Results for the second quarter 2024

Key developments in Q2 2024:

• All-time high quarterly revenue of NOK 528 million in the second quarter of 2024, up 60% from the second quarter of 2023. YTD revenue as per the second quarter of 2024 stood at NOK 935 million, up 63% compared to the same period in 2023;
• EBITDA was NOK -97 million in the second quarter of 2024, compared to NOK -89 million in the same period last year. This corresponds to an EBITDA margin of -18% in the second quarter of 2024, up from -27% in the second quarter of 2023. YTD as per the second quarter of 2024, the EBITDA margin is -21%, up from -35% in the same period last year;
• The Hydrogen Mobility & Infrastructure (HMI) segment turned EBITDA positive during the second quarter, delivering EBITDA of NOK 17 million, equal to an EBITDA margin of 3%. This has also brought the year-to-date EBITDA into positive territory for the HMI segment;
• Launched the Tern RC8, a zero-emission truck to be delivered under the long-term agreement between Hexagon Purus and Hino Trucks for complete battery electric vehicles, to be distributed through Hino’s dealer network in the U.S;
• Announced serial production partnership with Toyota North America for supply of hydrogen storage systems and battery systems for Toyota’s fuel cell electric powertrain kit for commercial vehicles for the North American market;
• Exited the quarter with order backlog consisting of firm purchase orders of approximately NOK 1.0 billion, providing solid line-of-sight to full-year revenue target.

“We have just reported yet another record quarter for Hexagon Purus, adding to an already strong start to the year and keeping us well on track to deliver on our targets. We continue to expect that full-year 2024 will be a year of significant revenue growth and a large step in the right direction towards EBITDA breakeven in 2025.”, says Morten Holum, CEO of Hexagon Purus. “It is very encouraging to see that our hydrogen business in Europe and North America is already EBITDA positive for the first half of 2024, and we expect performance to further improve towards year-end as volume and scale increase”.

Hexagon Purus Q2 2024 consolidated financials

In the second quarter of 2024, Hexagon Purus (“the Company” or “the Group”) generated all-time high quarterly revenue of NOK 528 million, up 60% from the corresponding period in 2023. Hydrogen infrastructure and hydrogen mobility solutions were the main drivers of growth year-over-year. Year-to-date as of the second quarter of 2024, accumulated revenue stood at NOK 935 million, up 63% compared to the same period in 2023.