Hexagon Purus ASA's Financial Performance in Q2 2025
In the second quarter of 2025, Hexagon Purus ASA achieved quarterly revenue of NOK 193 million. This marks a significant decline of 63% compared to the same quarter last year. The downturn can be attributed to a decrease in activities related to hydrogen infrastructure and heavy-duty hydrogen mobility. Despite these challenges, there was notable interest in the market, highlighted by a solid order backlog amounting to nearly NOK 1.1 billion.
Insights from the CEO
Morten Holum, CEO of Hexagon Purus, acknowledged the difficulties faced in Q2 but also pointed out the positive aspects, such as a surge in order intake. "While revenue has dipped, we expect activities to ramp up in the latter half of 2025. To adapt, we are increasing our annual cost reduction target significantly to reach up to NOK 350 million. This will support profitability even as we operate at lower volumes," Holum stated.
Quarterly Financial Breakdown
In Q2 2025, Hexagon Purus recorded an EBITDA of NOK -161 million, a decline from NOK -97 million in the prior year’s quarter. The total operating expenses for this period amounted to NOK 355 million, down from NOK 625 million a year earlier. The steep drop in operating performance is primarily linked to reduced activity levels in key segments.
Sector Performance: Hydrogen Mobility and Infrastructure
The Hydrogen Mobility and Infrastructure (HMI) segment reported revenue of NOK 164 million. This is a 69% drop compared to the previous year's figures, mainly due to decreased demand in hydrogen infrastructure and mobility. The EBITDA for this segment also contracted to NOK -76 million, resulting in an EBITDA margin of -47%, significantly down from 3% last year.
Battery Systems and Vehicle Integration Revenue
Another important area, the Battery Systems and Vehicle Integration (BVI) segment, achieved revenue of NOK 25 million, up from NOK 2 million in the same period last year. This rise was fueled by vehicle deliveries to Hino Trucks and battery system sales to Toyota Motors North America.
Strategies Moving Forward
Looking ahead, Hexagon Purus is poised to enhance its operational efficiency and financial stability. The management remains optimistic about the potential growth in the second half of 2025, citing a notable order backlog that is expected to drive revenues up. The strategy includes controlling costs and focusing on profitability, especially as market conditions improve.
Company Outlook and Investments
The future outlook appears promising, especially in the areas of hydrogen transit buses in Europe and aerospace. The operational strategy emphasizes cost reductions and portfolio reviews. As Hexagon Purus anticipates increased operational activities, capital expenditures are expected to decline, further supporting cash flow management.
Contact Information and Company Background
For further inquiries regarding Q2 2025 results, Mathias Meidell, the IR Director, can be reached at +47 909 82 242 or via email. Additionally, Salman Alam, the CFO, can provide insights at +47 476 12 713.
Hexagon Purus is at the forefront of enabling sustainable mobility through its cutting-edge hydrogen and battery technologies. The firm focuses on innovations for fuel cell electric and battery electric vehicles across numerous applications, including transportation, aerospace, and beyond. Their commitment to a cleaner energy future propels them to continuously enhance their capabilities and market offerings.
Frequently Asked Questions
What were the key financial highlights for Hexagon Purus in Q2 2025?
Hexagon Purus reported a revenue of NOK 193 million, down 63% year-over-year, with an EBITDA of NOK -161 million. The main challenge was reduced activity in hydrogen infrastructure.
How did the different segments perform in Q2 2025?
The Hydrogen Mobility and Infrastructure segment saw a 69% decrease in revenue, while the Battery Systems and Vehicle Integration segment reported increased revenue due to new deliveries.
What strategies is Hexagon Purus implementing for future growth?
Hexagon Purus is increasing its cost-reduction targets and focusing on optimizing its operations, aiming for greater profitability as market conditions improve.
Who can I contact for more information about Hexagon Purus?
For inquiries, you can reach Mathias Meidell, IR Director, or Salman Alam, CFO, at the provided contact numbers for each.
What is Hexagon Purus’s goal regarding sustainability?
Hexagon Purus aims to enable zero-emission mobility and lead in hydrogen and battery technologies, contributing to a cleaner energy future.
