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Hexagon Purus ASA: Results for the first quarter 2024

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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 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.

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

Outlook

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 https://hexagonpurus.kg5.no/.   

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

For more information:

Mathias Meidell, IR Director, Hexagon Purus ASA
Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com

Salman Alam, CFO, Hexagon Purus ASA
Telephone: +47 476 12 713 | salman.alam@hexagonpurus.com

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 www.hexagonpurus.com 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

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