Quarterly Report • Jul 17, 2025
Quarterly Report
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Hexagon Purus ASA: Results for the second quarter 2025
Key developments in Q2 2025 and after balance sheet date:
? Quarterly revenue of NOK 193 million in the second quarter of 2025, 63%
lower compared to same quarter last year;
? EBITDA of NOK -161 million in the second quarter of 2025, compared to NOK
-97 million in the same period last year;
? Signed new supply agreement with Hino Trucks for supply of class 6 & 7
battery electric trucks to the U.S. market and initiated process to explore
options for the BVI segment;
? Exited the quarter with order backlog consisting of firm purchase orders of
close to NOK 1.1 billion.
"We have had a tough second quarter with revenue ending at NOK 193 million,
which is down 63% year-over-year due to significantly lower activity in hydrogen
infrastructure and hydrogen heavy-duty mobility. On the positive side, we had
high order intake in the quarter and expect a notable activity increase in the
second half of 2025", says Morten Holum, CEO of Hexagon Purus. "Despite the
improved order intake, we continue to adapt our cost base by increasing the
annualized cost reduction from NOK 200 million to up to NOK 350 million to
enable profitability at lower volumes. The anticipated revenue increase, lower
capex and working capital release we expect will meaningfully reduce cash
outflow in the second half of 2025. With the additional cost cuts in combination
with the ongoing portfolio review, we retain the aim to make our current cash
balance last until the Company reaches EBITDA and cash break even".
Hexagon Purus Q2 2025 consolidated financials
In the second quarter of 2025, Hexagon Purus ("the Company" or "the Group")
generated revenue of NOK 193 million, down 63% compared to the corresponding
period in 2024. The main reason for the revenue decline was significantly lower
activity in the hydrogen infrastructure and hydrogen heavy-duty mobility
application areas, partly offset by higher revenue from aerospace applications
and battery electric mobility.
Total operating expenses in the second quarter of 2025 ended at NOK 355 (625)
million, leading to an operating profit before depreciation (EBITDA) of NOK -161
(-97) million.
Total assets at the end of the second quarter of 2025 amounted to NOK 4,266
(4,619) million. Inventory amounted to NOK 714 (611) million as of the end of
the second quarter of 2025, and the majority of inventory consists of raw
materials and work-in-progress. Trade receivables decreased sequentially by NOK
32 million in the second quarter of 2025 to NOK 244 (401) million. Total equity
was NOK 1,418 (1,847) million as per the second quarter of 2025, equal to an
equity ratio of 33% (40%). The increase in non-current liabilities to NOK 2,222
(2,021) 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 503 (524) million. Total current liabilities stood at 626
(751) million at the end of the second quarter of 2025, of which trade payables
made up NOK 148 (250) million and which was sequentially down compared to the
first quarter of 2025.
Net cash flow from operating activities in the second quarter of 2025 was NOK
-197 (-232) million. Working capital increased by NOK 41 million in the quarter
(NOK 120 million in Q2 2024), primarily due to higher inventory levels in
preparation for increased activity in the second half of the year and a decline
in trade payables. This was only partly offset by a reduction in trade
receivables.
Net cash flow from investing activities was NOK -62 (-180) million in the second
quarter of 2025, of which NOK 37 (133) million relates to investments in
production equipment and facilities and is mainly spill-over items from 2024
related to the Company's capacity expansion program. Net cash flow from
financing in the second quarter of 2025 was NOK -3 (-5) million.
Cash and cash equivalents ended at NOK 527 (543) million as of the second
quarter of 2025.
Hydrogen Mobility and Infrastructure (HMI)
Revenue for the HMI segment in the second quarter of 2025 was NOK 164 million,
down 69% compared to the corresponding period last year. The decline in revenue
is primarily owed to lower activity within hydrogen infrastructure and heavy-
duty hydrogen mobility, which is only partially offset by higher year-over-year
revenue from aerospace applications.
EBITDA for the HMI segment in the second quarter of 2025 ended at NOK -76 (17)
million, equivalent to an EBITDA margin of -47% (3%) as the sharp decline in
revenue reduced the segment's ability to absorb its fixed costs combined with a
less profitable product mix.
Historical segment financials are made available on www.hexagonpurus.com
together with Q2 2025 report and presentation.
Battery Systems and Vehicle Integration (BVI)
Revenue for the BVI segment in the second quarter of 2025 was NOK 25 (2)
million. The year-over-year revenue growth was mainly driven by vehicle
deliveries of the Tern RC8 to Hino Trucks as well as deliveries of battery
systems to Toyota Motors North America.
EBITDA for the BVI segment ended at NOK -31 (-60) million in the second quarter
of 2025.
Historical segment financials are made available on www.hexagonpurus.com
together with Q2 2025 report and presentation.
Outlook
Commercial momentum and revenue contribution remain solid within hydrogen
transit buses in Europe and aerospace in North America. However, the ramp-up of
the BVI business unit remains delayed relative to prior expectations. Revenue
from the hydrogen infrastructure segment is significantly down year-over-year,
although the current order backlog indicates a notable increase in activity in
the second half of 2025, which should improve Group revenue and profitability.
The anticipated revenue increase should also support a more favorable working
capital development especially towards the end of the year, and capital
expenditure is expected to decline as investments from 2024 related to the
capacity expansion program near completion. Together, these factors are expected
to meaningfully reduce cash outflow over the remainder of the year.
The Company remains focused on cost reductions to support profitability at lower
volume, while concurrently reviewing its business portfolio. Including the
measures announced in this report, the total expected reduction in annualized
operating costs from 2026-compared to 2024 levels-is estimated to be up to NOK
350 million, assuming all else is equal, exceeding the NOK 200m cost reduction
target announced in February by NOK 150m.
Together, the ongoing portfolio review and cost-cutting initiatives are aimed at
making the current cash balance last until the Company reaches EBITDA and cash
break-even.
Presentation of the results
Hexagon Purus will present the Q2 2025 results today, 17 July, 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
(http://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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