Earnings Release • Oct 21, 2025
Earnings Release
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Hexagon Purus ASA: Results for the third quarter 2025
Key developments in Q3 2025 and after balance sheet date:
? Revenue of NOK 252 million in the third quarter of 2025, 54% lower
compared to same period last year, but representing the highest quarterly
revenue achieved so far in 2025;
? EBITDA of NOK -116 million in the third quarter of 2025, compared to NOK
-51 million in the same period last year. EBITDA in the third quarter of 2025
includes NOK 31 million of restructuring costs related to the personnel
reductions announced in July;
? Exited the quarter with order backlog consisting of firm purchase orders
of approximately NOK 1.0 billion.
"Revenue for the third quarter of NOK 252 million came in lower than we expected
as a combination of customer-related timing shits and workforce adjustments. On
the positive side, higher activity for hydrogen distribution contributed to
strong sequential growth in the quarter", says Morten Holum, CEO of Hexagon
Purus. "The second round of workforce reductions in Germany was completed during
the quarter and is expected to take full effect from 2026. Our overall ambition
remains unchanged; the ongoing portfolio review, combined with cost-cutting
initiatives, are aimed at maintaining sufficient liquidity to bridge the Company
to EBITDA and cash break even".
Hexagon Purus Q3 2025 consolidated financials
In the third quarter of 2025, Hexagon Purus ("the Company" or "the Group")
generated revenue of NOK 252 million, down 54% compared to the corresponding
period in 2024, but an increase of 30% from the second quarter of 2025. The main
reason for the revenue decline was significantly lower activity in the hydrogen
infrastructure and hydrogen heavy-duty mobility applications, while demand in
hydrogen transit bus and aerospace applications remained strong, consistent with
earlier quarters in 2025.
Total operating expenses in the third quarter of 2025 ended at NOK 368 (595)
million, leading to an operating profit before depreciation (EBITDA) of NOK -116
(-51) million, equivalent to an EBITDA margin of -46% (-9%).
Total assets at the end of the third quarter of 2025 amounted to NOK 3,988
(4,620) million. Inventory amounted to NOK 758 (678) million as of the end of
the third quarter of 2025, and the majority of inventory consists of raw
materials and work-in-progress. Trade receivables decreased sequentially by NOK
10 million in the third quarter of 2025 to NOK 234 (468) million.
Total equity was NOK 1,054 (1,739) million per the third quarter of 2025, equal
to an equity ratio of 26% (38%). The increase in non-current liabilities to NOK
2,298 (2,057) million is mainly driven by non-cash interest added to the
principal of the two outstanding convertible bonds, partly offset by a reduction
in lease liabilities to NOK 492 (505) million. Total current liabilities stood
at 636 (824) million at the end of the third quarter of 2025, of which trade
payables made up NOK 179 (358) million.
Net cash flow from operating activities in the third quarter of 2025 was NOK
-115 (-115) million. Working capital increased by NOK 26 million in the third
quarter, primarily driven by higher inventory levels in preparation for
increased activity in the fourth quarter and a reduction in contract
liabilities. This was partly offset by a decrease in trade receivables and an
increase in trade payables.
Net cash flow from investing activities was NOK -34 (-135) million in the third
quarter of 2025, of which NOK 14 (128) million relates to investments in
production equipment and facilities.
Net cash flow from financing in the third quarter of 2025 was NOK -15 (-25)
million.
Cash and cash equivalents ended at NOK 360 (269) million as of the third quarter
of 2025.
Hydrogen Mobility and Infrastructure (HMI)
Revenue for the HMI segment totaled NOK 233 million in the third quarter of
2025, a decrease of 55% compared to the same period last year, but an increase
of 42% from the second quarter of 2025. The year-over-year decline in revenue is
primarily owed to lower activity within hydrogen infrastructure and heavy-duty
hydrogen mobility, which is partially offset by higher year-over-year revenue
from aerospace applications.
EBITDA for the HMI segment amounted to NOK -47 million in the third quarter of
2025, corresponding to a margin of -20%, compared to NOK 11 million and a margin
of 2% in the same period last year. Adjusted for restructuring costs and a one-
off customer payment, EBITDA was NOK -28 million, equal to a margin of -12% in
the third quarter of 2025.
Historical segment financials are made available on www.hexagonpurus.com
together with Q3
2025 report and presentation.
Battery Systems and Vehicle Integration (BVI)
Revenue for the BVI segment in the third quarter of 2025 was NOK 13 (29)
million. Revenue in the quarter was primarily comprised of vehicle deliveries to
Hino and income from the sublease of part of the Company's Dallas facility to
Hino.
EBITDA for the BVI segment ended at NOK -30 (-21) million in the third quarter
of 2025.
Historical segment financials are made available on www.hexagonpurus.com
together with Q3
2025 report and presentation.
Outlook
The Company has put behind it a challenging first nine months of the year,
marked by market softness and significant restructuring initiatives across
several business units. The measures implemented during this period are now
beginning to yield tangible results, and the organization is increasingly
aligned with expected market demand for the coming years. Focus remains on
maintaining stable operational performance and delivery following the
organizational adjustments made earlier in the year.
In line with expectations and previous communication, third-quarter performance
represented an improvement in revenue and operating results, driven by higher
activity levels and the benefits of a leaner cost base. Based on the current
order backlog, the fourth quarter is expected to deliver further improvement in
financial performance.
The anticipated increase in revenue is expected to gradually release working
capital, while capital expenditure will remain at a low level. Combined, these
factors are expected to result in a lower cash burn going forward compared to
the levels observed earlier in the year.
The Company has adjusted the cost base to match the demand outlook. Customer
dialogues for 2026 orders are progressing well, and the strategic review of the
business portfolio continues in parallel. The ambition remains unchanged; the
ongoing portfolio review, combined with cost-cutting initiatives, are aimed at
maintaining sufficient liquidity to bridge the Company to EBITDA and cash break-
even.
Presentation of the results
Hexagon Purus will present the Q3 2025 results today, 21 October, at 08:30 CEST
and the presentation will be broadcast live via
https://hexagonpurus.vivida.live.
The presentation will be held in English and will be virtual. A recording of the
presentation will be made available on www.hexagonpurus.com.
For more information:
Mathias Meidell, IR Director, Hexagon Purus ASA
Telephone: +47 909 82 242 | [email protected]
Salman Alam, CFO, Hexagon Purus ASA
Telephone: +47 476 12 713 | [email protected]
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 www.hexagonpurus.com 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
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