Hexagon Purus ASA: Results for the fourth quarter 2021

Feb 15, 2022 - Stock Exchange Release

Hexagon Purus delivered strong year-over-year revenue growth in Q4 2021 and successfully completed the transformative acquisition of Wystrach GmbH ("Wystrach").

Q4 2021 highlights:

  • Revenue grew 690% year over year to NOK 259 million, including strong contribution from Wystrach. Revenue excluding Wystrach on a pro forma basis was NOK 130 million, representing organic year over year growth of approximately 4x
  • Successfully completed the acquisition of Wystrach, a leading European systems and solutions provider for storage and transport of compressed gases with strong exposure to hydrogen applications. Wystrach revenue during November and December was NOK 142 million with EBITDA of NOK 17 million (12% margin)
  • Robust hydrogen distribution and transit bus trends continue
  • Signed an exclusive long-term supply agreement with a leading European bus OEM for hydrogen storage systems with an estimated sales value of EUR 30 million for deliveries between 2021 and 2024

In the fourth quarter of 2021, Hexagon Purus Group generated NOK 259 (33) million in revenue and recorded operating profit before depreciation (EBITDA) of NOK -54m (-52) million. Revenue growth of 690% was driven primarily by continued strength in hydrogen distribution as well as the acquisition of Wystrach which contributed NOK 142 million in sales and NOK 17 million in EBITDA.

Reported revenue for the twelve months of 2021 grew 182% to NOK 508 million (180) million driven by increased distribution and transit bus business as well as Wystrach contribution, while EBITDA was NOK -265 (-141) million.

Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus' future growth drive negative profitability.

Key developments after balance sheet date:

  • Signed a long-term binding letter of intent (LOI) with Hino Motors Manufacturing U.S. Inc. Hexagon Purus will provide battery packs for multiple Hino truck platforms with serial production planned from 2024. The total sales value over the life of the agreement is estimated at USD 1 billion
  • Nominated by leading and long-standing commercial truck OEM to provide battery packs for serial production of battery electric heavy-duty vehicles between 2024 and 2027, with an option to extend until 2029. The total sales value for the initial period from 2024-2027 is estimated at approximately USD 800 million, increasing to approximately USD 1.2 billion if the extension option is exercised
  • Received orders worth EUR 7.2 million approximately for hydrogen distribution systems from various customers
  • Selected to work together with BMW, Robert Bosch and TesTnet Engineering to develop an innovative hydrogen storage system solution for future fuel cell passenger cars
  • Received first orders for Type 4 high pressure hydrogen cylinders from Reliance Industries Limited (“Reliance”), India’s largest private sector company. The hydrogen cylinders will be used as prototypes in pilot projects for power solutions and represents Hexagon Purus’ first ever orders for hydrogen applications in India

Presentation of the results:

Morten Holum (CEO) and Dilip Warrier (CFO) will present the results at 08:30 CET and the presentation will be broadcasted live via https://hexagonpurus.kg5.no/.

The presentation will be held in English. A recording of the presentation will be made available on www.hexagonpurus.com after the presentation.

For more information:

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

Dilip Warrier, CFO, Hexagon Purus ASA
Telephone: +1 949-236-5528 | dilip.warrier@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