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Hexagon Composites — Earnings Release 2022
Nov 1, 2022
3619_rns_2022-11-01_523ca1bf-144d-43b7-b474-482803f10398.html
Earnings Release
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Hexagon Purus ASA: Results for the third quarter 2022
Hexagon Purus ASA: Results for the third quarter 2022
Hexagon Purus delivered robust year-over-year revenue growth in Q3 2022 coupled
with continued strong commercial momentum in hydrogen distribution applications.
Q3 2022 highlights:
* Revenue grew 115 % year over year to NOK 222 million, including NOK 143
million contribution from Wystrach driven by strong demand in hydrogen
distribution applications
* Received purchase orders worth NOK 290 million for hydrogen distribution
systems from multiple customers to be deployed in Europe including Germany,
Poland and Netherlands
* Exited the quarter with total backlog exceeding NOK 1 billion
* Successfully closed the acquisition of 40% of Cryoshelter's liquid hydrogen
business bringing early-stage expertise in liquid hydrogen tank technology
for zero emission mobility applications which could potentially result in a
future complementary offering to Hexagon Purus's market leading compressed
hydrogen cylinder technology
In the third quarter of 2022, Hexagon Purus Group ("the Company") generated NOK
222 (103) million in revenue and recorded operating profit before depreciation
(EBITDA) of NOK -92 (-80) million. Revenue growth of 115 % was driven by the
acquisition of Wystrach which contributed NOK 143 million in sales.
Continued investments in personnel and infrastructure to support and accelerate
Hexagon Purus' future growth drive negative profitability. Additionally, the
Group has been subject to inflationary pressure in the cost of its key inputs
which is being addressed through offsetting pricing actions as well as cost
reduction efforts.
Key developments after balance sheet date:
* Secured a framework agreement for delivery of hydrogen distribution systems
to a leading European producer of green hydrogen; the minimum value of the
framework agreement is approximately EUR 9.7 million
* Selected by CaetanoBus as preferred supplier of high-pressure hydrogen fuel
systems for serially produced fuel cell transit buses, the estimated
potential value over the lifetime of the frame agreement is approximately
EUR 35 million
Presentation of the results:
Hexagon Purus will present the Q3 2022 results at 08:30 CET and the presentation
will be broadcasted live via https://hexagonpurus.kg5.no/.
The presentation will be held in English and be virtual. Recording of the
presentation will be made available on www.hexagonpurus.com
(http://www.hexagonpurus.com/).
For more information:
Mathias Meidell, IR Director, Hexagon Purus ASA
Telephone: +47 909 82 242 | [email protected]
(mailto:[email protected])
Dilip Warrier, CFO, Hexagon Purus ASA
Telephone: +1 949-236-5528 | [email protected]
(mailto:[email protected])
About Hexagon Purus ASA
Hexagon Purus, a Hexagon Composites company, 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 Twitter and
LinkedIn.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act