Hexagon Purus AS: Results for the fourth quarter 2020

Hexagon Purus

16 February 2021

Stock Exchange Release

In the fourth quarter of 2020, Hexagon Purus’ (“the Company”) e-mobility business generated NOK 33 (73) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK -52 (-38) million. Revenues included deliveries to and/or milestone payments from five heavy-duty OEM/tier 1 customers and two aerospace customers. Approximately NOK 10 million of revenue expected in the fourth quarter of 2020 was pushed into the first quarter of 2021, mainly due to temporary supply chain delays.

Reported Hexagon Purus e-mobility revenue for the year 2020 decreased by 15% to NOK 180 million compared with NOK 211 million and reported EBITDA was NOK -141 (-143) million. The decrease in revenue for the quarter and year was primarily due to the completion of a heavy-duty BEV truck demonstration program started in 2019, partially offset by contribution from new heavy duty OEM projects and a new aerospace program. Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus’ development drive negative profitability.

Key developments in the quarter

-Hexagon Purus was successfully spun off by Hexagon Composites, with existing Hexagon Composites
shareholders receiving 15% of the Company’s shares in the form of a dividend-in-kind

-In conjunction with the spin off, Hexagon Purus’ intercompany debt owed to various Hexagon Composites
entities was restructured such that Hexagon Composites ASA became the sole creditor for the total debt
outstanding. Subsequently NOK 1 340 million of the debt was converted into equity by Hexagon Composites

-The Company successfully completed a private placement in December 2020 resulting in gross proceeds of
approximately NOK 750 million to the Company; Hexagon Composites retains a majority ownership position in the Company

-Hexagon Purus’ shares were admitted to trading on Euronext Growth Oslo under the ticker HPUR

-The Company entered a multi-year master frame agreement with Everfuel to deliver multiple units of newly
designed 45-foot hydrogen distribution systems. At signing, Everfuel ordered its first six distribution units under
the agreement which has an estimated total value of EUR 14 million

-Hexagon Purus was awarded a contract by Hino Trucks, a Toyota Motors Company, to provide battery packs and
drivetrain integration for three trucks as part of Hino’s “Project Z” Battery Electric Vehicle (BEV) program

– The Company signed a contract with Stadler Rail to develop and supply a hydrogen cylinder storage system for
the first hydrogen commuter train in the U.S.

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. The presentation will be held in English.

Link to webcast: https://hexagonpurus.kg5.no/.

A recording of the presentation will be made available on www.hexagonpurus.com after the presentation.


Salman Alam, Vice President Corporate Development, Hexagon Purus
Telephone: +476 12 713 | salman.alam@hexagonpurus.com

Dilip Warrier, CFO, Hexagon Purus
Telephone: +1 (949) 236-5528 | dilip.warrier@hexagonpurus.com