HydrogenPro ASA

Earnings Release • Nov 7, 2023

HydrogenPro ASA - Third quarter 2023 results

HydrogenPro ASA - Third quarter 2023 results

7 November 2023 - HydrogenPro (OSE: HYPRO): Today, HydrogenPro reported its

financial results for the third quarter.

Highlights:

· Revenues for the quarter of NOK 220 million, up 61% from second quarter (NOK

137 million) and more than 14x same quarter last year (NOK 15 million)

· Gross margin of 10.2% in the quarter, 14.6% year to date

· ANDRITZ confirms Purchase Order for 18 electrolysers from HydrogenPro, to a

value of approx. EUR 18 million

· Mitsubishi Power confirms successful validation, installation, and operation

of two HydrogenPro electrolysers

· Finally, the company continues its strategic momentum in the US. HydrogenPro

Inc. has appointed Jeff Spethmann as the CEO from 1 January 2024. The

Biden/Harris administration is continuing to develop sustainable hydrogen value

chains, with its October announcement of seven regional clean hydrogen hubs to

receive USD 7 bn in funding.

Financials (Q2 2023 numbers in brackets)

· Revenues NOK 220 million (NOK 137 million)

· Adj. EBITDA NOK -19 million (NOK -4 million)

· Net profit NOK -35 million (NOK 6 million)

· Backlog NOK 322 million (not including 100 MW order from ANDRITZ) (NOK 548

million)

Jarle Dragvik, CEO, states that: "We are looking to the future with confidence.

The newly confirmed purchase order from Andritz gives us reason for further

optimism. Equally, already by the end of this year we recognize the major share

of the ACES contract revenues with a positive margin. HydrogenPro anticipates

continued healthy growth with positive margins as it leverages its innovative

solutions and strategic partnerships."

For further information, please contact: Jarle Dragvik, CEO, +47 911 72 734,

jarle.d@hydrogen-pro.com

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.