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Hexagon Purus (HPUR) investor relations material
Hexagon Purus Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 revenue was NOK 252 million, down 54% year-over-year but the highest quarterly revenue in 2025, reflecting sequential growth and gradual operational improvement after restructuring and market challenges.
Cost reduction measures, including a 30% workforce reduction, are delivering intended effects, with improved underlying operating performance adjusted for restructuring costs.
EBITDA margin improved sequentially but remained negative, impacted by lower revenue and NOK 31 million in restructuring costs.
Strong order backlog at quarter-end, near NOK 1 billion, provides revenue visibility for the remainder of the year.
Strong momentum in European hydrogen transit bus and North American aerospace markets, while hydrogen infrastructure and heavy-duty mobility remain weak.
Financial highlights
Q3 2025 revenue: NOK 252 million, down 54% year-over-year but up 30% sequentially, with the highest quarter in 2025.
EBITDA: NOK -116 million, including NOK 31 million in restructuring costs; margin improved due to cost reductions and a one-off customer payment.
Net loss after tax: NOK -365 million for Q3 2025.
Cost of materials ratio improved to 47% from 56% last year, aided by product mix and a one-off customer payment.
Payroll expenses (adjusted) were NOK 156 million, 20% lower year-over-year; other OpEx down 35%.
Finance expense included a NOK 102 million non-cash impairment charge related to investments.
Outlook and guidance
Q4 2025 is expected to show further sequential improvement in revenue and EBITDA, supported by a strong order backlog and lower costs.
20–30% of Q4 order book likely to be pushed into Q1 2026 due to capacity constraints.
Full effect of NOK 350 million cost cuts to materialize in 2026.
Positive working capital release expected in Q1 2026 as inventory converts to cash.
Continued review of business portfolio and cost base to maintain liquidity and reach EBITDA and cash break-even.
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