Hexagon Purus ASA: Results for the fourth quarter 2025

Core Insights - The company faced significant market and regulatory uncertainty in 2025, leading to extensive restructuring efforts to adapt its operating model and protect liquidity. Despite these challenges, Q4 2025 performance was encouraging, with revenue reaching the third-highest quarterly level in the company's history [1] Financial Performance - Q4 2025 revenue was NOK 468 million, an 18% increase compared to Q4 2024, driven by higher revenue from transit bus and aerospace applications, as well as a strong uptick in hydrogen infrastructure applications [2] - Full-year 2025 revenue totaled NOK 1,144 million, reflecting a 39% decline from the previous year, primarily due to lower activity in hydrogen infrastructure and hydrogen heavy-duty mobility [2] - Total operating expenses in Q4 2025 were NOK 568 million, resulting in an EBITDA of NOK -99 million, with an EBITDA margin of -21% [3] - Full-year EBITDA for 2025 was NOK -618 million, equating to a -54% margin, which included NOK 186 million of items affecting comparability [3][6] Balance Sheet and Equity - Total assets at the end of Q4 2025 were NOK 3,510 million, with inventory decreasing to NOK 549 million due to inventory release and write-downs [4] - Total equity was NOK 579 million, corresponding to an equity ratio of 17%, significantly down from 43% the previous year, primarily due to negative profit after tax and impairment charges [5] Cash Flow and Investments - Net cash flow from operating activities in Q4 2025 was NOK 14 million, benefiting from a working capital release of NOK 69 million [8] - Net cash flow from investing activities was NOK -46 million, with capital expenditures primarily related to facilities maintenance and product development [9] - Net cash flow from financing activities was NOK -10 million, with cash and cash equivalents ending at NOK 322 million [10] Segment Performance - Hydrogen Mobility and Infrastructure (HMI) segment revenue was NOK 427 million in Q4 2025, a 20% year-over-year increase, driven by higher activity in hydrogen mobility and infrastructure [11] - EBITDA for the HMI segment was NOK -2 million, with a margin of 0% [12] - Battery Systems and Vehicle Integration (BVI) segment revenue totaled NOK 39 million, reflecting deliveries to Hino and sublease income, with an EBITDA of NOK -62 million [13] Strategic Initiatives - The company announced the divestment of its U.S. aerospace business to SpaceX for an enterprise value of USD 15 million, which is expected to reduce cash requirements and extend liquidity [6][16] - Ongoing discussions with the joint venture partner in China aim to minimize cash contributions while maintaining operational continuity [15] - The company is focused on maintaining sufficient liquidity and financial flexibility while continuing its business portfolio review to strengthen its financial position [19]