Hexagon Composites — Earnings Release 2021

Nov 2, 2021

Hexagon Purus ASA: Results for the third quarter 2021

Hexagon Purus ASA: Results for the third quarter 2021

Hexagon Purus delivered strong year-over-year revenue growth in Q3 2021 and

announced the transformative acquisition of Wystrach GmbH ("Wystrach").

Q3 2021 highlights:

* Revenue grew 96% year over year to NOK 103m

* Robust hydrogen distribution and transit bus activity

* Entered into an agreement to acquire 100% of Wystrach, a leading European

systems and solutions provider for compressed industrial gases with strong

exposure to hydrogen applications. Wystrach is recognized as a leader in the

industrial and transportation segments serving blue chip customers like Air

Liquide, Linde, Alstom and Daimler. Wystrach recorded revenue of EUR 24.1m

and EBITDA of EUR 2.1m in FY 2020.  The acquisition will approximately

double Hexagon Purus' revenue (on a pro forma basis) and headcount in FY

2020

* Broke ground on a new 60,000 square foot manufacturing facility in Kelowna,

Canada for the production of battery packs and hydrogen fuel storage systems

for medium and heavy-duty vehicle applications

In the third quarter of 2021, Hexagon Purus Group generated NOK 103 (53) million

in revenue and recorded operating profit before depreciation (EBITDA) of NOK -80

(-25) million. Revenue growth of 96% was driven by increased activity in

hydrogen

distribution and transit bus applications.

Reported revenue for the first nine months of 2021 grew 69% to NOK 249 (147)

million driven by increased distribution, transit bus and aerospace business,

while EBITDA was NOK -211 (-88) million.

Continued investments in personnel and infrastructure to support and accelerate

Hexagon Purus' future growth drive negative profitability in the near-term, as

expected.

Other recent key developments:

* Received orders from a leading gas distributor to deliver Type 4 hydrogen

cylinders for industrial and mobility applications. The orders have a value

of approximately EUR 2 million

* Received an order for hydrogen fuel cell electric yard trucks from a North

American customer. The order has a value of approximately USD 2.1 million

* Subsequently received an order from the same customer for a hydrogen fuel

cell drayage truck, including a service and support program that

incorporates performance monitoring and reporting. The order has a value of

approximately USD 1.2 million

Presentation of the results

Morten Holum (CEO) and Dilip Warrier (CFO) will present the results at 08:30 CET

and the presentation will be broadcasted live via https://hexagonpurus.kg5.no/

.

The presentation will be held in English. A recording of the presentation will

be made available on www.hexagonpurus.com (http://www.hexagonpurus.com) after

the presentation.

For more information:

Salman Alam, Vice President, Corporate Development, Hexagon Purus ASA

Telephone: +47 476 12 713 | salman.alam@hexagonpurus.com

Dilip Warrier, CFO, Hexagon Purus ASA

Telephone: +1 949-236-5528 | dilip.warrier@hexagonpurus.com

About Hexagon Purus ASA

Hexagon Purus, a Hexagon Composites company, is a world leading provider of

hydrogen type 4 high-pressure cylinders, battery packs and vehicle systems

integration for fuel cell electric and battery electric vehicles. Hexagon Purus

enables zero emission solutions for light, medium and heavy-duty vehicles,

buses, ground storage, distribution, maritime, rail and aerospace applications.

Learn more at www.hexagonpurus.com and follow @HexagonPurus on Twitter and

LinkedIn.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act