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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.
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Q2 2025 earnings summary17 Jul, 2025

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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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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