Hexagon Purus ASA: Results for the third quarter 2022

Nov 01, 2022 - Stock Exchange Release

Hexagon Purus delivered robust year-over-year revenue growth in Q3 2022 coupled with continued strong commercial momentum in hydrogen distribution applications.

Q3 2022 highlights:

  • Revenue grew 115 % year over year to NOK 222 million, including NOK 143 million contribution from Wystrach driven by strong demand in hydrogen distribution applications
  • Received purchase orders worth NOK 290 million for hydrogen distribution systems from multiple customers to be deployed in Europe including Germany, Poland and Netherlands
  • Exited the quarter with total backlog exceeding NOK 1 billion
  • Successfully closed the acquisition of 40% of Cryoshelter’s liquid hydrogen business bringing early-stage expertise in liquid hydrogen tank technology for zero emission mobility applications which could potentially result in a future complementary offering to Hexagon Purus’s market leading compressed hydrogen cylinder technology

In the third quarter of 2022, Hexagon Purus Group (“the Company”) generated NOK 222 (103) million in revenue and recorded operating profit before depreciation (EBITDA) of NOK -92 (-80) million. Revenue growth of 115 % was driven by the acquisition of Wystrach which contributed NOK 143 million in sales.

Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus’ future growth drive negative profitability. Additionally, the Group has been subject to inflationary pressure in the cost of its key inputs which is being addressed through offsetting pricing actions as well as cost reduction efforts.

Key developments after balance sheet date:

  • Secured a framework agreement for delivery of hydrogen distribution systems to a leading European producer of green hydrogen; the minimum value of the framework agreement is approximately EUR 9.7 million

  • Selected by CaetanoBus as preferred supplier of high-pressure hydrogen fuel systems for serially produced fuel cell transit buses, the estimated potential value over the lifetime of the frame agreement is approximately EUR 35 million

Presentation of the results:

Hexagon Purus will present the Q3 2022 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

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, 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