Hexagon Purus ASA: Results for the third quarter 2025

Core Insights - Hexagon Purus reported a revenue of NOK 252 million in Q3 2025, which is a 54% decrease compared to Q3 2024 but a 30% increase from Q2 2025, primarily due to lower activity in hydrogen infrastructure and heavy-duty mobility applications, while demand in hydrogen transit bus and aerospace applications remained strong [2][8][12] Financial Performance - Total operating expenses for Q3 2025 were NOK 368 million, leading to an EBITDA of NOK -116 million, resulting in an EBITDA margin of -46% [3] - The company ended Q3 2025 with total assets of NOK 3,988 million and total equity of NOK 1,054 million, reflecting an equity ratio of 26% [4][5] - Net cash flow from operating activities was NOK -115 million, with working capital increasing by NOK 26 million due to higher inventory levels [6] Segment Performance - The Hydrogen Mobility and Infrastructure (HMI) segment generated NOK 233 million in revenue, a 55% decrease year-over-year but a 42% increase from the previous quarter, with EBITDA for this segment at NOK -47 million [8][9] - The Battery Systems and Vehicle Integration (BVI) segment reported revenue of NOK 13 million, with an EBITDA of NOK -30 million [11] Strategic Outlook - The company is undergoing significant restructuring initiatives and expects these measures to yield tangible results, aligning operations with market demand [12][15] - The fourth quarter is anticipated to show further improvement in financial performance based on the current order backlog, with a focus on maintaining stable operational performance [13][14] Cash Management - Cash and cash equivalents at the end of Q3 2025 were NOK 360 million, with net cash flow from investing activities at NOK -34 million [7]