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HydrogenPro (HYPRO) investor relations material

HydrogenPro 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 summary15 Aug, 2025

Executive summary

  • Q2 2025 revenue was NOK 13 million, down from NOK 22 million in Q1 2025 and NOK 50 million in Q2 2024, reflecting market softness and project delays.

  • Strategic partnerships with Thermax in India and equity investment from LONGi Hydrogen support global expansion and technology localization.

  • Manufacturing site in Aarhus, Denmark, is fully operational, delivering advanced generation three electrodes and expanding capacity for major projects.

  • EBITDA loss improved to NOK -48 million from NOK -50 million in Q1 2025 and NOK -65 million in Q2 2024, driven by cost savings.

  • Order backlog declined to NOK 287 million from NOK 318 million in Q1 2025 and NOK 415 million in Q2 2024.

Financial highlights

  • Q2 2025 revenue was NOK 13 million, mainly from deliveries to the SALCOS project.

  • Gross margin for Q2 2025 was 22%, negatively impacted by project expenses; adjusted margin would be 62% excluding one-time costs.

  • EBITDA for Q2 2025 was NOK -48 million; net loss was NOK -76 million.

  • Cash balance at end of Q2 2025 was NOK 107 million, excluding NOK 70 million equity injection from LONGi Hydrogen completed in July.

  • Backlog at Q2 2025 stood at NOK 287 million, down from NOK 318 million in Q1 2025.

Outlook and guidance

  • Annualized cost savings plan of NOK 40 million on track, with NOK 25 million achieved by June 2025 and additional NOK 15 million targeted for H2.

  • Focus on expanding in Europe, India, and the Middle East, with slow project movement in the US due to regulatory timelines.

  • Long-term outlook for green hydrogen remains positive, with delayed projects moving toward final investment decisions.

  • Continued R&D and technology improvements expected to drive further efficiency gains and cost reductions.

  • Pipeline remains stable, with new tenders and ongoing discussions balancing out project cancellations or delays.

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Frequently asked questions

HydrogenPro designs and supplies large-scale electrolyzers and related systems for industrial hydrogen production. The company focuses on green hydrogen solutions for decarbonization initiatives. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.

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