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]

Core Viewpoint - Hexagon Purus ASA has agreed to divest its aerospace business, Hexagon Masterworks Inc., to SpaceX for an enterprise value of approximately USD 15.0 million, which includes a cash consideration of USD 12.5 million and a contingent cash earn-out of USD 2.5 million [1][2]. Group 1: Transaction Details - The transaction involves the sale of 100% of the shares of Hexagon Masterworks Inc., which supplies high-pressure composite storage cylinders for aerospace and space launch applications in North America [1]. - The hydrogen business is excluded from the transaction, with existing hydrogen customer contracts to be transferred to other parts of Hexagon Purus prior to closing [1]. - The enterprise value of the transaction is approximately USD 15.0 million, consisting of a cash payment of USD 12.5 million at closing and a contingent earn-out of USD 2.5 million [2]. Group 2: Strategic Rationale - The aerospace business has developed well and is now at a stage where a dedicated aerospace owner is deemed necessary for its future growth [3]. - The company does not foresee significant potential in the hydrogen mobility market in North America in the near-to-medium term, making the divestment aligned with its ongoing portfolio review [3]. - This divestment is expected to strengthen the company's financial position and extend its liquidity runway [3]. Group 3: Management Commentary - The CEO of Hexagon Purus expressed satisfaction in finding a new owner for Masterworks, emphasizing the world-class expertise in composite cylinders and the integration into SpaceX's supply chain for long-term growth [4]. - The CEO acknowledged the hard work of the Masterworks team in developing the business and noted that the transaction allows Hexagon Purus to focus on its core strategic priorities [4].

Company Overview - Hexagon Purus ASA is a 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 [2] - The company focuses on enabling zero emission mobility for a cleaner energy future, with applications in light, medium, and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail, and aerospace [2] Upcoming Financial Results - Hexagon Purus ASA will release its fourth quarter results for 2025 on 10 February 2026 at 07:00 CET [1] - The results presentation will be conducted by CEO Morten Holum and CFO Salman Alam at 08:30 CET, and it will be broadcasted live [1] - A recording of the presentation will be available on the company's website [1]

Company Overview - Hexagon Purus ASA is a 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 [2] - The company's products are utilized in various applications, including light, medium, and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail, and aerospace [2] Upcoming Financial Results - Hexagon Purus ASA will release its fourth quarter results for 2025 on 10 February 2026 at 07:00 CET [1] - The results presentation will be conducted by CEO Morten Holum and CFO Salman Alam at 08:30 CET, and it will be broadcasted live [1] - A recording of the presentation will be available on the company's website [1]

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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]

Core Viewpoint - Hexagon Purus ASA is set to release its third quarter results for 2025 on October 21, 2025, at 07:00 CET, with a live presentation by the CEO and CFO at 08:30 CET [1] Company Overview - Hexagon Purus ASA is a 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 [2] - The company's products are utilized in various applications, including light, medium, and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail, and aerospace [2]

Core Insights - The company reported a significant decline in revenue for Q2 2025, with a total of NOK 193 million, representing a 63% decrease year-over-year due to reduced activity in hydrogen infrastructure and heavy-duty mobility applications [1][2] - The EBITDA for the quarter was NOK -161 million, worsening from NOK -97 million in the same period last year, indicating ongoing financial challenges [1][3] - Despite the revenue drop, the company signed a new supply agreement with Hino Trucks for battery electric trucks and has a strong order backlog of approximately NOK 1.1 billion, suggesting potential recovery in the second half of 2025 [1][2] Financial Performance - Total operating expenses for Q2 2025 were NOK 355 million, leading to an operating loss before depreciation [3] - The company's total assets decreased to NOK 4,266 million, with inventory rising to NOK 714 million, primarily consisting of raw materials and work-in-progress [4] - Trade receivables fell to NOK 244 million, while total equity decreased to NOK 1,418 million, resulting in an equity ratio of 33% [4] Cash Flow and Investments - Net cash flow from operating activities was NOK -197 million, with working capital increasing by NOK 41 million due to higher inventory levels [5] - Net cash flow from investing activities was NOK -62 million, mainly related to production equipment investments, while cash and cash equivalents stood at NOK 527 million at the end of Q2 2025 [6] Segment Performance - The Hydrogen Mobility and Infrastructure (HMI) segment generated NOK 164 million in revenue, down 69% year-over-year, primarily due to lower activity in hydrogen infrastructure [7][8] - The Battery Systems and Vehicle Integration (BVI) segment reported revenue of NOK 25 million, showing growth driven by vehicle deliveries to Hino Trucks and battery systems to Toyota Motors North America [10] Future Outlook - The company anticipates a notable increase in activity in the second half of 2025, supported by a strong order backlog, which is expected to improve revenue and profitability [12] - Cost reduction measures are being implemented, with an expected annualized reduction of up to NOK 350 million, exceeding previous targets [13][14]

Company Overview - Hexagon Purus ASA is a 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 [2] - The company focuses on enabling zero emission mobility for a cleaner energy future, with applications in light, medium, and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail, and aerospace [2] Upcoming Financial Results - Hexagon Purus ASA will release its second quarter results for 2025 on 17 July 2025 at 07:00 CET [1] - The results presentation will be conducted by CEO Morten Holum and CFO Salman Alam at 08:30 CET, and it will be broadcasted live [1] - A recording of the presentation will be available on the company's website [1]

Core Points - Mr. Espen Gundersen has requested to step down as chair of the board of Hexagon Purus ASA while continuing as a board member and chair of the audit committee [1] - The nomination committee proposes Jon Erik Engeset, a current board member, to take over as board chair [1] - An extraordinary general meeting is scheduled for 2 July 2025 to consider the proposed change of chair [2] Company Overview - Hexagon Purus ASA is a 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 [3] - The company's products are utilized in various applications, including light, medium, and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail, and aerospace [3]