Hexagon Purus (HPUR) Q3 2026 earnings summary

Executive summary

• Q3 revenue and other income was NOK 150.4m, down 40% YoY reported; excluding divested businesses and M&A, comparable revenue fell 20%.

• EBITDA loss narrowed to NOK 83.1m from NOK 115.5m YoY; net loss was NOK 241.7m versus NOK 364.6m.

• Annualized cost base fell ~50% versus FY2024; a conditional Q4 opportunity to approach EBITDA breakeven remains, alongside negative equity and debt-restructuring challenges.

• Order book was NOK 508m; quarter-end cash was NOK 220m and equity was negative NOK 224m.

Financial highlights

• Q3 EBIT loss was NOK 123.5m versus NOK 183.7m; YTD EBIT loss was NOK 327m versus NOK 715m.

• YTD revenue and other income was NOK 701.5m versus NOK 675.8m; YTD EBITDA loss narrowed to NOK 183.6m from NOK 518.7m.

• Q3 net loss was NOK 241.7m versus NOK 364.6m; finance costs of NOK 144m were largely non-cash, including NOK 74m of convertible-bond PIK interest and NOK 62m of currency effects.

• Q3 revenue included a NOK 7m U.S. divestment working-capital true-up; YTD reported revenue included ~NOK 141m of extraordinary gains, while like-for-like revenue was NOK 506m versus NOK 515m.

• Payroll was NOK 90m versus NOK 187m YoY; other operating expenses were NOK 59m versus NOK 62m, including ~NOK 6m of restructuring-related costs.

Outlook and guidance

• Most expected Q4 revenue is covered by firm orders; delivery execution and expected margins determine whether underlying EBITDA approaches breakeven.

• Hydrogen distribution deliveries are concentrated in late Q4, leaving limited room to absorb delays.

• Priorities include executing Q4 orders, building the 2027 order book, controlling costs and liquidity, and restructuring the balance sheet.

• Forecasts indicate liquidity to meet obligations for at least 12 months, subject to volumes, timing, margins, customer payments and order intake.