HydrogenPro ASA

Earnings Release • Feb 27, 2024

HydrogenPro ASA - Delivering positive EBITDA in Q4 2023

HydrogenPro ASA - Delivering positive EBITDA in Q4 2023

27 February 2024 - HydrogenPro ASA (OSE: HYPRO): HydrogenPro has today reported

its financial results for the fourth quarter.

Achievements and highlights of the quarter:

· Revenues for the quarter of NOK 127 million and NOK 568 million year to

date. For 2023 as a whole that represents a 10x increase on 2022.

· Gross Profit of NOK 56 mill (44% margin) and Adj. EBITDA of NOK 12 mill (10%

margin)

· Received firm 100 MW Purchase Order from ANDRITZ for 18 cell stacks

· Completed manufacturing and delivery of 220MW to the ACES project

· Strengthened organisation with Jeff Spethmann to lead North American

operations

Financials (Q3 2023 numbers in brackets):

· Revenues NOK 127 million (NOK 220 million)

· Gross profit NOK 56 million/44% gross margin (NOK 22 million/10% gross

margin)

· Reported EBITDA NOK 17 million (NOK -30 million)

· Adj. EBITDA NOK 12 million (NOK -19 million)

· Net result NOK -1 million (NOK -35 million)

· Order backlog NOK 423 million (NOK 322 million)

· Cash balance NOK 161 million (NOK 133 million)

Jarle Dragvik, CEO of HydrogenPro, comments: "We are pleased to show that our

business model deliver results, both operationally and financially. HydrogenPro

is proving its pole position to generate industry leading returns by developing

and manufacturing high quality electrolysers for an increasing global demand. We

are now strengthening our foothold in both the US and the European markets and

are taking a leading role in the development of the hydrogen industry."

For further information, please contact: Martin Thanem Holtet, CFO, +47 922 44

902

About HydrogenPro AS:

HydrogenPro is a technology company and an OEM for high pressure alkaline

electrolyser systems for large-scale green hydrogen plants, all ISO 9001, ISO

45001 and ISO 14001 certified. The Company was founded in 2013 by individuals

with background from the electrolysis industry which was established in

Telemark, Norway by Norsk Hydro in 1927. We are an experienced engineering team

of leading industry experts, drawing upon unparalleled experience and expertise

in the hydrogen and renewable energy industry.