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Edge20 Feb 2026
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Hexagon Purus
Hexagon Purus (HPUR) investor relations material
Hexagon Purus Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
2025 experienced a 39% revenue decline to NOK 1,144 million due to market, regulatory, and geopolitical uncertainty, despite a strong Q4 rebound with 18% year-over-year growth to NOK 468 million, driven by transit bus, hydrogen distribution, and aerospace.
Broad cost restructuring included a workforce reduction of over one-third, operational adjustments, and a comprehensive business portfolio review focused on customer diversification.
The company divested its U.S. aerospace business to SpaceX for up to USD 15 million, strengthening liquidity and focusing on core priorities.
The BVI segment underwent major cost reductions, received new truck orders, and targeted near cash-neutral operations through mid-2026.
Order backlog at year-end was approximately NOK 728 million, providing visibility for H1 2026.
Financial highlights
Q4 2025 revenue was NOK 468 million, up 18% year-over-year and 85% sequentially, mainly from hydrogen transit bus and aerospace activity.
Full-year 2025 revenue was NOK 1,144 million, a 39% decline from 2024, mainly due to softness in hydrogen infrastructure.
Q4 EBITDA was NOK -99 million, including NOK 76 million of items affecting comparability such as inventory write-downs and restructuring costs.
Net loss for Q4 2025 was NOK -508 million; full-year net loss was NOK -1,529 million.
Payroll expenses in Q4 were NOK 135 million, down 21% year-over-year due to workforce reductions.
Outlook and guidance
Entering 2026 with a strong order book for Q1 and decent visibility for Q2, but limited visibility for the second half due to market volatility and regulatory uncertainty.
Modest volume expected in hydrogen distribution for 2026, with potential for improvement over 2025.
Transit bus market remains strong, but lower volume is expected in 2026 due to customer capacity constraints.
BVI segment to operate at near cash-neutral levels through mid-2026, with limited near-term order visibility.
Main priorities for 2026 include increasing the order book, balancing costs with revenue outlook, and maintaining sufficient liquidity.
BVI segment's long-term capital efficiency
Liquidity runway extension post-divestment
HMI segment's 2026 revenue growth drivers
What BVI volume needed for breakeven?
Quantify liquidity boost from aerospace sale
What is the expected 2026 cash outflow for China JV?
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Next Hexagon Purus earnings date
Q1 202612 May, 2026
Hexagon Purus
Next Hexagon Purus earnings date
Q1 202612 May, 2026
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Frequently asked questions
Hexagon Purus Holding AS, through its subsidiary, Hexagon Composites ASA, provides hydrogen type 4 high-pressure cylinders, vehicle systems, and battery packs for fuel cell electric and battery electric vehicles in Europe, the Americas, and Asia. The company's hydrogen solutions comprise high-pressure composite storage tanks and system solutions; type 4 all-composite cylinders that provide pressurized storage of hydrogen gas for FCEVs on a tank-to-wheel basis; gas pressure regulators and dispensing equipment to enable safe transfer of compressed natural gas into a vehicles fuel tank for use in transport and industrial applications; H2 Cylinder XC4700 all composite type 4 cylinder for use in the FCEV industry. Hexagon Purus Holding AS operates as a subsidiary of Hexagon Composites ASA.
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