Hexagon Purus (HPUR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was NOK 146 million, down 25% year-over-year, but only 6% lower when adjusted for the divested U.S. aerospace unit.

• EBITDA improved to NOK -102 million from NOK -161 million last year, driven by significant cost reductions and restructuring.

• Workforce reductions, especially in Germany, have reduced headcount by over 50% since 2024, aligning costs with demand.

• Order backlog at quarter-end was NOK 523 million, with strong order intake in hydrogen infrastructure and BVI segments.

• Operational restructuring has improved flexibility and reduced cash requirements.

Financial highlights

• EBITDA for Q2 was NOK -102 million, including NOK 17 million in restructuring costs.

• Net loss for the quarter was NOK 215 million, improved from NOK 272 million last year.

• Year-to-date reported revenue was NOK 551 million, up 30%, but excluding extraordinary gains, it was NOK 417 million, flat year-over-year.

• Cost of materials rose to 56% of revenue due to mix shift, up from 52% last year.

• Payroll expenses included NOK 17 million in restructuring costs.

Outlook and guidance

• Revenue visibility for H2 2026 is strong, with most of the order book scheduled for execution this year.

• Hydrogen infrastructure order intake has improved, with focus shifting to 2027 opportunities.

• Transit bus activity in hydrogen mobility expected to remain weak due to customer constraints.

• BVI segment expects higher revenue in H2, driven by Hino and Toyota orders.

• Strengthening the balance sheet and capital structure, including convertible bonds, is a key priority.