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Yahoo
06-05-2025
- Business
- Yahoo
Hexagon Purus ASA: Results for the first quarter 2025
Key developments in Q1 2025 and after balance sheet date: Quarterly revenue of NOK 230 million in the first quarter of 2025, 44% lower compared to same quarter last year; EBITDA of NOK -242 million in the first quarter of 2025, compared to NOK -97 million in the same period last year. EBITDA in the quarter was negatively affected by approximately NOK 65 million of restructuring costs and other non-recurring items; Received first orders from Egyptian company MCV for delivery of hydrogen fuel storage systems for FCEV buses targeted for the European public transportation market; Signed multi-year agreement with Stadler for delivery of hydrogen fuel storage systems for hydrogen rail applications in California; CIMC-Hexagon, the Company's joint venture in China, produced its first commercial hydrogen cylinders in its facility in Shijiazhuang intended for the European market; Exited the quarter with order backlog consisting of firm purchase orders of NOK 792 million. 'The start of 2025 has been challenging for Hexagon Purus, for the renewables sector and for zero-emission mobility. We entered the quarter with an uncertain demand outlook and a market sentiment that had weakened significantly following the US presidential election. The subsequent announcement of a shift in policy from the new US administration has added new challenges into the mix, both on the geopolitical front and on the global trade arena.', says Morten Holum, CEO of Hexagon Purus. 'With continued demand uncertainty, we are taking additional measures to reduce our cost base to enable profitability at lower volume and to extend the cash runway towards EBITDA and cash flow break even'. Hexagon Purus Q1 2025 consolidated financials In the first quarter of 2025, Hexagon Purus ('the Company' or 'the Group') generated revenue of NOK 230 million, down 44% compared to the corresponding period in 2024. The main reason for the revenue decline was significantly lower activity in the hydrogen infrastructure and hydrogen heavy-duty mobility application areas, partly offset by higher revenue from hydrogen transit bus and for the Battery Systems and Vehicle Integration (BVI) business unit. Total operating expenses in the first quarter of 2025 ended at NOK 472 (504) million, leading to an operating profit before depreciation (EBITDA) of NOK -242 (-97) million, equivalent to an EBITDA margin of -105% (-24%). In total, restructuring costs and other non-recurring items amounted to approximately NOK 65 million in the quarter. Adjusting for these non-recurring items, EBITDA was NOK -177 million, equivalent to -77% margin. Total assets at the end of the first quarter of 2025 amounted to NOK 4,503 (4,832) million. Compared to year-end 2024 and the same quarter last year, the NOK strengthened against the USD and EUR by 7% and 3% respectively, translating to lower balance sheet values in NOK terms. Inventory amounted to NOK 658 (577) million as of the end of the first quarter of 2025, and the majority of inventory consists of raw materials and items in work-in-progress. Trade receivables decreased sequentially in the first quarter of 2025 to NOK 275 (359) million. Total equity was NOK 1,676 (2,085) million as per the first quarter of 2025, equal to an equity ratio of 37% (43%). The increase in non-current liabilities to NOK 2,174 (1,989) million is mainly driven by non-cash interest added to the principal of the two outstanding convertible bonds. Total current liabilities stood at 653 (758) million at the end of the first quarter of 2025, of which trade payables made up NOK 188 (243) million and which was sequentially down compared to the fourth quarter of 2024. Net cash flow from operating activities in the first quarter of 2025 was NOK -183 (-211) million. Release of working capital amounted to NOK 45 (-109) million in the quarter, driven by a reduction in inventory and accounts receivables, which was partly offset by a reduction in trade payables. Net cash flow from investing activities was NOK -35 (-132) million in the first quarter of 2025, of which NOK 28 (130) million relates to investments in production equipment and facilities and is mainly spill-over items from 2024 related to the Company's capacity expansion program. Capitalized product development was NOK 13 (4) million in the first quarter of 2025, and capital injections to CIMC Hexagon Hydrogen Energy Systems Ltd., was NOK 2 (0) million. Interest received on bank deposits in the first quarter of 2025 was NOK 8 (6) million. Cash and cash equivalents ended at NOK 794 (965) million as of the first quarter of 2025. Hydrogen Mobility and Infrastructure (HMI) Revenue for the HMI segment in the first quarter of 2025 was NOK 204 million, down 47% compared to the corresponding period last year. The decline in revenue is primarily owed to lower activity in hydrogen infrastructure and heavy-duty hydrogen mobility, which is only partially offset by higher year-over-year revenue from the hydrogen transit bus segment. Revenue-mix wise, 21% (57%) of the HMI segment revenue in the first quarter of 2025 stemmed from hydrogen infrastructure solutions and amounted to NOK 42 (220) million, down 81% year-over-year. Within hydrogen infrastructure solutions, hydrogen distribution solutions made up most of the revenue in the quarter. EBITDA for the HMI segment in the first quarter of 2025 ended at NOK -143 (-16) million, equivalent to an EBITDA margin of -70% (-4%) as the sharp decline in revenue reduced the segment's ability to absorb its fixed costs combined with a less profitable product mix. Restructuring costs related to the cost cutting program announced in February amounted to approximately NOK 38 million, and bad debt expense of approximately NOK 16 million related to two insolvent customers was also recognized during the quarter. Historical segment financials are made available on together with Q1 2025 report and presentation. Battery Systems and Vehicle Integration (BVI) Revenue for the BVI segment in the first quarter of 2025 was NOK 25 (19) million. The 35% year-over-year revenue growth was mainly driven by vehicle deliveries of the Tern RC8 to Hino as well as deliveries of battery systems to Toyota Motors North America. In the same quarter last year revenue was mainly made up of an extraordinary payment from an OEM customer for design and engineering services without any corresponding costs in the quarter. BVI segment EBITDA ended at NOK -54 (-25) million in the first quarter of 2025. Restructuring costs related to the cost cutting program announced in February for the BVI segment amounted to approximately NOK 4 million. Additionally, an inventory write-down of NOK 6 million was made during the quarter. Historical segment financials are made available on together with Q1 2025 report and presentation. Outlook Hexagon Purus has for a while been operating in an environment with high uncertainty. The recent changes and volatility in US policy and the international trade environment has further negatively impacted the near-term outlook. The Company has a well-diversified customer base and core technologies that are applicable to a wide range of end-use applications at varying stages of maturity. As evidenced by recent contract announcements, commercial momentum for hydrogen transit bus in Europe remains strong combined with selective wins in other end-use applications such as rail and aerospace. Incoming order activity for the hydrogen infrastructure business picked up in the first quarter of 2025 compared to the end of 2024, and revenue from hydrogen infrastructure is expected to increase in the second half of the year. However, looking at full-year 2025, revenue from hydrogen infrastructure solutions is expected to be significantly down year-over-year. The US Hino dealer network continues to market the Tern branded truck towards its customers in the US, and initial customer feedback has been positive. Although the current political climate in the US has dampened the ramp-up curve for the Hino program, the Company is still expecting the BVI segment to grow its revenue significantly year-over-year for the full-year 2025. The Company remains focused on reducing costs to enable profitability at lower volumes and is at the same time continuing to review its business portfolio. These initiatives are aimed at making the current cash balance last until the Company reaches EBITDA and cash break-even. Presentation of the results Hexagon Purus will present the Q1 2025 results today, 6 May, at 08:30 CET and the presentation will be broadcast live via The presentation will be held in English and will be virtual. A recording of the presentation will be made available on For more information: Mathias Meidell, IR Director, Hexagon Purus ASA Telephone: +47 909 82 242 | Salman Alam, CFO, Hexagon Purus ASA Telephone: +47 476 12 713 | About Hexagon Purus ASA Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace. Learn more at and follow @HexagonPurus on X and LinkedIn. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act Attachments HPUR Q1 2025 Report HPUR Q1 2025 Presentation
Yahoo
29-04-2025
- Business
- Yahoo
Hexagon Purus ASA: Invitation to the presentation of first quarter 2025 results
Hexagon Purus ASA's first quarter 2025 results will be released on 6 May 2025, 07:00 CET. Morten Holum (CEO) and Salman Alam (CFO) will present the results at 08:30 CET and the presentation will be broadcasted live via The presentation will be held in English and will be virtual. A recording of the presentation will be made available on For more information: Mathias Meidell, IR Director, Hexagon Purus ASATelephone: +47 909 82 242 | Salman Alam, CFO, Hexagon Purus ASA Telephone: +47 476 12 713 | About Hexagon Purus ASA Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace. Learn more at and follow @HexagonPurus on X and LinkedIn. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActSign in to access your portfolio
Yahoo
11-02-2025
- Business
- Yahoo
Hexagon Purus ASA: Results for the fourth quarter and preliminary full-year 2024
Key developments in Q4 2024 and after balance sheet date: Quarterly revenue of NOK 396 million in the fourth quarter of 2024, up 8% from the fourth quarter of 2023. Full year (FY) 2024 revenue ended at NOK 1,876 million, up 42% compared to FY 2023 revenue; EBITDA was NOK -104 million in the fourth quarter of 2024, compared to NOK -129 million in the same period last year. This corresponds to an EBITDA margin of -26% in the fourth quarter of 2024, up from -35% in the fourth quarter of 2023. For FY 2024, the EBITDA margin ended at -19%, up from -34% in the same period last year; Renewed multi-year supply agreement with a leading European bus manufacturer for delivery of hydrogen fuel storage systems until 2028; Completed NOK 1 billion equity capital raise; Due to increased market and regulatory uncertainty, the Company is expecting to lay off approximately 15% of its employees during the first half of 2025; Seizing funding to Cryoshelter LH2 GmbH ('Cryoshelter') and ending the development of liquid hydrogen storage solutions; and Exited the quarter with order backlog consisting of firm purchase orders of NOK 726 million. 'We grew revenue in the quarter by 8% from last year and improved annualized EBITDA margin by another percentage point. We also met several important milestones during the quarter – we raised NOK 1 billion of equity capital and we delivered the first battery-electric trucks to the Hino program', says Morten Holum, CEO of Hexagon Purus. 'Looking forward, the market appears more challenging. The near-term market outlook deteriorated significantly, following the U.S. presidential election. With a weaker near-term outlook and lower visibility, we have decided to adjust our cost base accordingly. We are therefore reducing our annualized costs by approximately NOK 200 million, including an approximate 15% reduction in the workforce. 'Letting go of highly skilled and dedicated colleagues is a very difficult decision. I am immensely proud of everything we have achieved together in Hexagon Purus so far and remain confident in our ability to navigate this challenging period'. Hexagon Purus Q4 2024 and preliminary FY 2024 consolidated financials In the fourth quarter of 2024, Hexagon Purus ('the Company' or 'the Group') generated revenue of NOK 396 million, up 8% from the corresponding period in 2023. Hydrogen infrastructure, hydrogen mobility and battery systems & vehicle integration were the main drivers of growth year-over-year. FY 2024 revenue ended at NOK 1,876 million, up 42% year-over-year compared with expectations of at least 50% revenue growth. The shortfall versus expectations was predominantly due to delay of completion of certain customer deliveries, which is expected to be completed in 2025, and certain customer orders being shifted from 2024 to 2025. Total operating expenses in the fourth quarter of 2024 ended at NOK 500 (494) million, leading to an operating profit before depreciation (EBITDA) of NOK -104 (-129) million, equivalent to an EBITDA margin of -26% (-35%). For FY 2024, the EBITDA margin was -19% (-34%), a significant improvement compared to the same period last year and in line with expectations. Total assets at the end of the fourth quarter of 2024 amounted to NOK 4,934 (3,773) million. The year-over-year increase in total assets is mainly driven by increases to property, plant and equipment and right-of-use assets resulting from the Company's capacity expansion program, combined with an increase in working capital to cater for higher revenue as well as a higher cash balance following the Company's equity capital raise completed during the fourth quarter of 2024. Inventory amounted to NOK 694 (482) million as of the end of the fourth quarter of 2024, and the majority of inventory consists of raw materials and items in work-in-progress. Trade receivables decreased sequentially in the fourth quarter of 2024 to NOK 351 (275) million. Increases in equity and non-current liabilities in the fourth quarter of 2024 compared to the fourth quarter of 2023 are mainly driven by the NOK 1,000 million (gross) equity raise completed during the fourth quarter of 2024, and an increase in lease liabilities related to production facilities and equipment as part of the Company's capacity expansion program. Trade payables stood at NOK 260 (220) million and was sequentially down compared to the third quarter of 2024. At quarter-end, the Company had an equity ratio of 43% (51%). Net cash flow from operating activities in the fourth quarter of 2024 was NOK -99 (-138) million. Changes in net working capital was stable compared to the third quarter of 2024. Net cash flow from investing activities was NOK -112 (-111) million in the fourth quarter of 2024, of which NOK 66 million relates to investments in production equipment and facilities related to the Company's capacity expansion program. Capitalized product development expenditure was NOK 36 (9) million in the fourth quarter of 2024, and loans to associated companies amounted to NOK 17 (6) million. Interest received on bank deposits in the fourth quarter of 2024 was NOK 7 (10) million. Cash and cash equivalents ended at NOK 1,028 (307) million as of the fourth quarter of 2024. Hydrogen Mobility and Infrastructure (HMI) Revenue for the HMI segment in the fourth quarter of 2024 totaled NOK 355 million, broadly unchanged compared to the corresponding period in 2023. For FY 2024, revenue amounted to NOK 1,782 million, which represents growth of 40% compared to FY 2023. 62% (60%) of the HMI segment revenue in the fourth quarter of 2024 stemmed from hydrogen infrastructure solutions, which grew 3% year-over-year. Within hydrogen infrastructure solutions, hydrogen distribution solutions made up most of the revenue in the quarter with product deliveries to customers like Air Liquide, Norwegian Hydrogen and Linde. Revenue from mobile refueling stations and stationary storage solutions also increased year-over-year as units were delivered to amongst other Deutsche Bahn Energie during the fourth quarter of 2024. EBITDA for the HMI segment in the fourth quarter of 2024 ended at NOK -25 (-33) million, equivalent to an EBITDA margin of -7% (-9%). For FY 2024, EBITDA ended at NOK -12 (-94) million, equivalent to an EBITDA margin of -1% (-7%). Historical segment financials are made available on together with Q4 2024 report and presentation. Battery Systems and Vehicle Integration (BVI) Revenue for the BVI segment in the fourth quarter of 2024 was NOK 47 (9) million. The year-over-year revenue growth was mainly driven by initial vehicle deliveries of the Tern RC8 to Hino as well as deliveries of battery systems to Toyota Motors North America. For FY 2024, revenue ended at 97 (40) million. BVI segment EBITDA ended at NOK -33 (-34) million in the fourth quarter of 2024. For FY 2024, EBITDA ended at -139 (-140) million. Historical segment financials are made available on together with Q4 2024 report and presentation. Outlook As discussed in the Company's Q3 2024 report released in November 2024, the new administration following the US presidential election has significantly increased uncertainty around the near-term outlook for the energy transition and zero emission mobility in North America. Customers, especially in California, are awaiting clarification around legislation and funding mechanisms. In addition, the hydrogen industry and project realization is developing slower than expected in Europe, impacting the Company's customers. With an uncertain near-term outlook and lower visibility, the Company is launching a program targeting annualized cost reduction of approximately NOK 200 million, including an approximate 15% reduction in workforce. The Company is also launching a review of its overall business portfolio to make additional adjustments to secure the Company's cash runway to EBITDA and cash break-even. The Company has a well-diversified customer base and are exposed to a range of attractive end-use applications at varying stages of maturity. The Company's hydrogen infrastructure business is EBITDA profitable and is mainly based on large industrial gas companies' need to cost efficiently transport gray hydrogen for industrial use cases. A delay in roll-out of green hydrogen projects will impact near-term growth for the hydrogen infrastructure business, but the Company continues to expect a base level of demand for its distribution solutions for industrial use-cases from its existing customer base of blue-chip industrial gas companies. The Company's hydrogen transit bus business is experiencing strong growth as end-user demand is mainly made up of public authorities with local decarbonization agendas, both in Europe and North America. The Company's hydrogen and battery electric heavy-duty vehicle business, centered around the US market, is on the other hand experiencing uncertainty and low demand visibility following the US presidential election. Year-over-year, the battery electric business is expected to grow in 2025, but with a slower ramp-up curve compared to earlier expectations. The Company's order backlog, consisting of firm customer purchase orders, stood at NOK 726 million by the end the fourth quarter of 2024, with about 90% due for execution in 2025 and the remaining 10% due for execution in 2026. The Company is expecting a slow start to 2025 revenue-wise and is currently projecting a significant sequential decline in Q1 2025 revenue. Given the recent chain of events, it is no longer deemed realistic that the market will grow as previously guided in the near-term, and the Company has decided to postpone further guiding until better visibility is gained. The Company will first and foremost focus on making the current cash balance last until EBITDA and cash break-even. Presentation of the results Hexagon Purus will present the Q4 2024 results today, 11 February, at 08:30 CET and the presentation will be broadcast live via The presentation will be held in English and will be virtual. A recording of the presentation will be made available on For more information: Mathias Meidell, IR Director, Hexagon Purus ASATelephone: +47 909 82 242 | Salman Alam, CFO, Hexagon Purus ASA Telephone: +47 476 12 713 | About Hexagon Purus ASA Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace. Learn more at and follow @HexagonPurus on X and LinkedIn. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act Attachments HPUR Q4 2024 Report HPUR Q4 2024 PresentationSign in to access your portfolio
Yahoo
28-01-2025
- Business
- Yahoo
Hexagon Purus ASA: Invitation to the presentation of fourth quarter 2024 results
Hexagon Purus ASA's fourth quarter results 2024 will be released on 11 February 2025, 07:00 CET. Morten Holum (CEO) and Salman Alam (CFO) will present the results at 08:30 CET and the presentation will be broadcasted live via The presentation will be held in English and will be virtual. A recording of the presentation will be made available on For more information: Mathias Meidell, IR Director, Hexagon Purus ASATelephone: +47 909 82 242 | Salman Alam, CFO, Hexagon Purus ASA Telephone: +47 476 12 713 | About Hexagon Purus ASA Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace. Learn more at and follow @HexagonPurus on X and LinkedIn. This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActSign in to access your portfolio
