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 ...