Norway · Delayed Price · Currency is NOK Hexagon Purus ASA Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw revenue of NOK 146 million, with EBITDA improving to NOK -102 million due to major cost reductions and restructuring. Hydrogen infrastructure drove growth, while transit bus and industrial gas segments remained weak. Order backlog and liquidity are strong, but balance sheet restructuring is ongoing.
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Revenue rose 76% year-over-year, driven by hydrogen infrastructure and one-off gains, while cost reductions and divestments improved liquidity. Order backlog provides near-term visibility, but second-half demand remains uncertain, with profitability hinging on further order conversion.
Fiscal Year 2025
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2025 was marked by a sharp revenue decline and market uncertainty, but Q4 saw a strong rebound with 18% year-over-year and 85% sequential revenue growth. Cost reductions, portfolio adjustments, and the sale of the aerospace unit to SpaceX have strengthened liquidity, while 2026 outlook remains cautious amid ongoing market challenges.
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Q3 revenue rose 30% sequentially but fell 54% year-over-year, with cost reductions improving margins and a NOK 31 million restructuring charge recognized. Order book supports a strong Q4, though 20–30% of revenue will shift to Q1 2026. Full cost savings to materialize in 2026.
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Q2 2025 saw a 63% revenue decline and increased losses, but a 33% order book growth and expanded cost reductions improve outlook for H2 2025. Hydrogen transit bus and aerospace segments show strong momentum, while battery electric mobility faces near-term uncertainty.
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Q1 2025 saw a 44% revenue decline and a NOK 385 million net loss, driven by weak hydrogen infrastructure and heavy-duty mobility demand, but transit bus and battery electric truck segments showed resilience. Cost reduction efforts are on track, and order backlog improved 9% from year-end. 2025 is expected to improve in the second half, with continued focus on cost control and market adaptation.
Fiscal Year 2024
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Full-year revenue grew 42% to NOK 1.9 billion, with significant EBITDA margin improvement and a strengthened balance sheet after a NOK 1 billion equity raise. Regulatory uncertainty and project delays have led to a cautious 2025 outlook, with cost reductions underway to secure profitability.
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Record Q3 revenue and improved profitability were driven by strong hydrogen infrastructure and mobility demand. The order book fully covers 2024 targets, and positive cash flow is targeted by 2026, despite increased uncertainty from U.S. regulatory changes.
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Record Q2 revenue and strong year-over-year growth driven by hydrogen infrastructure and mobility. EBITDA breakeven achieved in hydrogen segment; BVI segment to ramp up in H2 2024. 2024 and 2025 targets reaffirmed, with focus on execution and profitability.