Hexagon Purus (HPUR) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was NOK 193 million, down 63% year-over-year, mainly due to weak hydrogen infrastructure and heavy-duty mobility demand, and regulatory uncertainty in the US and Europe.

• EBITDA was -NOK 161 million, impacted by lower revenue and NOK 24 million in non-recurring items.

• Order backlog at quarter-end was approximately NOK 1.1 billion, with a 33% increase from last quarter and the highest since 2023, improving demand visibility for H2 2025.

• Expanded relationship with Hino to supply Class 6 and 7 battery electric trucks for North America; strategic review of the BVI segment initiated.

• Cost reduction program expanded to NOK 350 million, targeting a 30% workforce reduction in Germany and group-wide, with portfolio review underway.

Financial highlights

• Q2 2025 revenue: NOK 193 million (Q2 2024: NOK 528–529 million), a 63% decline year-over-year.

• EBITDA: -NOK 161 million (Q2 2024: -NOK 97 million), including NOK 24 million in non-recurring items.

• Net loss after tax: -NOK 272 million (Q2 2024: -NOK 221 million); EPS: NOK -0.62.

• Cash and cash equivalents at quarter-end: NOK 527 million; equity ratio: 33%.

• Operating cash flow: -NOK 197 million; net cash flow: -NOK 262 million.

Outlook and guidance

• Higher activity and revenue expected in H2 2025, supported by a strong order backlog and cost reductions.

• Hydrogen Mobility: strong momentum in transit bus and aerospace, with continued tender activity in Europe for 2026.

• Hydrogen infrastructure revenue expected to pick up materially in H2 2025.

• Aim to achieve EBITDA profitability in 2026, with a lower breakeven point.

• Battery electric mobility: limited short-term visibility, but ongoing customer demos and expanded Hino partnership.