Hexagon Purus ASA

Results for the third quarter 2023

Selected key developments in Q3 2023 and after balance sheet date:

• All-time high quarterly revenue of NOK 380 million in the third quarter of 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%).