HydrogenPro (HYPRO) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was NOK 35 million, up from NOK 13 million in Q2, mainly from major project deliveries, but down from NOK 72 million in Q3 2024.

• Gross margin improved to 55% from 22% in Q2, returning to normalized levels after prior cost provisions.

• Cost reduction program completed, reducing headcount from 147 to 89, mainly in China, and lowering annual costs by NOK 40 million.

• New Chief Commercial Officer with strong hydrogen sector experience appointed, effective December 2025.

• Order backlog decreased to NOK 252 million from NOK 284 million in Q2 and NOK 340 million in Q3 2024.

Financial highlights

• Gross profit reached NOK 19 million, with gross margin at 55% in Q3 2025, up from 22% in Q2 and 26% in Q3 2024.

• EBITDA was NOK -45 million, an improvement from NOK -48 million in Q2 2025 but lower than NOK -38 million in Q3 2024.

• Net loss for Q3 2025 was NOK -54 million, a reduction from NOK -76 million in Q2 2025.

• Cash balance increased to NOK 121 million at quarter end, supported by a NOK 70 million equity investment from LONGi Hydrogen.

• Backlog at NOK 252 million, down from NOK 284 million in Q2 and NOK 340 million in Q3 2024.

Outlook and guidance

• Market growth is slower than expected, with 90% of 2023-2024 COD projects delayed over a year and only 30% of clean hydrogen projects advancing.

• Most European project FIDs now targeted for 2026; robust pipeline maintained in India, North Africa, and the Middle East.

• Optimism for 2026 based on robust pipeline, regulatory progress, and supportive policies.

• India and Middle East seen as key growth markets with lowest green hydrogen production costs.

• HydrogenPro is positioned to benefit from technology leadership and strategic partnerships in Europe, India, and the Middle East.