GlobeNewswire by notified

Hexagon Purus ASA: Results for the first quarter 2024


Selected key developments in Q1 2024:

  • All-time high quarterly revenue of NOK 407 million in the first quarter of 2024, up 67% from the first quarter of 2023;
  • EBITDA of NOK -97 million in the first quarter of 2024. This corresponds to an EBITDA margin of -24%, up from -46% in the first quarter of 2023;
  • Issued convertible bond of approximately NOK 1,000 million following approval by an Extraordinary General Meeting (EGM) on 11 January 2024. Bond issue supported by Mitsui & Co., Ltd., Hy24 and Hexagon Composites;
  • Construction of all new production facilities completed and extensive ramp-up activities across the new manufacturing footprint is ongoing;
  • Segment financial reporting introduced from the first quarter of 2024;
  • Exited the quarter with order backlog consisting of firm purchase orders of approximately NOK 1.2 billion, providing solid line-of-sight to full-year revenue ambitions.

“We have just reported a record quarter for Hexagon Purus, keeping us well on track to meet our targets for 2024. At the same time, we continue our extensive ramp-up activities across the new manufacturing sites to deliver on customer commitments and to maximize capacity utilization”, says Morten Holum, CEO of Hexagon Purus. “We remain laser focused on driving profitability through volume growth whilst being disciplined with capital spending. With a good first quarter delivered, I remain confident that we will be able to meet our operational and financial targets for the year”.

Hexagon Purus Q1 2024 consolidated financials

In the first quarter of 2024, Hexagon Purus (“the Company” or “the Group”) generated all-time high quarterly revenue of NOK 407 million, up 67% from the corresponding period in 2023. Hydrogen infrastructure and hydrogen mobility solutions were the main drivers of growth year-over-year, combined with continued positive momentum within aerospace applications.

Total assets at the end of the first quarter of 2024 amounted to NOK 4,832 (3,935) 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 capacity expansion program, combined with an increase in working capital to cater for a higher activity level. Trade receivables increased to NOK 359 (226) million in the first quarter of 2024 and inventory stood at NOK 577 (403) million. The Company’s working capital position reflects the Company’s sustained growth track-record, which is expected to continue in 2024.

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 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.

Historical financials for BVI are made available on together with Q1 2024 report and presentation.


With the completion of the Company’s capacity expansion program this year, significant revenue capacity is added and will serve as a key enabler for the Company to reach its short- to medium-term targets.

Hydrogen infrastructure solutions will be a key growth driver for 2024. The new hydrogen infrastructure and systems manufacturing hub that Hexagon Purus recently opened in Weeze, Germany will more than double (at run-rate) the Company’s production capacity for hydrogen distribution modules and will help meet the growing demand expected for hydrogen infrastructure solutions. Close to 90% of this year’s production capacity for hydrogen distribution modules has either already been sold to customers or are in the final stages of being sold.

Simultaneously, the new state-of-the-art hydrogen cylinder production facility in Kassel will boost production of hydrogen cylinders used for both hydrogen infrastructure and hydrogen mobility solutions. Growth from hydrogen storage solutions for transit bus and heavy-duty vehicles is another key growth driver for 2024.

The Company’s order backlog, consisting of firm customer purchase orders, stood at approximately NOK 1.2 billion as of the first quarter of 2024, with the vast majority for execution in 2024. The order backlog for execution in 2024 is expected to continue to grow as 2024 progresses, mainly driven by call-offs from already secured long-term agreements with the likes of Air Liquide, Linde, Lhyfe, Solaris, Nikola, Hino and Daimler. The Company continues to focus on improving profitability, combined with prudent and restrictive capital deployment.

For the full-year 2024, the Company is expecting revenue growth of at least 50% year-over-year, as well as significant year-over-year improvement in the Group’s EBITDA margin.

Presentation of the results

Hexagon Purus will present the Q1 2024 results at 08:30 CEST on Friday 3 May and the presentation will be broadcast live via   

The presentation will be held in English and will be virtual. Recording of the presentation will be made available on

For more information:

Mathias Meidell, IR Director, Hexagon Purus ASA
Telephone: +47 909 82 242 |

Salman Alam, CFO, Hexagon Purus ASA
Telephone: +47 476 12 713 |

About Hexagon Purus ASA

Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.

Learn more at and follow @HexagonPurus on Twitter and LinkedIn.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Iveco Group signs a 150 million euro term loan facility with Cassa Depositi e Prestiti to support investments in research, development and innovation11.6.2024 12:00:00 CEST | Press release

Turin, 11th June 2024. Iveco Group N.V. (EXM: IVG), a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain and related Financial Services arenas, has successfully signed a term loan facility of 150 million euros with Cassa Depositi e Prestiti (CDP), for the creation of new projects in Italy dedicated to research, development and innovation. In detail, through the resources made available by CDP, Iveco Group will develop innovative technologies and architectures in the field of electric propulsion and further develop solutions for autonomous driving, digitalisation and vehicle connectivity aimed at increasing efficiency, safety, driving comfort and productivity. The financed investments, which will have a 5-year amortising profile, will be made by Iveco Group in Italy by the end of 2025. Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a

DSV, 1115 - SHARE BUYBACK IN DSV A/S11.6.2024 11:22:17 CEST | Press release

Company Announcement No. 1115 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Trading dayNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-25478,1001,023.01489,100,86026:3 June 20247,0001,050.597,354,13027:4 June 20245,0001,055.705,278,50028:6 June20243,0001,096.273,288,81029:7 June 20244,0001,106.174,424,68

Landsbankinn hf.: Offering of covered bonds11.6.2024 11:16:36 CEST | Press release

Landsbankinn will offer covered bonds for sale via auction held on Thursday 13 June at 15:00. An inflation-linked series, LBANK CBI 30, will be offered for sale. In connection with the auction, a covered bond exchange offering will take place, where holders of the inflation-linked series LBANK CBI 24 can sell the covered bonds in the series against covered bonds bought in the above-mentioned auction. The clean price of the bonds is predefined at 99,594. Expected settlement date is 20 June 2024. Covered bonds issued by Landsbankinn are rated A+ with stable outlook by S&P Global Ratings. Landsbankinn Capital Markets will manage the auction. For further information, please call +354 410 7330 or email

Relay42 unlocks customer intelligence with a new insights and reporting module, powered by Amazon QuickSight11.6.2024 11:00:00 CEST | Press release

AMSTERDAM, June 11, 2024 (GLOBE NEWSWIRE) -- Relay42, a leading European Customer Data Platform (CDP), is leveraging Amazon QuickSight to power its new real-time customer intelligence, reporting, and dashboard module. Harnessing the breadth and quality of customer data, the new Insights module empowers marketing teams to dive deep into customer behaviors and gain invaluable insights into the performance of their marketing programs across all online, offline, paid, and owned marketing channels. Preview of the Relay42 Insights module, in pre-beta version Key capabilities of the Relay42 Insights module include: Deep insights into customer behaviors: With the Relay42 Insights module, marketers can ask unlimited questions about their data and gain a deeper understanding of how to serve their customers more effectively. Simplicity with AI-powered querying: Marketers can use artificial intelligence to query their data using natural language search, reducing the reliance on data scientists. Us

Metasphere Labs Announces X Spaces Event on the Topic of Green Bitcoin Mining and Sound Money for Sustainability11.6.2024 10:30:00 CEST | Press release

VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is thrilled to announce an engaging Twitter Spaces event on Green Bitcoin mining, energy markets, and sustainability on July 3, 2024 at 2 p.m. ET. Follow us on X at MetasphereLabs for updates and to join the event. What We'll Discuss Bitcoin Mining Basics: Understand the fundamentals of Bitcoin mining.Energy Market Dynamics: Explore how Bitcoin mining interacts with energy markets.Sustainable Innovations: Learn about our efforts to promote sustainability in Bitcoin mining.Sound Money: Discover how tamper-proof currency can enhance stability.Efficient Payment Rails: See how fast, neutral payment systems support humanitarian projects.Carbon Footprint: Compare Bitcoin's environmental impact with traditional banking. "We're excited to host this event and dive into the critical topics of Bitcoin

HiddenA line styled icon from Orion Icon Library.Eye