662 2,183 2,720
----------- ----------- ------------
Total current assets 6,183 5,833 5,968
----------- ----------- ------------
Total assets 19,454 7,553 8,606
----------- ----------- ------------
Current Liabilities
Trade and other payables (4,072) (4,831) (4,657)
Lease debt (742) (14) (215)
Borrowings (432) (410) (466)
----------- ----------- ------------
(5,246) (5,255) (5,338)
Non-current liabilities
Borrowings (108,415) (91,859) (103,007)
Lease debt (11,045) (4) (252)
----------- ----------- ------------
Total liabilities (124,706) (97,118) (108,597)
----------- ----------- ------------
Net liabilities (105,252) (89,565) (99,991)
=========== =========== ============
Equity
Capital and reserves attributable
to equity shareholders
Share capital 11,049 11,025 11,040
Share premium account 20,963 20,415 20,717
Merger reserve 15,656 15,656 15,656
Reverse acquisition reserve (13,861) (13,861) (13,861)
Share option reserve 3,058 2,393 2,728
Foreign translation reserve 12,115 (10,683) 12,509
Capital contributions 289,434 289,462 289,497
Accumulated losses:
Opening balance (438,122) (395,931) (418,234)
Loss for the year attributable
to the owners (5,544) (8,042) (18,904)
Other changes in retained earnings 0 1 (1,139)
Total equity (105,252) (89,565) (99,991)
=========== =========== ============
STATEMENT OF
CHANGES
IN EQUITY
Reverse Share Foreign Capital
Share Share Merger Acquisition Option Translation contribution Accumulated Total
Capital Premium Reserve Reserve Reserve Reserve Reserve Loss Equity
GBP' GBP' GBP' GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000 000 000 000
Balance at 1
January
2022 11,023 20,390 15,656 (13,861) 2,187 11,745 289,434 (418,234) (81,660)
Share based
payments - - - - 206 - - - 206
Proceeds from
share
issues 2 25 - - - - - - 27
Currency
translation
differences - - - - - - - - -
Transactions
with
owners 2 25 0 0 206 0 0 0 233
Profit for the
period - - - - - - - (8,042) (8,042)
Other
comprehensive
income: - - - - - - - 0
Currency
translation
differences - - - - - (22,428) 28 22,303 (97)
-------- -------- -------- ------------ -------- ------------ ------------- ------------ ----------
Total
comprehensive
income for
the year 0 0 0 0 0 (22,428) 28 14,261 (8,139)
-------- -------- -------- ------------ -------- ------------ ------------- ------------ ----------
Balance at 30
June
2022 11,025 20,415 15,656 (13,861) 2,393 (10,683) 289,462 (403,973) (89,566)
======== ======== ======== ============ ======== ============ ============= ============ ==========
Balance at 1
July
2022 11,025 20,415 15,656 (13,861) 2,393 (10,683) 289,462 (403,973) (89,566)
Share based
payments - - - - 335 - - - 335
Proceeds from
share
issues 15 302 - - - - - - 317
Currency
translation
differences - - - - - - - - -
-------- -------- -------- ------------ -------- ------------ ------------- ------------ ----------
Transactions
with
owners 11,040 20,717 15,656 (13,861) 2,728 (10,683) 289,462 (403,973) (88,914)
Profit for the
period - - - - - - - (10,862) (10,862)
Other
comprehensive
income: - - - - - - - - 0
Currency
translation
differences - - - - - 23,192 63 (23,441) (186)
-------- -------- -------- ------------ -------- ------------ ------------- ------------ ----------
Total
comprehensive
income for
the year 0 0 0 0 0 23,192 63 (34,303) (11,048)
-------- -------- -------- ------------ -------- ------------ ------------- ------------ ----------
Balance at 31
December
2022 11,040 20,717 15,656 (13,861) 2,728 12,509 289,525 (438,276) (99,962)
======== ======== ======== ============ ======== ============ ============= ============ ==========
Balance at 1
January
2023 11,040 20,717 15,656 (13,861) 2,728 12,509 289,525 (438,276) (99,962)
Share based
payments - - - - 330 - - - 330
Proceeds from
share
issues 9 246 - - - - - - 255
Currency
translation
differences - - - - - - - - -
-------- -------- -------- ------------ -------- ------------ ------------- ------------ ----------
Transactions
with
owners 11,049 20,963 15,656 (13,861) 3,058 12,509 289,525 (438,276) (99,377)
Profit for the
period - - - - - - - (5,543) (5,543)
Other
comprehensive
income: - - - - - - - - 0
Currency
translation
differences - - - - - (394) (91) 153 (332)
-------- -------- -------- ------------ -------- ------------ ------------- ------------ ----------
Total
comprehensive
income for
the year 0 0 0 0 0 (394) (91) (5,390) (5,875)
-------- -------- -------- ------------ -------- ------------ ------------- ------------ ----------
Balance at 30
June
2023 11,049 20,963 15,656 (13,861) 3,058 12,115 289,434 (443,666) (105,252)
======== ======== ======== ============ ======== ============ ============= ============ ==========
Share premium account
Costs directly associated with the issue of the new shares have
been set off against the premium generated on issue of new
shares.
Merger reserve
The merger reserve of GBP15,656,000 arose as a result of the
acquisition of Proton Motor Fuel Cell GmbH during 2006. The merger
reserve represents the difference between the nominal value of the
share capital issued by the Company and their fair value at 31
October 2006, the date of the acquisition.
Reverse acquisition reserve
The reverse acquisition reserve arose as a result of the method
of accounting for the acquisition of Proton Motor Fuel Cell GmbH by
the Company. In accordance with IFRS 3 the acquisition has been
accounted for as a reverse acquisition.
Share option reserve
The Group operates an equity settled share-based compensation
scheme. The fair value of the employee services received for the
grant of the options is recognised as an expense. The total amount
to be expensed over the vesting period is determined by reference
to the fair value of the options granted. At each balance sheet
date the Company revises its estimate of the number of options that
are expected to vest. The original expense and revisions of the
original estimates are reflected in the income statement with a
corresponding adjustment to equity. The share option reserve
represents the balance of that equity.
CASH FLOW STATEMENT
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 to 30 31 December
June June
2023 2022 2022
GBP'
000 GBP' 000 GBP' 000
Cash flows from operating activities
Profit / (Loss) for the period (5,544) (8,042) (18,904)
----------- ----------- ------------
Adjustments for
Depreciation and amortisation 278 214 666
Interest income (2) (1) -
Interest expense 3,006 986 3,629
Share based payments (330) (206) 361
Movement in inventories (61) (572) (466)
Movement in trade and other receivables 190 381 678
Movement in trade and other payables (759) 333 159
Exchange rate movements (3,560) 2,079 4,821
----------- ----------- ------------
Net cash used in operations (6,782) (4,828) (9,056)
----------- ----------- ------------
Cash flows from investing activities
Purchases of intangible assets (8) (45) (102)
Purchases of property, plant and
equipment (231) (169) (779)
Purchase value of leased assets (11,163) - -
Interest received 2 1 -
----------- ----------- ------------
Net cash used in investing activities (11,400) (213) (881)
----------- ----------- ------------
Cash flows from financing activities
Proceeds from issue of loan instruments 6,186 4,823 10,656
Proceeds from issue of new shares 585 234 114
New obligations of lease debt 11,163 - -
Repayment of obligations under
lease debt 155 (105) (191)
Repayment of short term borrowings 0 (84) (51)
----------- ----------- ------------
Net cash generated from financing
activities 18,089 4,868 10,528
----------- ----------- ------------
Net (decrease) / increase in cash
and cash equivalents (93) (171) 591
Effect of foreign exchange rates 572 203 (23)
Opening cash and cash equivalents 2,183 2,152 2,152
----------- ----------- ------------
Closing cash and cash equivalents 2,662 2,183 2,720
=========== =========== ============
Notes to the interim report
1. Basis of preparation
These interim consolidated financial statements of Proton Power
Systems plc were prepared in accordance with International
Financial Reporting Standards (IFRS) as issued by the International
Accounting Standards Board (IASB) as adopted by the European Union
and with those parts of the Companies Act 2006 applicable to those
companies under IFRS. They were also prepared under the historical
cost convention and in accordance with IFRS interpretations
(IFRICS) except for embedded derivatives which are carried at fair
value through the income statement and on the basis that the Group
continues to be a going concern. The condensed consolidated interim
financial statements have been prepared in accordance with the
accounting policies adopted in the 31 December 2022 statutory
audited financial statements. No new accounting standards have been
adopted by the group since preparing its last annual report.
The Group has chosen not to adopt IAS 34 (Interim Financial
Statements) in preparing these financial statements therefore the
interim financial information is not in full compliance with
IFRS.
The financial information for the half year ended 30 June 2022
set out in this interim report is unaudited and does not constitute
statutory accounts as defined in Section 434 of the Companies Act
2006. The Group's audited statutory financial statements for the
year ended 31 December 2022 have been filed with the Registrar of
Companies. The independent auditor's report on those financial
statements was unqualified and did not contain statements under
Section 498(2) or (3) of the Companies Act 2006.
Until such time as the Group achieves operational cash inflows
through becoming a volume producer of its products to a receptive
market it will remain dependent on its ability to raise cash to
fund its operations from existing and potential shareholders and
the debt market.
In preparing the consolidated financial information, Proton
Motor Fuel Cell GmbH has been deemed to be the acquirer and the
Company, the legal parent, has been deemed to be the acquiree.
Under IFRS 3 "Business Combinations", the acquisition of Proton
Motor Fuel Cell GmbH by the Company has been accounted for as a
reverse acquisition and the consolidated IFRS financial information
of the Company is therefore a continuation of the financial
information of Proton Motor Fuel Cell GmbH.
Goodwill arising on consolidation represents the excess of the
cost of acquisition over the Group's interest in the fair value of
the identifiable assets and liabilities of a subsidiary, associate
or jointly controlled entity at the date of acquisition. The cost
of an acquisition is measured as the fair value of the assets
given, equity instruments issued and liabilities incurred or
assumed at the date of exchange. Goodwill is initially recognised
as an asset at cost and is subsequently measured at cost less any
accumulated impairment losses. Goodwill is reviewed for impairment
at least annually, or more frequently where circumstances suggest
an impairment may have occurred. Any impairment is recognised
immediately in income statement and is not subsequently
reversed.
On disposal of a subsidiary, the attributable amount of goodwill
is included in the determination of the profit or loss on
disposal.
2. Critical accounting estimates and judgements
The Group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom
equal the related actual results. Estimates and judgements are
continually evaluated and are based on historical experience and
other factors, including expectations of future events that are
believed to be reasonable under the circumstances. The estimates
and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within
the next financial period are discussed below.
Recognition of development costs
Self developed intangible assets are recognised where the Group
can estimate that it is probable that future economic benefits will
flow to the entity.
Impairment of goodwill
The carrying value of goodwill must be assessed for impairment
annually, or more frequently if there are indications that goodwill
might be impaired. This requires an estimation of the value in use
of the cash generating units to which goodwill is allocated. Value
in use is dependent on estimations of future cash flows from the
cash generating unit and the use of an appropriate discount rate to
discount those cash flows to their present value.
3. Segmental information
An operating segment is a group of assets and operations engaged
in providing products or services that are subject to risks and
returns that are different from those of other operating segments
for which discreet financial information is available and is
regularly reviewed by the Chief Operating Decision Maker
("CODM").
Based on an analysis of risks and returns, the Directors
consider that the Group has only one identifiable operating
segment, green energy.
All non-current assets are located in Germany.
4. Share based payments
The Group has incurred an expense in respect of share options
and shares issued to directors as follows:
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 to 30 31 December
June June
2023 2022 2022
GBP'
000 GBP' 000 GBP' 000
Share options - - (130)
Share awards 352 206 721
Shares 58 28 109
----------- ----------- ------------
410 234 700
=========== =========== ============
5. Finance costs including exchange differences
Unaudited Unaudited Audited
Six months Six months Year ended
to 30 to 30 31 December
June June
2023 2022 2022
GBP'
000 GBP' 000 GBP' 000
Interest 3,006 985 3,629
Exchange (gain) on shareholder
loans (3,560) - -
Exchange loss on shareholder loans - 2,079 4,821
----------- ----------- ------------
(554) 3,064 8,450
=========== =========== ============
6. Taxation
Due to losses within the Group, no expenses for tax on income
were required in either the current or prior periods.
7. Profit / (Loss) per share
Unaudited Unaudited Audited
year
6 months 6 months ended
ended ended
30 June 30 June 31 December
2023 2023 2022 2022 2022 2022
Basic Diluted Basic Diluted Basic Diluted
GBP' GBP' GBP' GBP' GBP' GBP'
000 000 000 000 000 000
Loss attributable to equity
holders of the Company (5,544) (5,544) (8,042) (8,042) (18,904) (18,904)
Weighted average number of Ordinary
shares in issue (thousands) 1,551,459 1,551,459 1,549,533 1,549,533 1,550,521 1,550,521
Effect of dilutive potential
Ordinary shares from share options
and stock awards (thousands) - 18,075 - - - 18,075
---------- ---------- ---------- ---------- ------------ ----------
Adjusted weighted average number
of Ordinary shares 1,551,459 1,569,534 1,549,533 1,549,533 1,550,521 1,568,596
---------- ---------- ---------- ---------- ------------ ----------
(Loss) per share (pence per
share) (0.4) (0.4) (0.5) (0.5) (1.2) (1.2)
========== ========== ========== ========== ============ ==========
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the period.
Diluted loss per share is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion
of all dilutive potential ordinary shares. The Company one category
of dilutive potential ordinary shares: share options, which have
not been included in the calculation of loss per share because they
are anti-dilutive for these periods. No interim dividend has been
proposed or paid in relation to the current or prior interim
period.
A copy of the interim report and the information required by AIM
Rule 26 is available from the Company's website at
www.protonmotor-powersystems.com
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IR DXLFFXKLBBBF
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