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2026, 76% higher compared to same period last year. This includes a NOK
134m extraordinary gain related to the sale of the U.S. aerospace business
and deconsolidation of the China JV following the financing agreement with
CIMC Enric;
- EBITDA of NOK 2 million (0% margin) in the first quarter of 2026, compared
to NOK -242 million (-105% margin) in the same period last year;
- Completed the divestment of the U.S. aerospace business to SpaceX;
- Received orders worth EUR 6.2 million for delivery of hydrogen distribution
units to a leading European energy company;
- Signed financing agreement with CIMC Enric for the Chinese joint venture;
and
- Exited the quarter with order backlog consisting of firm purchase orders of
approximately NOK 463 million.
“Q1 2026 is the first quarter where the restructuring actions of the past year
are starting to be visible. While the environment remains demanding, the
liquidity position is strengthened, and our cost base is better aligned with
demand than it was twelve months ago”, says Morten Holum, CEO of Hexagon Purus.
“For the first quarter of 2026, we reported increased year-over-year headline
and underlying revenue. At the same time, our cash position increased compared
to the fourth quarter 2025 due to the completion of the divestment of the U.S.
aerospace business and organic working capital release. Additionally, during the
quarter, we signed a financing framework for our joint venture in China.
Together, these steps have improved our liquidity position and reduced forward
cash requirements”.
Hexagon Purus Q1 2026 consolidated financials
In the first quarter of 2026, Hexagon Purus (“the Company” or “the Group”)
generated revenue and other income of NOK 405 million, up 76% compared to the
corresponding period in 2025. Revenue and other income includes a NOK 134m
extraordinary gain (“Items Affecting Comparability” or “IAC”) related to the
divestment of the U.S. aerospace business (NOK 72 million, effective 1 March)
and the deconsolidation of the China JV (NOK 62 million, effective 31 March),
following the financing agreement with CIMC Enric which diluted the Company’s
ownership in the joint venture to below 50%. Excluding IAC, revenue in the
quarter was NOK 271 million, which is up 18% year-over-year. The main drivers
for the revenue increase were higher revenue for hydrogen infrastructure,
aerospace (until 1 March) and maritime applications. This was offset by lower
year-over-year activity in transit bus and industrial gas applications as well
as the battery systems and vehicle integration (BVI) segment.
Total operating expenses in the first quarter of 2026 amounted to NOK 404 (472)
million, leading to an operating profit before depreciation (EBITDA) of NOK 2 (-
242) million. This includes NOK 92 million of net IAC.
Total assets at the end of the first quarter of 2026 amounted to NOK 2,972
(4,503) million. Inventory amounted to NOK 388 (658) million at the end of the
first quarter of 2026, down NOK 161 million sequentially. The decrease reflects
a combination of the revenue activity during the quarter and deconsolidation
effects of NOK 75 million. Trade receivables stood at NOK 238 (275) million at
quarter-end, decreasing by NOK 75 million sequentially, driven by strong cash
collections from customers as well as deconsolidation effects of NOK 40 million.
Total equity amounted to NOK 255 (1,676) million at the end of the first quarter
of 2026, corresponding to an equity ratio of 9% (37%). While the equity ratio is
at a low level, the Company has taken decisive measures to strengthen liquidity,
reduce capital intensity and lower its cost base, including portfolio actions
and funding arrangements that extend the liquidity runway. The current capital
structure is not expected to constrain near-term operations. However, the Group
continues to operate in uncertain market conditions, and continued losses are
placing pressure on the Company’s financial position. The Company therefore must
continue to actively evaluate its capital structure and broader financial
framework, including structural measures relating to the Group’s outstanding
convertible bonds, with the objective of strengthening the balance sheet and
supporting the long-term development of the business. Maintaining sufficient
liquidity and financial flexibility remains a key priority for the Company.
Non-current liabilities amounted to NOK 2,310 (2,174) million at the end of the
first quarter, of which NOK 1,886 (1,628) million comprised interest-bearing
debt, primarily related to the two outstanding convertible bonds, maturing in Q1
2028 and Q1 2029, respectively. Total current liabilities stood at NOK 407 (653)
million at the end of the first quarter of 2026, with trade payables amounting
to NOK 113 (188) million.
Net cash flow from operating activities in the first quarter of 2026 amounted to
NOK -44 (-183) million. The quarter included a working capital release of NOK
86 (45) million, primarily driven by reductions in accounts receivable and
inventory. This reflects solid activity levels during the period as well as
normal cash collections from customers.
Net cash flow from investing activities amounted to NOK 119 (-35) million in the
first quarter of 2026. Capital expenditures were limited in the quarter and
ended at NOK -1 (-28) million. Capitalized product development was NOK -4 (-13)
million and primarily reflects targeted investment in a small number of next-
generation product and technology initiatives. A repayment of NOK 25 million was
received during the quarter on a loan previously extended to Norwegian Hydrogen.
In addition, net sales proceeds of NOK 98 million from the divestment of the
U.S. aerospace business were received. The remaining consideration of USD 2.5
million is expected to be received in the first quarter of 2027, subject to the
fulfilment of the earn-out criteria.
Net cash flow from financing in the first quarter of 2026 was NOK -19 (3)
million Cash and cash equivalents ended at NOK 364 (794) million as of the first
quarter of 2026.
Hydrogen Mobility and Infrastructure (HMI)
Revenue and other income for the HMI segment amounted to NOK 227 million in the
first quarter of 2026, representing an 11% increase year-over-year. The growth
was primarily driven by higher activity within hydrogen infrastructure, as 13
hydrogen distribution modules were delivered to customers in the quarter.
EBITDA for the HMI segment was NOK -64 million in the first quarter of 2026,
which includes NOK 30 million of IAC which mainly stems from restructuring costs
related to workforce reductions in Germany.
Historical segment financials are made available on www.hexagonpurus.com
together with Q1 2026 report and presentation.
Battery Systems and Vehicle Integration (BVI)
Revenue and other income for the BVI segment totaled NOK 17 (25) million in the
first quarter of 2026. This reflects vehicle deliveries to Hino, battery system
deliveries to Toyota Motor North America, and sublease income from the Dallas
facility. One Class 6 battery-electric truck was delivered to Hino during the
quarter, with further deliveries expected in the second quarter as the Company
executes on the 14-truck order secured earlier in the year.
EBITDA for the BVI segment amounted to NOK -26 (-54) million in the first
quarter of 2026 and includes NOK 6 million of IAC related to restructuring costs
from the workforce reductions announced in January.
Historical segment financials are made available on www.hexagonpurus.com
together with Q1 2026 report and presentation.
Outlook
The cash requirement for 2026 is significantly reduced, and the liquidity runway
is extended following the divestment of the U.S. aerospace business, the revised
financing framework for the Chinese joint venture, and the restructuring
measures implemented. As a result, the Group operates with a leaner cost base,
improved financial flexibility and a lower EBITDA break-even level compared to
the start of 2025.
Maintaining sufficient liquidity and balance sheet solidity remains a key
priority, alongside ensuring that the Group’s cost base and operational
footprint remain aligned with market conditions. The Company is actively
evaluating its capital structure and broader financial framework, including
structural measures relating to the Group’s outstanding convertible bonds which
mature in 2028 and 2029, with the objective of strengthening the balance sheet
and improving the Company’s equity position. Continued losses will place further
pressure on the Company’s financial position, and successful implementation of
additional financial and operational measures is therefore required.
Activity improved in parts of the business during the first quarter, most
notably within hydrogen infrastructure. While order intake has yet to reach
break-even levels, the overall sentiment for alternative energy carriers -
hydrogen included - has improved, driven by the energy security agenda gaining
traction, especially in Europe and East Asia. Recent regulatory developments,
continued project progression from pre-FID into construction and operations, and
renewed industry and investor focus on energy resilience and diversification all
give reason for optimism. That said, the second half of the year and the period
beyond remains dependent on conversion of commercial dialogues into firm orders.
Presentation of the results
Hexagon Purus will present the Q1 2026 results today, 12 May, 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.
For more information:
Mathias Meidell, IR Director, Hexagon Purus ASA
Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com
Salman Alam, CFO, Hexagon Purus ASA
Telephone: +47 476 12 713 | 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 and rail.
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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