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 Insights - Hexagon Purus faced significant challenges in Q1 2025, with a 44% decline in quarterly revenue to NOK 230 million compared to the same quarter last year, primarily due to lower activity in hydrogen infrastructure and heavy-duty mobility applications [1][2] - The company is implementing cost-reduction measures to achieve profitability at lower volumes and extend its cash runway towards EBITDA and cash flow break-even [1][19] Financial Performance - Total operating expenses for Q1 2025 were NOK 472 million, leading to an EBITDA of NOK -242 million, reflecting an EBITDA margin of -105% [3][8] - Restructuring costs and other non-recurring items accounted for approximately NOK 65 million in the quarter, with adjusted EBITDA at NOK -177 million, equivalent to a -77% margin [3][8] - Total assets decreased to NOK 4,503 million, with total equity at NOK 1,676 million, resulting in an equity ratio of 37% [4][6] Inventory and Cash Flow - Inventory increased to NOK 658 million, primarily consisting of raw materials and work-in-progress items, while trade receivables decreased to NOK 275 million [5] - Net cash flow from operating activities was NOK -183 million, with a release of working capital amounting to NOK 45 million driven by reductions in inventory and accounts receivables [7] Segment Performance - Hydrogen Mobility and Infrastructure (HMI) segment revenue was NOK 204 million, down 47% year-over-year, with an EBITDA of NOK -143 million and a margin of -70% [11][12] - Battery Systems and Vehicle Integration (BVI) segment revenue grew by 35% year-over-year to NOK 25 million, with an EBITDA of NOK -54 million [14][15] Outlook and Strategic Initiatives - The company anticipates continued uncertainty due to recent changes in US policy and international trade, impacting the near-term outlook [16] - Despite challenges, there is strong commercial momentum for hydrogen transit buses in Europe, and incoming order activity for hydrogen infrastructure has improved [17] - The company is focused on cost reduction and reviewing its business portfolio to ensure sustainability until it reaches EBITDA and cash break-even [19]