Hexagon Purus ASA: Results for the third quarter 2025

Key developments in Q3 2025 and after balance sheet date:

•      Revenue of NOK 252 million in the third quarter of 2025, 54% lower compared to same period last year, but representing the highest quarterly revenue achieved so far in 2025;
•      EBITDA of NOK -116 million in the third quarter of 2025, compared to NOK -51 million in the same period last year. EBITDA in the third quarter of 2025 includes NOK 31 million of restructuring costs related to the personnel reductions announced in July;
•      Exited the quarter with order backlog consisting of firm purchase orders of approximately NOK 1.0 billion. 

“Revenue for the third quarter of NOK 252 million came in lower than we expected as a combination of customer-related timing shits and workforce adjustments. On the positive side, higher activity for hydrogen distribution contributed to strong sequential growth in the quarter”, says Morten Holum, CEO of Hexagon Purus. “The second round of workforce reductions in Germany was completed during the quarter and is expected to take full effect from 2026. Our overall ambition remains unchanged; the ongoing portfolio review, combined with cost-cutting initiatives, are aimed at maintaining sufficient liquidity to bridge the Company to EBITDA and cash break even”.

Hexagon Purus Q3 2025 consolidated financials
In the third quarter of 2025, Hexagon Purus (“the Company” or “the Group”) generated revenue of NOK 252 million, down 54% compared to the corresponding period in 2024, but an increase of 30% from the second quarter of 2025. The main reason for the revenue decline was significantly lower activity in the hydrogen infrastructure and hydrogen heavy-duty mobility applications, while demand in hydrogen transit bus and aerospace applications remained strong, consistent with earlier quarters in 2025.

Total operating expenses in the third quarter of 2025 ended at NOK 368 (595) million, leading to an operating profit before depreciation (EBITDA) of NOK -116 (-51) million, equivalent to an EBITDA margin of -46% (-9%).

Total assets at the end of the third quarter of 2025 amounted to NOK 3,988 (4,620) million. Inventory amounted to NOK 758 (678) million as of the end of the third quarter of 2025, and the majority of inventory consists of raw materials and work-in-progress. Trade receivables decreased sequentially by NOK 10 million in the third quarter of 2025 to NOK 234 (468) million.

Total equity was NOK 1,054 (1,739) million per the third quarter of 2025, equal to an equity ratio of 26% (38%). The increase in non-current liabilities to NOK 2,298 (2,057) million is mainly driven by non-cash interest added to the principal of the two outstanding convertible bonds, partly offset by a reduction in lease liabilities to NOK 492 (505) million. Total current liabilities stood at 636 (824) million at the end of the third quarter of 2025, of which trade payables made up NOK 179 (358) million.

Net cash flow from operating activities in the third quarter of 2025 was NOK -115 (-115) million. Working capital increased by NOK 26 million in the third quarter, primarily driven by higher inventory levels in preparation for increased activity in the fourth quarter and a reduction in contract liabilities. This was partly offset by a decrease in trade receivables and an increase in trade payables.

Net cash flow from investing activities was NOK -34 (-135) million in the third quarter of 2025, of which NOK 14 (128) million relates to investments in production equipment and facilities.

Net cash flow from financing in the third quarter of 2025 was NOK -15 (-25) million.

Cash and cash equivalents ended at NOK 360 (269) million as of the third quarter of 2025.

Hydrogen Mobility and Infrastructure (HMI)
Revenue for the HMI segment totaled NOK 233 million in the third quarter of 2025, a decrease of 55% compared to the same period last year, but an increase of 42% from the second quarter of 2025. The year-over-year decline in revenue is primarily owed to lower activity within hydrogen infrastructure and heavy-duty hydrogen mobility, which is partially offset by higher year-over-year revenue from aerospace applications.

EBITDA for the HMI segment amounted to NOK -47 million in the third quarter of 2025, corresponding to a margin of -20%, compared to NOK 11 million and a margin of 2% in the same period last year. Adjusted for restructuring costs and a one-off customer payment, EBITDA was NOK -28 million, equal to a margin of -12% in the third quarter of 2025.

Historical segment financials are made available on www.hexagonpurus.com together with Q3
2025 report and presentation.

Battery Systems and Vehicle Integration (BVI)
Revenue for the BVI segment in the third quarter of 2025 was NOK 13 (29) million. Revenue in the quarter was primarily comprised of vehicle deliveries to Hino and income from the sublease of part of the Company’s Dallas facility to Hino.

EBITDA for the BVI segment ended at NOK -30 (-21) million in the third quarter of 2025.

Historical segment financials are made available on www.hexagonpurus.com together with Q3
2025 report and presentation.

Outlook
The Company has put behind it a challenging first nine months of the year, marked by market softness and significant restructuring initiatives across several business units. The measures implemented during this period are now beginning to yield tangible results, and the organization is increasingly aligned with expected market demand for the coming years. Focus remains on maintaining stable operational performance and delivery following the organizational adjustments made earlier in the year.

In line with expectations and previous communication, third-quarter performance represented an improvement in revenue and operating results, driven by higher activity levels and the benefits of a leaner cost base. Based on the current order backlog, the fourth quarter is expected to deliver further improvement in financial performance.

The anticipated increase in revenue is expected to gradually release working capital, while capital expenditure will remain at a low level. Combined, these factors are expected to result in a lower cash burn going forward compared to the levels observed earlier in the year.

The Company has adjusted the cost base to match the demand outlook. Customer dialogues for 2026 orders are progressing well, and the strategic review of the business portfolio continues in parallel. The ambition remains unchanged; the ongoing portfolio review, combined with cost-cutting initiatives, are aimed at maintaining sufficient liquidity to bridge the Company to EBITDA and cash break-even.

Presentation of the results
Hexagon Purus will present the Q3 2025 results today, 21 October, at 08:30 CEST and the presentation will be broadcast live via https://hexagonpurus.vivida.live.

The presentation will be held in English and will be virtual. A 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 X and LinkedIn.

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

Attachments

• HPUR Q3 2025 Report
• HPUR Q3 2025 Presentation