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from the fourth quarter of 2023. Full year (FY) 2024 revenue ended at NOK
1,876 million, up 42% compared to FY 2023 revenue;
- EBITDA was NOK -104 million in the fourth quarter of 2024, compared to NOK
-129 million in the same period last year. This corresponds to an EBITDA
margin of -26% in the fourth quarter of 2024, up from -35% in the fourth
quarter of 2023. For FY 2024, the EBITDA margin ended at -19%, up from -34%
in the same period last year;
- Renewed multi-year supply agreement with a leading European bus manufacturer
for delivery of hydrogen fuel storage systems until 2028;
- Completed NOK 1 billion equity capital raise;
- Due to increased market and regulatory uncertainty, the Company is expecting
to lay off approximately 15% of its employees during the first half of 2025;
- Seizing funding to Cryoshelter LH2 GmbH (“Cryoshelter”) and ending the
development of liquid hydrogen storage solutions; and
- Exited the quarter with order backlog consisting of firm purchase orders of
NOK 726 million.
“We grew revenue in the quarter by 8% from last year and improved annualized
EBITDA margin by another percentage point. We also met several important
milestones during the quarter - we raised NOK 1 billion of equity capital and we
delivered the first battery-electric trucks to the Hino program”, says Morten
Holum, CEO of Hexagon Purus. "Looking forward, the market appears more
challenging. The near-term market outlook deteriorated significantly, following
the U.S. presidential election. With a weaker near-term outlook and lower
visibility, we have decided to adjust our cost base accordingly. We are
therefore reducing our annualized costs by approximately NOK 200 million,
including an approximate 15% reduction in the workforce. “Letting go of highly
skilled and dedicated colleagues is a very difficult decision. I am immensely
proud of everything we have achieved together in Hexagon Purus so far and remain
confident in our ability to navigate this challenging period”.
Hexagon Purus Q4 2024 and preliminary FY 2024 consolidated financials
In the fourth quarter of 2024, Hexagon Purus (“the Company” or “the Group”)
generated revenue of NOK 396 million, up 8% from the corresponding period in
2023. Hydrogen infrastructure, hydrogen mobility and battery systems & vehicle
integration were the main drivers of growth year-over-year. FY 2024 revenue
ended at NOK 1,876 million, up 42% year-over-year compared with expectations of
at least 50% revenue growth. The shortfall versus expectations was predominantly
due to delay of completion of certain customer deliveries, which is expected to
be completed in 2025, and certain customer orders being shifted from 2024 to
2025.
Total operating expenses in the fourth quarter of 2024 ended at NOK 500 (494)
million, leading to an operating profit before depreciation (EBITDA) of NOK -104
(-129) million, equivalent to an EBITDA margin of -26% (-35%). For FY 2024, the
EBITDA margin was -19% (-34%), a significant improvement compared to the same
period last year and in line with expectations.
Total assets at the end of the fourth quarter of 2024 amounted to NOK 4,934
(3,773)
million. The year-over-year increase in total assets is mainly driven by
increases to property, plant and equipment and right-of-use assets resulting
from the Company’s capacity expansion program, combined with an increase in
working capital to cater for higher revenue as well as a higher cash balance
following the Company’s equity capital raise completed during the fourth quarter
of 2024. Inventory amounted to NOK 694 (482) million as of the end of the fourth
quarter of 2024, and the majority of inventory consists of raw materials and
items in work-in-progress. Trade receivables decreased sequentially in the
fourth quarter of 2024 to NOK 351 (275) million.
Increases in equity and non-current liabilities in the fourth quarter of 2024
compared to the fourth quarter of 2023 are mainly driven by the NOK 1,000
million (gross) equity raise completed during the fourth quarter of 2024, and an
increase in lease liabilities related to production facilities and equipment as
part of the Company’s capacity expansion program. Trade payables stood at NOK
260 (220) million and was sequentially down compared to the third quarter of
2024. At quarter-end, the Company had an equity ratio of 43% (51%).
Net cash flow from operating activities in the fourth quarter of 2024 was NOK
-99 (-138) million. Changes in net working capital was stable compared to the
third quarter of 2024.
Net cash flow from investing activities was NOK -112 (-111) million in the
fourth quarter of 2024, of which NOK 66 million relates to investments in
production equipment and facilities related to the Company’s capacity expansion
program. Capitalized product development expenditure was NOK 36 (9) million in
the fourth quarter of 2024, and loans to associated companies amounted to NOK
17 (6) million. Interest received on bank deposits in the fourth quarter of
2024 was NOK 7 (10) million.
Cash and cash equivalents ended at NOK 1,028 (307) million as of the fourth
quarter of 2024.
Hydrogen Mobility and Infrastructure (HMI)
Revenue for the HMI segment in the fourth quarter of 2024 totaled NOK 355
million, broadly unchanged compared to the corresponding period in 2023. For FY
2024, revenue amounted to NOK 1,782 million, which represents growth of 40%
compared to FY 2023. 62% (60%) of the HMI segment revenue in the fourth quarter
of 2024 stemmed from hydrogen infrastructure solutions, which grew 3% year-over-
year. Within hydrogen infrastructure solutions, hydrogen distribution solutions
made up most of the revenue in the quarter with product deliveries to customers
like Air Liquide, Norwegian Hydrogen and Linde. Revenue from mobile refueling
stations and stationary storage solutions also increased year-over-year as units
were delivered to amongst other Deutsche Bahn Energie during the fourth quarter
of 2024.
EBITDA for the HMI segment in the fourth quarter of 2024 ended at NOK -25 (-33)
million, equivalent to an EBITDA margin of -7% (-9%). For FY 2024, EBITDA ended
at NOK -12 (-94) million, equivalent to an EBITDA margin of -1% (-7%).
Historical segment financials are made available on www.hexagonpurus.com
(http://www.hexagonpurus.com) together with Q4 2024 report and presentation.
Battery Systems and Vehicle Integration (BVI)
Revenue for the BVI segment in the fourth quarter of 2024 was NOK 47 (9)
million. The year-over-year revenue growth was mainly driven by initial vehicle
deliveries of the Tern RC8 to Hino as well as deliveries of battery systems to
Toyota Motors North America. For FY 2024, revenue ended at 97 (40) million.
BVI segment EBITDA ended at NOK -33 (-34) million in the fourth quarter of
2024. For FY 2024, EBITDA ended at -139 (-140) million.
Historical segment financials are made available on www.hexagonpurus.com
(http://www.hexagonpurus.com) together with Q4 2024 report and presentation.
Outlook
As discussed in the Company’s Q3 2024 report released in November 2024, the new
administration following the US presidential election has significantly
increased uncertainty around the near-term outlook for the energy transition and
zero emission mobility in North America. Customers, especially in California,
are awaiting clarification around legislation and funding mechanisms. In
addition, the hydrogen industry and project realization is developing slower
than expected in Europe, impacting the Company’s customers.
With an uncertain near-term outlook and lower visibility, the Company is
launching a program targeting annualized cost reduction of approximately NOK
200 million, including an approximate 15% reduction in workforce. The Company is
also launching a review of its overall business portfolio to make additional
adjustments to secure the Company’s cash runway to EBITDA and cash break-even.
The Company has a well-diversified customer base and are exposed to a range of
attractive end-use applications at varying stages of maturity. The Company’s
hydrogen infrastructure business is EBITDA profitable and is mainly based on
large industrial gas companies’ need to cost efficiently transport gray hydrogen
for industrial use cases. A delay in roll-out of green hydrogen projects will
impact near-term growth for the hydrogen infrastructure business, but the
Company continues to expect a base level of demand for its distribution
solutions for industrial use-cases from its existing customer base of blue-chip
industrial gas companies. The Company’s hydrogen transit bus business is
experiencing strong growth as end-user demand is mainly made up of public
authorities with local decarbonization agendas, both in Europe and North
America. The Company’s hydrogen and battery electric heavy-duty vehicle
business, centered around the US market, is on the other hand experiencing
uncertainty and low demand visibility following the US presidential election.
Year-over-year, the battery electric business is expected to grow in 2025, but
with a slower ramp-up curve compared to earlier expectations.
The Company’s order backlog, consisting of firm customer purchase orders, stood
at NOK 726 million by the end the fourth quarter of 2024, with about 90% due for
execution in 2025 and the remaining 10% due for execution in 2026. The Company
is expecting a slow start to 2025 revenue-wise and is currently projecting a
significant sequential decline in Q1 2025 revenue.
Given the recent chain of events, it is no longer deemed realistic that the
market will grow as previously guided in the near-term, and the Company has
decided to postpone further guiding until better visibility is gained. The
Company will first and foremost focus on making the current cash balance last
until EBITDA and cash break-even.
Presentation of the results
Hexagon Purus will present the Q4 2024 results today, 11 February, at 08:30 CET
and the presentation will be broadcast live via https://hexagonpurus.vivida.live
(https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Furldefense.pr
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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 | 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 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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