Hexagon Purus (HPUR) Q4 2025 earnings summary

Executive summary

• 2025 experienced a 39% revenue decline to NOK 1,144 million due to market, regulatory, and geopolitical uncertainty, despite a strong Q4 rebound with 18% year-over-year growth to NOK 468 million, driven by transit bus, hydrogen distribution, and aerospace.

• Broad cost restructuring included a workforce reduction of over one-third, operational adjustments, and a comprehensive business portfolio review focused on customer diversification.

• The company divested its U.S. aerospace business to SpaceX for up to USD 15 million, strengthening liquidity and focusing on core priorities.

• The BVI segment underwent major cost reductions, received new truck orders, and targeted near cash-neutral operations through mid-2026.

• Order backlog at year-end was approximately NOK 728 million, providing visibility for H1 2026.

Financial highlights

• Q4 2025 revenue was NOK 468 million, up 18% year-over-year and 85% sequentially, mainly from hydrogen transit bus and aerospace activity.

• Full-year 2025 revenue was NOK 1,144 million, a 39% decline from 2024, mainly due to softness in hydrogen infrastructure.

• Q4 EBITDA was NOK -99 million, including NOK 76 million of items affecting comparability such as inventory write-downs and restructuring costs.

• Net loss for Q4 2025 was NOK -508 million; full-year net loss was NOK -1,529 million.

• Payroll expenses in Q4 were NOK 135 million, down 21% year-over-year due to workforce reductions.

Outlook and guidance

• Entering 2026 with a strong order book for Q1 and decent visibility for Q2, but limited visibility for the second half due to market volatility and regulatory uncertainty.

• Modest volume expected in hydrogen distribution for 2026, with potential for improvement over 2025.

• Transit bus market remains strong, but lower volume is expected in 2026 due to customer capacity constraints.

• BVI segment to operate at near cash-neutral levels through mid-2026, with limited near-term order visibility.

• Main priorities for 2026 include increasing the order book, balancing costs with revenue outlook, and maintaining sufficient liquidity.