HydrogenPro (HYPRO) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was NOK 17 million, down from NOK 35 million in Q3 and NOK 70 million in Q4 2024, mainly due to lower ACES project activity.

• EBITDA for Q4 2025 was NOK -49 million, with a net loss of NOK -44 million, aided by a NOK 16 million tax income from Denmark.

• Full ownership of the Tianjin, China manufacturing site was acquired, increasing capacity to 500 MW/year.

• ACES project commissioning is nearing completion, with all electrolyzer units at 100% load capacity.

• Four major projects in final contract stages, representing NOK 1 billion in potential value, with a healthy pipeline for 2026 FIDs.

Financial highlights

• Q4 2025 revenue was NOK 17 million, down from NOK 35 million in Q3 2025, mainly due to lower ACES project revenue.

• Gross margin for Q4 2025 was -23%, compared to 55% in Q3 2025 and 41% in Q4 2024, impacted by ACES project costs.

• Cash balance at year-end was NOK 102 million, down from NOK 121 million in Q3 and NOK 191 million in Q4 2024.

• Backlog at year-end stood at NOK 275 million.

• Annualized cost savings exceeded NOK 50 million by year-end, representing a 24% reduction in the fixed cost base.

Outlook and guidance

• Pipeline supports short-term growth, with NOK 1 billion in projects at final contract stage and expected FIDs in 2026.

• Confident in liquidity to support operations through 2026, assuming market uptick and FIDs.

• Global committed investment in clean hydrogen projects reached USD 110 billion in 2025, with demand estimated at 5.5–10.2 Mtpa by 2030.

• Europe and India are highlighted for recent progress and competitive bids, with regulatory clarity improving.

• Positioned to benefit from next-generation electrode technology and local assembly in Europe.