Hexagon Purus ASA: Results for the first quarter 2023

May 09, 2023 - Stock Exchange Release

Q1 2023 summary highlights:

  • Revenue grew 53% year-over-year to NOK 244 million, driven by strong demand in hydrogen infrastructure applications.
  • Signed an exclusive distribution agreement with Hino Trucks for supply of battery electric heavy-duty trucks in the US with a potential total value of approximately USD 2.0 billion.
  • Exited the quarter with total backlog of approximately NOK 1.2 billion.
  • Raised gross proceeds of approximately NOK 1,300 million through a combination of issuance of new shares worth NOK 500 million and the issuance of a convertible bond of NOK 800 million, with Mitsui & Co. Ltd. (“Mitsui”) acting as an anchor investor in the convertible bond subscribing for NOK 500 million.
  • Successfully transferred from Euronext Growth Oslo to the main list of the Oslo Stock Exchange.

In the first quarter of 2023, Hexagon Purus (“the Company” or “Purus” or “the Group”) generated NOK 244 million in revenue, up 53% year-over-year from NOK 159 million in the first quarter of 2022. Hexagon Purus continues to experience strong demand for its hydrogen infrastructure solutions, and the year-over-year growth is mainly driven by increased sales of hydrogen distribution modules and mobile hydrogen refueling systems for industrial and mobility purposes. Total operating expenses in the first quarter of 2023 ended at NOK 356 (252) million, which led to an operating profit before depreciation (EBITDA) of NOK -112 (-93) million.

Total assets at the end of the first quarter of 2023 amounted to NOK 3 935 (2 526) million. The year-over-year increase in total assets is mainly driven by increases to property, plant and equipment and right-of-use assets due to the Company’s ongoing capacity expansion programs, combined with an increase in cash and short-term deposits. Increases in equity and non-current liabilities as a result of the NOK 500 million (gross) equity and NOK 800 million (gross) convertible bond private placements in March were the main drivers of the increase in total equity and liabilities. The weakened NOK during the first quarter of 2023 also had an impact on balance sheet positions in the Company's subsidiaries that is recognized in EUR and USD. At quarter-end, the Company’s equity ratio was 60% (74%).

Net cash flow from operating activities in the first quarter of 2023 was NOK -119 (-73) million, of which NOK 18 (58) million was build-up of net working capital. Net cash flow from investing was NOK -106 (-63) million in the first quarter of 2023, of which NOK 95 million primarily related to investments in equipment and buildings for the ongoing capacity expansion programs. Net cash flow from financing in the first quarter of 2023 was NOK 1,244 million, mainly driven by the issuance of NOK 500 million (gross) in new equity and NOK 800 million (gross) in convertible bonds in the quarter. Net change in cash and cash equivalents in the first quarter of 2023 was NOK 1,019 (438) million and cash and cash equivalents ended at NOK 1,366 (890) million. Liquidity was deemed satisfactory at the end of the first quarter of 2023.

"It has been an exciting quarter with several large commercial and strategic successes, which are all additive to the future prospects of Hexagon Purus. While continuing to grow the business, we have also secured a deepened strategic partnership with Mitsui & Co, as well landmark agreements with both Hino and Panasonic, says Morten Holum, CEO of Hexagon Purus. “With another strong quarter behind us, we are confident in our ability to deliver on our short- and long-term ambitions”.


Hexagon Purus’ customer interactions are positively influenced by the strong legislative backdrop, and customer demand for the Company’s products and services is expected to further accelerate going forward. Hexagon Purus has been successful in securing several long-term agreements recently, which gives the Company confidence in its medium to long-term targets. The short-term revenue guidance is supported by a buoyant order backlog of approximately NOK 1.2 billion. For the full-year 2023, the Company expects revenue to grow by at least 50% year-over-year.

With several growth initiatives underway, including building production capacity and organizational capabilities to support customer launch activities and expected market demand in the coming years in North America, Europe and Asia, Hexagon Purus is in the investment phase of its development. Such investments are expected to impact profitability over the near-to-medium term. The relative EBITDA margin is expected to significantly improve year-over-year, but EBITDA will continue to be impacted by ramp-up of the organization and production facilities. Negative EBITDA for full-year 2023 is expected to widen by approximately 10% compared to full-year 2022.

Presentation of the results:

Hexagon Purus will present the Q1 2023 results at 08:30 CET and the presentation will be broadcasted live via https://hexagonpurus.kg5.no/.

The presentation will be held in English and 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, a Hexagon Composites company, is a world leading provider of hydrogen type 4 high-pressure cylinders, battery packs and vehicle systems integration for fuel cell electric and battery electric vehicles. Hexagon Purus enables zero emission solutions for light, medium and heavy-duty vehicles, buses, ground storage, distribution, maritime, rail and aerospace applications.

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