Hexagon Purus ASA

Results for the first quarter 2024

Selected key developments in Q1 2024:

• All-time high quarterly revenue of NOK 407 million in the first quarter of 2024, up 67% from the first quarter of 2023;
• EBITDA of NOK -97 million in the first quarter of 2024. This corresponds to an EBITDA margin of -24%, up from -46% in the first quarter of 2023;
• Issued convertible bond of approximately NOK 1,000 million following approval by an Extraordinary General Meeting (EGM) on 11 January 2024. Bond issue supported by Mitsui & Co., Ltd., Hy24 and Hexagon Composites;
• Construction of all new production facilities completed and extensive ramp-up activities across the new manufacturing footprint is ongoing;
• Segment financial reporting introduced from the first quarter of 2024;
• Exited the quarter with order backlog consisting of firm purchase orders of approximately NOK 1.2 billion, providing solid line-of-sight to full-year revenue ambitions.

“We have just reported a record quarter for Hexagon Purus, keeping us well on track to meet our targets for 2024. At the same time, we continue our extensive ramp-up activities across the new manufacturing sites to deliver on customer commitments and to maximize capacity utilization”, says Morten Holum, CEO of Hexagon Purus. “We remain laser focused on driving profitability through volume growth whilst being disciplined with capital spending. With a good first quarter delivered, I remain confident that we will be able to meet our operational and financial targets for the year”.

Hexagon Purus Q1 2024 consolidated financials

In the first quarter of 2024, Hexagon Purus (“the Company” or “the Group”) generated all-time high quarterly revenue of NOK 407 million, up 67% from the corresponding period in 2023. Hydrogen infrastructure and hydrogen mobility solutions were the main drivers of growth year-over-year, combined with continued positive momentum within aerospace applications.

Total assets at the end of the first quarter of 2024 amounted to NOK 4,832 (3,935) 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 capacity expansion program, combined with an increase in working capital to cater for a higher activity level. Trade receivables increased to NOK 359 (226) million in the first quarter of 2024 and inventory stood at NOK 577 (403) million. The Company’s working capital position reflects the Company’s sustained growth track-record, which is expected to continue in 2024.