HydrogenPro ASA

Earnings Release • Aug 20, 2024

HydrogenPro ASA - Q2 2024 Results

HydrogenPro ASA - Q2 2024 Results

20 August 2024 - HydrogenPro ASA (OSE: HYPRO): HydrogenPro has today reported

its financial results for the second quarter.

Achievements and highlights:

- Decision to invest in third-generation electrode technology with a 350 MW

capacity manufacturing facility in Denmark. The investment cost is stipulated to

NOK 70 million.

- Awarded DKK 35 million from the Export and Investment Fund of Denmark to

continue plans for a large-scale production facility for third-generation

electrode technology.

- Joint validation program for stack performance and operation conditions for

the Salzgitter project.

- Secured strategic NOK 82.7 million investment from Andritz.

- Additional work and upgrade of equipment delivered by sub-suppliers on the

ACES project has a negative result impact of NOK 36 million in the second

quarter. When adjusting for this, the gross profit increases to NOK 14 million

(equal to 25% gross margin) and EBITDA improves to NOK -29 million in the second

quarter.

- Cash balance of NOK 247 million per 30 June 2024 (increased by NOK 62 mill

during the quarter).

Financials (Q2 2023 numbers in brackets):

· Revenues NOK 50 million (NOK 137 million)

· Gross Profit NOK -22 million (NOK 30 million)

· EBITDA NOK -65 million (NOK -5 million)

· Net Result NOK -77 million (NOK 6 million)

· Order Backlog NOK 416 million (NOK 548 million)

· Cash Balance NOK 247 million (NOK 185 million)

Jarle Dragvik, CEO of HydrogenPro, comments: "it has been an eventful quarter,

concluding an eventful first year of my tenure as CEO. We are one of very few

producers that have actually produced and delivered electrolyzers, and to some

of the largest projects in the world. The fact that some of our major industrial

partners also invest in our company is a vote of confidence that we take

seriously, also by continued improvements on both our technology and our

processes."

For further information, please contact:

Martin Thanem Holtet, CFO

+47 922 44 902

About HydrogenPro AS:

HydrogenPro is a technology company and an OEM for high pressure alkaline

electrolyser systems for large-scale green hydrogen plants, all ISO 9001, ISO

45001 and ISO 14001 certified. The Company was founded in 2013 by individuals

with background from the electrolysis industry which was established in

Telemark, Norway by Norsk Hydro in 1927. We are an experienced engineering team

of leading industry experts, drawing upon unparalleled experience and expertise

in the hydrogen and renewable energy industry.