Hexagon Purus ASA

Results for the first quarter 2024 - Seite 2

Net cash flow from operating activities in the first quarter of 2024 was NOK -211 (-119) million, of which NOK -109 (-18) million was due to an increase in net working capital, driven by an increase in inventory and trade receivables.

Net cash flow from investing activities was NOK -132 (-106) million in the first quarter of 2024, of which NOK -130 million relates to investments in production equipment and facilities related to the Company’s capacity expansion program. Net cash flow from financing in the first quarter of 2024 was NOK 985 (1,244) million. The positive inflow from financing in the quarter was owed to the issuance of the NOK 1,000 million convertible bond (2024/2029).

Cash and cash equivalents stood at NOK 965 (1,366) million at the end of the first quarter of 2024.

Hydrogen Mobility and Infrastructure (HMI)

Revenue for the HMI segment in the first quarter of 2024 totaled NOK 388 million, up 66% year-over-year. 54% (65%) of the HMI segment revenue in the first quarter of 2024 stemmed from hydrogen infrastructure solutions, which grew 38% year-over-year. Hydrogen mobility, which covers revenue from the sale of type 4 hydrogen cylinders and cylinder systems for hydrogen-propelled on-road and off-road vehicles, made up 26% (14%) of HMI segment revenue in the first quarter of 2024, and saw year-over-year growth of 213%.

EBITDA for the HMI segment in the first quarter of 2024 ended at NOK -16 (-35) million, equivalent to an EBITDA margin of -4% (-15%). As more customer deliveries with solid gross margins come online, scale and fixed cost absorption increases, leading to improved profitability.

Historical financials for HMI are made available on www.hexagonpurus.com together with Q1 2024 report and presentation.

Battery Systems and Vehicle Integration (BVI)

Revenue for the BVI segment in the first quarter of 2024 totaled NOK 19 (20) million. The vast majority of this revenue relates to an extraordinary payment from an OEM customer for design and engineering services related to an ongoing program. No corresponding costs were booked related to this payment in the quarter. BVI segment EBITDA ended at -25 (-32) million in the first quarter of 2024.

Any significant revenue recognition related to the two major agreements signed for complete vehicle integration of battery electric utility and heavy-duty vehicles with Hino Trucks and Daimler Trucks North America is not expected until the fourth quarter of 2024.