Vis børsmeldingen
2023, corresponding to a year-over-year revenue growth of 71%. Consequently,
revenue year-to-date as of the third quarter of 2023 was NOK 954 million, up
61% year-over-year
- Received purchase orders in October worth EUR 6.4 million from Solaris for
delivery of hydrogen fuel storage systems for transit buses to be deployed
in Italy
- Inaugurated the Company’s new state-of-the-art hydrogen cylinder production
hub in Kassel, Germany
- Entered into a 10-year lease agreement for a vehicle integration facility in
Dallas, Texas to support the two major vehicle integrations contracts
announced in 2023
- Exited the quarter with order backlog consisting of firm purchase orders of
approximately NOK 1.1 billion
“We have just reported another strong quarter, keeping us on track to deliver on
our ambitious 2025 targets. We have continued growing our revenue, and most
importantly, secured additional customer contracts in this quarter that will
further strengthen our diversified customer portfolio”, says Morten Holum, CEO
of Hexagon Purus. “At the same time, we are nearing the end of an ambitious
capacity expansion program, which will give us five brand new production
facilities to operate in 2024 and provide sufficient capacity to deliver on
current customer demand”.
In the third quarter of 2023, Hexagon Purus (“the Company” or “the Group”)
generated NOK 380 million in revenue, the highest quarterly revenue on record.
This corresponds to revenue growth of 71% from NOK 222 million in the third
quarter of 2022. Hydrogen infrastructure solutions continues to be the main
driver of growth, coupled with increasing activity within mobility applications,
hereunder heavy-duty vehicles and transit bus as well as aerospace. Total
operating expenses in the third quarter of 2023 ended at NOK 496 (315) million,
leading to an operating profit before depreciation (EBITDA) of NOK -116 (-92)
million.
Total assets at the end of the third quarter of 2023 amounted to NOK 3 786 (2
636) million. The year-over-year increase in total assets is mainly driven by
increases to property, plant and equipment and right-of-use assets as a result
of the Company’s ongoing capacity expansion program. Increases in equity and
non-current liabilities in the third quarter of 2023 compared to the third
quarter of 2022 is mainly driven by the NOK 800 million (gross) convertible bond
issuance in March 2023, and an increase in lease liabilities related to
production facilities and equipment as part of the Company’s ongoing capacity
expansion program. At the quarter-end, the Company had a satisfactory equity
ratio of 56% (68%).
Net cash flow from operating activities in the third quarter of 2023 was NOK
-284 (-133) million, of which NOK 152 (58) million was due to an increase in net
working capital. Net cash flow from investing activities was NOK -117 (-94)
million in the third quarter of 2023, of which NOK 102 million is investments in
production equipment and facilities related to the ongoing capacity expansion
program. Net cash flow from financing in the third quarter of 2023 was NOK -21
(-2) million. The majority of the outflow from financing is related to lease
payments, which in the third quarter of 2023 amounted to NOK -16 (-7) million.
Cash and cash equivalents ended at NOK 566 (481) million.
Outlook
Hexagon Purus’ customer interactions are positively influenced by the strong
legislative tailwinds, and customer demand for the Company’s products and
services is expected to further accelerate going forward. Hexagon Purus has been
successful in securing several long-term agreements recently, which gives the
Company confidence in its medium to long-term targets.
Hexagon Purus’ order backlog, consisting of firm customer purchase orders, stood
at approximately NOK 1.1 billion as of the third quarter of 2023, with the
majority of the orderbook scheduled for execution in 2024. Order intake for
2024 has been strong after the balance sheet date, adding approximately NOK 130
million in additional orders during October. With its recent commercial success,
Hexagon Purus has a strong and diversified portfolio of long-term agreements
across several applications supporting the Company’s medium and long-term
targets. As more of these long-term agreements comes online and customer
purchase orders are released as part of the long-term agreements, the Company
expect corresponding growth in the order backlog, although order intake will
fluctuate from quarter to quarter. For 2023, the Company expects revenue growth
of approximately 50% year-over-year.
With several growth initiatives underway, including building production capacity
and organizational capabilities to support customer launch activities and
expected market demand in the coming years in North America, Europe and Asia,
Hexagon Purus is in the investment phase of its development. Such investments
are expected to impact profitability over the near-to-medium term. The relative
EBITDA margin is expected to significantly improve year-over-year, but EBITDA
will continue to be impacted by ramp-up of the organization and production
facilities. Negative EBITDA for full-year 2023 is expected to widen by
approximately 10% compared to full-year 2022 EBITDA.
Presentation of the results
Hexagon Purus will present the Q3 2023 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 will 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 | mathias.meidell@hexagonpurus.com
(mailto:mathias.meidell@hexagonpurus.com)
Salman Alam, CFO, Hexagon Purus ASA
Telephone: +47 476 12 713 | salman.alam@hexagonpurus.com
(mailto:salman.alam@hexagonpurus.com)
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 Twitter and
LinkedIn.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
Kilde
