Hynion (HYN) H2 2024 earnings summary

Executive summary

• Operations in 2024 were limited to running hydrogen fueling stations in Høvik and Porsgrunn, with minimal commercial activity due to weak demand and financial constraints.

• Revenue increased 10% year-over-year to NOK 4.32 million, but the year ended with a net loss of NOK -54.2 million, mainly due to NOK 39.9 million in write-downs of investments in subsidiaries.

• The company is undergoing a major restructuring, including debt-to-equity conversions, asset sales, and ongoing negotiations with creditors.

• Hynion Sverige AB, a key subsidiary, went bankrupt in spring 2025, resulting in full write-down of the investment and triggering a parent company guarantee.

Financial highlights

• Sales revenue for 2024 was NOK 4,320,634, up from NOK 3,914,756 in 2023.

• Net loss for 2024 was NOK -54,210,884, compared to NOK -20,854,137 in 2023.

• Major cost reductions: personnel expenses dropped to NOK 1,974,296 from NOK 7,071,122 year-over-year due to staff cuts.

• No significant investments in fixed assets during 2024.

• Cash and cash equivalents at year-end were NOK 802,800, with minimal free liquidity.

Outlook and guidance

• Future development depends on successful completion of balance sheet restructuring and planned debt conversions in H1 2026.

• Ongoing financing secured through loans from Galileo Ventures AS and Middelborg AS.

• The board is working on a new strategy and operational direction, with continued stock exchange listing seen as vital.

• Continued operations are contingent on restructuring; significant uncertainty remains regarding going concern.