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Hexagon Purus (HPUR) investor relations material
Hexagon Purus Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue declined 63% year-over-year to NOK 193 million, mainly due to weak hydrogen infrastructure and heavy-duty truck demand, as well as regulatory uncertainty in the US and Europe.
Strong order intake in recent months improved demand visibility for H2 2025, with the order backlog reaching approximately NOK 1.1 billion, the highest since 2023.
Expanded partnership and new supply agreement with Hino for Class 6 & 7 battery electric trucks in North America; strategic review initiated for the battery systems and vehicle integration (BVI) business.
Cost reduction program expanded to NOK 350 million, targeting a 30% workforce reduction, especially in Germany and group-wide.
Portfolio review and operational adjustments underway to support profitability at lower volumes and extend cash runway.
Financial highlights
Q2 2025 EBITDA was negative NOK 161 million, down from negative NOK 97 million in Q2 2024, impacted by lower revenue and NOK 24 million in non-recurring items.
Net loss after tax was NOK 272 million versus NOK 221 million year-over-year; EPS was NOK -0.62.
Operating cash flow was negative NOK 197 million, mainly due to losses, higher inventory, and lower payables.
Cash and cash equivalents at quarter-end were NOK 527 million; equity ratio stood at 33%.
Gross margin improved to 48% in Q2 2025 from 38% in Q2 2024 due to lower material costs.
Outlook and guidance
Stronger order book and improved revenue visibility for H2 2025, especially in hydrogen distribution, transit bus, and aerospace segments.
Cost base reductions and operational adjustments aim for EBITDA profitability in 2026.
Cash outflow expected to decrease in H2 2025 due to higher revenue, lower costs, reduced CapEx, and working capital release.
Battery electric mobility faces near-term uncertainty; BVI ramp-up delayed, with focus on customer demos and gradual ramp-up.
Customer dialogues for 2026 orders have started across key segments.
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