Hexagon Purus ASA: Results for the third quarter 2023

November 07, 2023 - Stock Exchange Release


Selected key developments in Q3 2023 and after balance sheet date:

  • All-time high quarterly revenue of NOK 380 million in the third quarter of 2023, corresponding to a year-over-year revenue growth of 71%. Consequently, revenue year-to-date as of the third quarter of 2023 was NOK 954 million, up 61% year-over-year
  • Received purchase orders in October worth EUR 6.4 million from Solaris for delivery of hydrogen fuel storage systems for transit buses to be deployed in Italy
  • Inaugurated the Company’s new state-of-the-art hydrogen cylinder production hub in Kassel, Germany
  • Entered into a 10-year lease agreement for a vehicle integration facility in Dallas, Texas to support the two major vehicle integrations contracts announced in 2023
  • Exited the quarter with order backlog consisting of firm purchase orders of approximately NOK 1.1 billion

“We have just reported another strong quarter, keeping us on track to deliver on our ambitious 2025 targets. We have continued growing our revenue, and most importantly, secured additional customer contracts in this quarter that will further strengthen our diversified customer portfolio”, says Morten Holum, CEO of Hexagon Purus. “At the same time, we are nearing the end of an ambitious capacity expansion program, which will give us five brand new production facilities to operate in 2024 and provide sufficient capacity to deliver on current customer demand”.

In the third quarter of 2023, Hexagon Purus (“the Company” or “the Group”) generated NOK 380 million in revenue, the highest quarterly revenue on record. This corresponds to revenue growth of 71% from NOK 222 million in the third quarter of 2022. Hydrogen infrastructure solutions continues to be the main driver of growth, coupled with increasing activity within mobility applications, hereunder heavy-duty vehicles and transit bus as well as aerospace. Total operating expenses in the third quarter of 2023 ended at NOK 496 (315) million, leading to an operating profit before depreciation (EBITDA) of NOK -116 (-92) million.

Total assets at the end of the third quarter of 2023 amounted to NOK 3 786 (2 636) million. The year-over-year increase in total assets is mainly driven by increases to property, plant and equipment and right-of-use assets as a result of the Company’s ongoing capacity expansion program. Increases in equity and non-current liabilities in the third quarter of 2023 compared to the third quarter of 2022 is mainly driven by the NOK 800 million (gross) convertible bond issuance in March 2023, and an increase in lease liabilities related to production facilities and equipment as part of the Company’s ongoing capacity expansion program. At the quarter-end, the Company had a satisfactory equity ratio of 56% (68%).

Net cash flow from operating activities in the third quarter of 2023 was NOK -284 (-133) million, of which NOK 152 (58) million was due to an increase in net working capital. Net cash flow from investing activities was NOK -117 (-94) million in the third quarter of 2023, of which NOK 102 million is investments in production equipment and facilities related to the ongoing capacity expansion program. Net cash flow from financing in the third quarter of 2023 was NOK -21 (-2) million. The majority of the outflow from financing is related to lease payments, which in the third quarter of 2023 amounted to NOK -16 (-7) million.

Cash and cash equivalents ended at NOK 566 (481) million.


Hexagon Purus’ customer interactions are positively influenced by the strong legislative tailwinds, and customer demand for the Company’s products and services is expected to further accelerate going forward. Hexagon Purus has been successful in securing several long-term agreements recently, which gives the Company confidence in its medium to long-term targets.

Hexagon Purus’ order backlog, consisting of firm customer purchase orders, stood at approximately NOK 1.1 billion as of the third quarter of 2023, with the majority of the orderbook scheduled for execution in 2024. Order intake for 2024 has been strong after the balance sheet date, adding approximately NOK 130 million in additional orders during October. With its recent commercial success, Hexagon Purus has a strong and diversified portfolio of long-term agreements across several applications supporting the Company’s medium and long-term targets. As more of these long-term agreements comes online and customer purchase orders are released as part of the long-term agreements, the Company expect corresponding growth in the order backlog, although order intake will fluctuate from quarter to quarter. For 2023, the Company expects revenue growth of approximately 50% year-over-year.

With several growth initiatives underway, including building production capacity and organizational capabilities to support customer launch activities and expected market demand in the coming years in North America, Europe and Asia, Hexagon Purus is in the investment phase of its development. Such investments are expected to impact profitability over the near-to-medium term. The relative EBITDA margin is expected to significantly improve year-over-year, but EBITDA will continue to be impacted by ramp-up of the organization and production facilities. Negative EBITDA for full-year 2023 is expected to widen by approximately 10% compared to full-year 2022 EBITDA.

Presentation of the results

Hexagon Purus will present the Q3 2023 results at 08:30 CET and the presentation will be broadcasted live via https://hexagonpurus.kg5.no/.

The presentation will be held in English and will be virtual. Recording of the presentation will be made available on www.hexagonpurus.com.

For more information:

Mathias Meidell, IR Director, Hexagon Purus ASA
Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com

Salman Alam, CFO, Hexagon Purus ASA
Telephone: +47 476 12 713 | salman.alam@hexagonpurus.com

About Hexagon Purus ASA

Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.

Learn more at www.hexagonpurus.com and follow @HexagonPurus on Twitter and LinkedIn.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act


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