Hexagon Purus ASA Reports Q3 2025 Financial Highlights
Hexagon Purus ASA's Financial Insights for Q3 2025
In the third quarter of 2025, Hexagon Purus ASA faced notable challenges, reporting revenue of NOK 252 million, which reflects a 54% decrease from the same time last year. However, it's vital to highlight that this figure marks the highest quarterly revenue for the company in the current year.
Company Performance Overview
The quarter concluded with an order backlog comprising firm purchase orders amounting to approximately NOK 1.0 billion. CEO Morten Holum addressed the revenue shortfall, attributing it to customer timing shifts and workforce adjustments. He noted the positive trend in hydrogen distribution activity during this period, contributing to overall sequential growth.
As for the earnings before interest, taxes, depreciation, and amortization (EBITDA), the company recorded NOK -116 million compared to NOK -51 million in the previous year's equivalent quarter. This decline included NOK 31 million attributed to restructuring costs related to staff reductions made earlier in the year.
Revenue Breakdown and Challenges
Across its business segments, Hexagon Purus exhibited varied performance. The hydrogen mobility and infrastructure division generated NOK 233 million, marking a 55% decline year-over-year, yet presented a 42% increase from the previous quarter. This fluctuation predominantly results from diminished activity within the hydrogen infrastructure and heavy-duty mobility applications, although demand remains robust for hydrogen transit buses and aerospace applications.
Operational Financials at a Glance
Total operating expenses reached NOK 368 million, significantly reduced from NOK 595 million the year before, which indicates the company’s efforts to streamline operations. Despite these efforts, the EBITDA margin was marked at -46%, reflecting ongoing restructuring efforts.
Current Assets and Liabilities
At the close of the quarter, Hexagon Purus reported total assets amounting to NOK 3,988 million. Meanwhile, inventory totaled NOK 758 million, primarily consisting of raw materials essential for ongoing operations. It's worth noting that total equity diminished to NOK 1,054 million, representing an equity ratio of 26%, as non-current liabilities saw an uptick, driven by added interest on convertible bonds.
Cash Flow Insights
Cash flow from operating activities amounted to NOK -115 million, remaining stable compared to earlier periods. An increase in working capital, influenced by higher inventory levels as the company prepared for anticipated growth in the following quarter, was observed. Despite negative cash flows from investing and financing activities, total cash and cash equivalents closed at NOK 360 million, reflecting a stable liquidity position overall.
Hydrogen Mobility Outlook
With resilience, the company plans to leverage its strong order backlog to enhance performance in the next quarter. The streamlined cost structure is projected to yield further financial improvements. Hexagon Purus is confident that upcoming projects will reaffirm its market position as demand grows in the hydrogen sector.
Future Expectations and Strategy
Hexagon Purus is focused on stabilizing performance while adjusting operations to match market expectations. The anticipated growth hinges on strategic portfolio reviews, aiming to nurture necessary liquidity. Ongoing discussions for contracts in 2026 are progressing well, showcasing a positive outlook for new business opportunities.
In conclusion, while the market has presented challenges this year, the restructuring and adjustments made are now starting to bear fruit. The company remains optimistic and dedicated to achieving a balanced operational outcome as it approaches cash break-even.
Frequently Asked Questions
What was Hexagon Purus ASA's revenue in Q3 2025?
Hexagon Purus ASA reported a revenue of NOK 252 million in the third quarter of 2025.
How did the company's EBITDA perform in Q3 2025?
The company's EBITDA in Q3 2025 was NOK -116 million, reflecting the impact of restructuring costs.
What challenges did Hexagon Purus face in 2025?
The company experienced lower activity in hydrogen infrastructure and heavy-duty mobility, impacting revenue growth.
What is the order backlog for Hexagon Purus ASA?
The order backlog consisted of firm purchase orders totaling approximately NOK 1.0 billion at the end of Q3 2025.
What are the future prospects for Hexagon Purus ASA?
Hexagon Purus ASA aims to maintain operational stability and improve financial performance moving forward, guided by a strong order backlog.
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