HydrogenPro ASA

Earnings Release • Nov 12, 2024

HydrogenPro ASA - Third quarter 2024 financial results

HydrogenPro ASA - Third quarter 2024 financial results

12 November 2024 - HydrogenPro ASA (OSE: HYPRO): HydrogenPro has today reported

its financial results for the third quarter 2024.

Achievements and highlights:

- Revenues of NOK 72 million in Q3 2024, with a gross margin of 26%

- Delivering on the 100 MW Salzgitter project according to plan

- Awarded EUR 16.5 million from the EU Innovation Fund to advance plans for a

large-scale production facility for third-generation electrode technology

- On-track to increase manufacturing capacity of our third-generation electrode

technology to 350 MW, operational from Q1 2025

- Ongoing commissioning for the ACES project, with installation completion

planned for H2 2024 / H1 2025

Q3 2024 financials (Q2 2024 numbers in brackets):

- Revenues NOK 72 million (NOK 50 million)

- Gross Profit NOK 19 million (NOK -8 million)

- EBITDA NOK -38 million (NOK -65 million)

- Net Result NOK -38 million (NOK -77 million)

- Order Backlog NOK 341 million (NOK 416 million)

- Cash Balance NOK 188 million (NOK 247 million)

Jarle Dragvik, CEO of HydrogenPro, comments: "This quarter, we are continuing to

prove our business model, exclusivley delivering on two of the ten largest

projects globally (ex. China). Also, we have entered into an exclusive

partnership with J.H.K., where HydrogenPro will serve as a sub-supplier for the

smaller scale (5-50MW) alkaline electrolyzer markets in Germany, Austria, and

the Benelux region. Further, safety is fundamental in our industry, and it is

assuring to see that HydrogenPro can record more than 300 days without any

accidents. That is testament that our daily focus on HSEQ pays off. The market

continues to be challenging, but HydrogenPro's sales pipeline continues to build

-up with several projects moving closer to final investment decision".

The company will host a webcast presentation of the results at 10:00 CET,

followed by a Q&A session. The presentation will be held by Jarle Dragvik (CEO)

and Martin Thanem Holtet (CFO). Questions can be posted online during the

presentation. Link to webcast:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20241112_2

For further information, please contact:

Martin Thanem Holtet, CFO

+47 922 44 902

About HydrogenPro ASA

HydrogenPro, established in 2013, specializes in pioneering green hydrogen

technology solutions in partnership with global collaborators and suppliers. Our

flagship products are high-pressure alkaline electrolyzers, featuring some of

the most advanced technology available.

Our team comprises highly skilled professionals, including key experts in global

hydrogen technology. Currently, we operate R&D, sales, and manufacturing

facilities across Denmark, Germany, the US, and China, with plans for further

global expansion.

Headquartered at Herøya, Norway, our proudest achievement lies in developing

cutting-edge high-pressure alkaline electrolyzers, including proprietary

electrode technology that enhances our global competitiveness. Designed for

scalability with renewable energy inputs, our electrolysers offer cost-effective

solutions crucial for enhancing sectors like wind, solar, and other renewables

in the energy transition.

Green hydrogen, as a versatile energy carrier, plays a pivotal role in advancing

the green energy shift. At HydrogenPro, we are dedicated to leading the green

hydrogen industry forward with our innovative technology and expertise, driving

towards a sustainable future.