Hexagon Purus (HPUR) Q4 2024 earnings summary

Executive summary

• Full-year 2024 revenue grew 42% to NOK 1,876 million, with Q4 revenue up 8% to NOK 396 million, driven by hydrogen infrastructure, mobility, and battery systems.

• EBITDA margin improved to -19% for FY 2024, a 15 percentage point increase from FY 2023; Q4 EBITDA margin improved to -26%.

• Completed multi-year capacity expansion, strengthening global manufacturing and customer base.

• Launched a NOK 200 million cost reduction program, including a 15% workforce reduction, to lower break-even and secure cash runway.

• Exited Cryoshelter liquid hydrogen business to focus on core operations.

Financial highlights

• FY 2024 revenue: NOK 1,876 million (+42% YoY); Q4 2024 revenue: NOK 396 million (+8% YoY).

• FY 2024 EBITDA: NOK -348 million (margin -19%); Q4 2024 EBITDA: NOK -104 million (margin -26%).

• Q4 impairments totaled NOK 353 million, mainly from goodwill in Germany and fixed assets in China.

• FY 2024 net loss: NOK -1,202 million; Q4 2024 net loss: NOK -667 million.

• NOK 1 billion equity raise in Q4 2024 boosted cash to NOK 1,028 million and improved equity ratio to 43%.

Outlook and guidance

• Market outlook for 2025 is highly uncertain, especially in North America due to regulatory and policy changes.

• No specific guidance provided for 2025; expect a weak first half and stronger second half, with Q1 particularly challenging.

• Main growth driver for 2025, U.S. truck volume, now expected to ramp up slower than previously anticipated.

• Focus on reaching cash and EBITDA break-even with current cash on hand.