HydrogenPro (HYPRO) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was NOK 13 million, down from NOK 22 million in Q1 2025 and NOK 50 million in Q2 2024, reflecting market softness and project delays.

• Entered strategic partnership with Thermax for exclusive rights and local manufacturing in India, expanding market reach and technology localization.

• Manufacturing site in Aarhus, Denmark, is fully operational, delivering Generation III technology for major projects like SALCOS.

• Equity investment by LONGi Hydrogen completed in July 2025, strengthening financial capacity and global reach.

• Europe remains the primary driver for green hydrogen, with increased activity in India and MENA.

Financial highlights

• Q2 2025 revenue was NOK 13 million, mainly from SALCOS project deliveries to ANDRITZ.

• Gross margin for Q2 2025 was 22%, negatively impacted by project expenses; adjusted gross margin would have been 62%.

• EBITDA for Q2 2025 was NOK -48 million, a slight improvement from NOK -50 million in Q1 2025.

• Net loss for Q2 2025 was NOK -76 million, mainly due to negative fair value adjustments and impairments.

• Cash balance at end of Q2 2025 was NOK 107 million, excluding NOK 70 million equity injection from LONGi Hydrogen completed in July 2025.

Outlook and guidance

• Annualized cost savings plan of NOK 40 million on track, with NOK 25 million achieved by June 2025.

• Focus on expanding in Europe, North America, India, and the Middle East, leveraging partnerships and local manufacturing.

• Remaining deliveries to SALCOS will be completed in H2 2024.

• Continued R&D and technology improvements expected to drive further efficiency gains and cost reductions.

• Company expects continued challenges from funding, rising capital costs, and regulatory uncertainty, but is well-positioned through technology and partnerships.