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compared to same period last year. FY 2025 revenue was NOK 1,144 million,
down 39% compared to FY 2024;
- EBITDA of NOK -99 million (-21% margin) in the fourth quarter of 2025,
compared to NOK -104 million (-26% margin) in the same period last year.
EBITDA in the fourth quarter of 2025 included NOK 76 million of inventory
write-downs, warranty provisions, bad debt expense and restructuring costs
(“Items Affecting Comparability” or “IAC”). FY 2025 EBITDA was NOK -618
million (-54%), which included NOK 186 million of IAC;
- Announced the divestment of the Company’s U.S. aerospace business to SpaceX
for an enterprise value of USD 15.0 million, comprising a cash consideration
of USD 12.5 million and a contingent cash earn-out of USD 2.5 million. The
closing of the transaction is subject to applicable closing conditions;
- Took further steps in the strategic review of the BVI segment, including
significant cost reductions, a new 14-truck order from Hino, and actions
expected to materially reduce near-term cash requirements;
- Renegotiated long-term battery cell supply agreement, eliminating the
previously outstanding pre-payment obligation of USD 12.9 million and;
- Exited the quarter with order backlog consisting of firm purchase orders of
approximately NOK 728 million
“2025 has been heavily impacted by significant market and regulatory uncertainty
and extensive restructuring across the Group and we took decisive actions to
adapt our operating model, reduce the cost base, and protect liquidity. Against
this backdrop, the performance in the fourth quarter was encouraging. Revenue
developed in line with our expectations and reached the third-highest quarterly
level in the Company’s history”, says Morten Holum, CEO of Hexagon Purus.
“Looking forward, we are still facing uncertain market conditions and limited
near-term demand visibility. We will continue our business portfolio review and
assessment of potential initiatives that may further strengthen our financial
position, while preserving flexibility to support long-term value creation”.
Hexagon Purus Q4 2025 consolidated financials
In the fourth quarter of 2025, Hexagon Purus (“the Company” or “the Group”)
generated revenue of NOK 468 million, up 18% compared to the corresponding
period in 2024. The main reason for the revenue increase was significantly
higher revenue for transit bus and aerospace applications, coupled with a strong
sequential uptick for hydrogen infrastructure applications. Full-year 2025
revenue amounted to NOK 1,144 million, representing a 39% decline compared to
the prior year. The decrease was mainly driven by significantly lower activity
in hydrogen infrastructure and hydrogen heavy-duty mobility, only partly offset
by strong performance in the transit bus and aerospace segments.
Total operating expenses in the fourth quarter of 2025 amounted to NOK 568 (500)
million, leading to an operating profit before depreciation (EBITDA) of NOK -99
(-104) million, equivalent to an EBITDA margin of -21% (-26%). This includes NOK
76 million of IAC. For the full-year of 2025, EBITDA ended at NOK -618 (-348)
million, equal to -54% (-19%) margin. This includes IAC of NOK 186 million.
Total assets at the end of the fourth quarter of 2025 amounted to NOK 3,510
(4,934) million. Inventory amounted to NOK 549 (694) million at the end of the
fourth quarter of 2025. The sequential decrease of NOK 209 million and the year-
over-year decrease of NOK 145 million primarily reflect inventory release
following strong revenue development in the quarter, as well as inventory write-
downs following updated assessments of inventory values and alignment with bills
of materials. Trade receivables increased sequentially by NOK 79 million during
the fourth quarter of 2025 to NOK 313 (351) million, driven by the same
activity-related effects as the inventory release.
Total equity amounted to NOK 579 (2,122) million at the end of the fourth
quarter of 2025, corresponding to an equity ratio of 17% (43%). The reduction in
equity compared to the same period last year primarily reflects negative profit
after tax recognized during 2025, which includes impairment charges to tangible,
intangible, and financial assets taken over the year. While the equity ratio has
declined, it should be viewed in the context of the Group’s balance sheet
structure, which includes significant long-lived assets, and the non-cash nature
of the impairment charges recognized during the year. The Company has taken
decisive measures to increase liquidity, reduce capital intensity and lower its
cost base, including portfolio actions and funding arrangements that extend the
Company’s liquidity runway. As a result, the current equity ratio is not
expected to constrain near-term operations, and the Company continues to focus
on maintaining sufficient liquidity and retain financial flexibility going
forward. The increase in non-current liabilities to NOK 2,354 (2,145) million is
mainly driven by non-cash interest added to the principal of the two outstanding
convertible bonds, partly offset by a reduction in lease liabilities to NOK 485
(543) million. Total current liabilities stood at 577 (667) million at the end
of the fourth quarter of 2025, of which trade payables made up NOK 147 (260)
million.
Net cash flow from operating activities in the fourth quarter of 2025 amounted
to NOK 14 (-94) million. The quarter benefited from a working capital release of
NOK 69 (0) million, primarily driven by a reduction in inventory of NOK 209
million, reflecting high activity levels in the period. This was partly offset
by a sequential decrease in trade payables and contract liabilities, in line
with revenue recognition during the quarter.
Net cash flow from investing activities amounted to NOK -46 (-117) million in
the fourth quarter of 2025. Capital expenditures of NOK -15 (-66) million
related primarily to facilities maintenance and selective investments in certain
production equipment across the Company. In addition, NOK -26 (-36) million was
related to capitalization of product development, mainly within the BVI segment,
reflecting the completion and final validation of select product and technology
initiatives during the quarter.
Net cash flow from financing in the quarter was NOK -10 (953) million, and cash
and cash equivalents ended at NOK 322 (1,028) million as of the fourth quarter
of 2025.
Hydrogen Mobility and Infrastructure (HMI)
Revenue for the HMI segment amounted to NOK 427 million in the fourth quarter of
2025, representing a 20% increase year-over-year and an 83% increase compared to
the third quarter of 2025. The year-over-year growth was primarily driven by
higher activity within hydrogen mobility, particularly transit bus applications,
as well as strong growth in aerospace. Sequentially, revenue was also supported
by a marked increase in hydrogen infrastructure activity following the delivery
of 27 hydrogen distribution units during the quarter.
EBITDA for the HMI segment was NOK -2 million in the fourth quarter of 2025,
corresponding to a margin of 0%, which includes NOK 31 million of IAC.
Historical segment financials are made available on www.hexagonpurus.com
together with Q4 2025 report and presentation.
Battery Systems and Vehicle Integration (BVI)
Revenue for the BVI segment totaled NOK 39 (47) million in the fourth quarter of
2025. Revenue in the quarter primarily reflected the delivery of nine Class 6
battery-electric trucks to Hino, as well as income from the sublease of a
portion of the Company’s Dallas facility to Hino.
EBITDA for the BVI segment amounted to NOK -62 (-33) million in the fourth
quarter of 2025. This includes NOK 45 million of write-downs of obsolete
inventory.
Historical segment financials are made available on www.hexagonpurus.com
together with Q4 2025 report and presentation.
CIMC-Hexagon (China Joint Venture)
The Company is engaged in ongoing discussions with its joint venture partner
regarding potential financing alternatives for 2026, with the objective of
minimizing Hexagon Purus’ cash contributions while maintaining the joint
venture’s operational continuity and market presence. These discussions may
include changes to funding arrangements and ownership levels, subject to further
negotiation and agreements. In parallel, the parties are exploring opportunities
to simplify the joint venture structure to enhance cost efficiency, execution
speed, and competitiveness in the Chinese market.
Outlook
The combined effect of the restructuring measures taken to date and the
divestment of the Company’s aerospace business is expected to meaningfully
reduce the Company’s cash requirements and extend the Company’s liquidity
runway. The Company now operates with a significantly leaner cost base, improved
financial flexibility and lower EBITDA break-even levels compared to the start
of 2025. Capital expenditure going forward will be limited as the capacity
expansion programs have been completed.
The order backlog for the first quarter of 2026 provides for a continued high
level of activity in the first quarter, although lower than the fourth quarter
of 2025. Current sales leads and customer dialogues give reason for optimism
also for the rest of 2026, although market volatility and regulatory uncertainty
cause limited demand visibility and make forecasting unusually challenging. At
the current run rate, order intake remains below the break-even level. Achieving
profitability is therefore contingent on a sustained improvement in order
intake.
The Company will continue its business portfolio review and assessment of
potential initiatives that may further strengthen its financial position and
increase shareholder value. Maintaining sufficient liquidity to support ongoing
operations will remain a key priority, while preserving flexibility to support
long-term value creation.
Presentation of the results
Hexagon Purus will present the Q4 2025 results today, 10 February, 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, 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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