Hexagon Purus (HPUR) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was NOK 252 million, down 54% year-over-year but up 30% sequentially, marking the highest quarter in 2025 and reflecting gradual operational improvement after restructuring and market challenges.

• EBITDA margin improved sequentially but remained negative at -46%, impacted by lower revenue and NOK 31 million in restructuring costs.

• Organization completed a 30% workforce reduction compared to 2024, with restructuring charges recognized.

• Order backlog at quarter-end was approximately NOK 1.0 billion, providing strong revenue visibility for the remainder of the year.

• Strong momentum continues in the European hydrogen transit bus market and North American aerospace, while hydrogen infrastructure and heavy-duty mobility remain weak.

Financial highlights

• Q3 2025 revenue: NOK 252 million, down 54% year-over-year but up 30% sequentially.

• EBITDA: NOK -116 million, including NOK 31 million in restructuring costs; margin -46%.

• Net loss after tax: NOK -365 million for Q3 2025.

• Cost of materials ratio improved to 47% of revenue, aided by favorable product mix and a one-off customer payment.

• Payroll expenses (adjusted) were NOK 156 million, 20% lower year-over-year; other OpEx down 35%.

• Finance expense included a NOK 102 million non-cash impairment charge related to investments.

Outlook and guidance

• Q4 2025 is expected to show further sequential improvement in revenue and EBITDA, supported by a robust order backlog and lower costs.

• 20–30% of Q4 order book likely to be pushed into Q1 2026 due to capacity constraints.

• Full effect of NOK 350 million cost cuts to materialize in 2026.

• Positive working capital release expected in Q1 2026 as inventory converts to cash.

• Continued review of business portfolio and cost base to maintain liquidity and reach EBITDA and cash break-even.