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Hexagon Composites — Earnings Release 2022
May 10, 2022
3619_rns_2022-05-10_f5fc0dad-0cbb-4faa-8b45-470cf1d2ac57.html
Earnings Release
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Hexagon Purus ASA: Results for the first quarter 2022
Hexagon Purus ASA: Results for the first quarter 2022
Hexagon Purus delivered robust year-over-year revenue growth in Q1 2022 coupled
with strong commercial momentum across the business.
Q1 2022 highlights:
* Revenue grew 209% year-over-year to NOK 159 million, including NOK 107
million contribution from Wystrach. Organic revenue on a standalone basis
(i.e., as if Wystrach were an external customer in Q1 2022) was NOK 84
million, representing organic year-over-year growth of approximately 63%
* Signed a long-term binding letter of intent with Hino Motors Manufacturing
U.S. and nominated by another leading, established commercial truck OEM to
provide battery systems for serial production planned from 2024
* Signed investment agreements together with JV partner CIMC Enric for
construction of a joint production facility in Shijiazhuang and New Energy
R&D management center in Beijing Daxing District International Hydrogen
Development Zone
* Successfully completed a private placement resulting in gross proceeds of
NOK 600 million
In the first quarter of 2022, Hexagon Purus Group ("the Company") generated NOK
159 (52) million in revenue and recorded operating profit before depreciation
(EBITDA) of NOK -93 (-62) million. Revenue growth of 209% was driven primarily
by continued strength in hydrogen distribution as well as the acquisition of
Wystrach which contributed NOK 107 million in sales and NOK 7.7 million in
EBITDA.
Continued investments in personnel and infrastructure to support and accelerate
Hexagon Purus' future growth drive negative profitability.
Key developments after balance sheet date:
* Entered into an agreement to acquire 40% of Cryoshelter's liquid hydrogen
business. The transaction is in conjunction with Hexagon Composites'
acquisition of a 40% stake in Cryoshelter's liquid natural gas (LNG)
business. Cryoshelter's liquid hydrogen tank technology is in the early
stage of development and builds on superior and differentiated LNG
technology that provides more fuel capacity and longer hold times (a
critical requirement for cryogenic storage) than competing offerings. The
transaction brings early-stage expertise in liquid hydrogen tank technology
for zero emission mobility applications and could potentially result in a
future complementary offering to Hexagon Purus's market leading compressed
hydrogen cylinder technology
* Received an order worth EUR 1.5 million for hydrogen distribution systems
from a leading global industrial gas company
* Signed a 15-year lease for a new hydrogen cylinder production and office
facility in Kassel, Germany, expected to be ready for move in the second
half of 2023
* CIMC-HEXAGON signs a Memorandum of Understanding with Bravo Transport
Services to develop hydrogen storage cylinder systems for hydrogen fuel-cell
double decker buses in Hong Kong. The initial scope of the MoU is for CIMC-
HEXAGON to provide a Type 4 hydrogen storage cylinder system for the first
fuel-cell double decker bus in Hong Kong with scheduled delivery in July
2022
* Hexagon Purus Maritime, a wholly owned subsidiary of Hexagon Purus, has
received its inaugural order for cylinders to be used in onboard storage of
hydrogen in maritime vessels with scheduled delivery in Q4 2022
Presentation of the results and inaugural Capital Markets Day:
Hexagon Purus will present the Q1 2022 results in conjunction with the Company's
inaugural Capital Markets Day from 09.00 CET to 12.00 CET.
To attend the event, please register here (https://invitations-
app.oiiku.com/invitations/97edb045cb09903c0add7122a93a4492246e334058a826323d1d49
60404a7333).
The presentations will be held in English and be virtual. Recordings of the
presentations 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, 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.