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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.
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Q3 2025 earnings summary21 Oct, 2025

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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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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