Q2 2024 Hydrogenpro ASA Earnings Call Transcript
Key Points
- HydrogenPro ASA (HYPRF) decided to invest in increased capacity of their Generation 3 electrodes due to rising interest and requests.
- Positive development of the cash balance with an increase of NOK62 million.
- Strengthened partnership with Andritz through an NOK82.7 million investment.
- Successful delivery and installation of all Electrolysers and gas separator skids at ACES.
- HydrogenPro ASA (HYPRF) is one of the few hydrogen OEMs delivering on large projects, proving their capability to handle complex systems.
- The market is moving slower than expected, impacting the pace of project completions.
- Gross profit was negative at NOK22 million, and EBITDA was minus NOK65 million, leading to a net loss of NOK77 million for the quarter.
- Additional costs incurred on the ACES project, impacting the financial results negatively by NOK36 million.
- No significant contract awards in the second quarter, leading to a decrease in the order backlog from NOK445 million to NOK416 million.
- Slowdown in Final Investment Decisions (FIDs) due to high energy prices, increased inflation, and unclear incentive schemes.
(video playing)
Good morning, and welcome to HydrogenPro's second quarter presentation. Today I'm accompanied by CFO, Martin Holtet, who will present the financial results of the first half year. We are still in a market, which is moving slower than expected some years ago. But we do see on back of our deliveries to ACES and (inaudible) Salzgitter ever increased attention.
Of the highlights from the second quarter, we decided to invest in increased capacity of our Generation three electrodes, as we are receiving more and more interest and request to quote, including the Generation 3 electrodes.
Thus, we decided to enlarge the capacity in Denmark to match our capacity in China. We had a positive development of the cash balance of NOK62 million. We have good progress on delivery of components from our plant in Tianjin, 200 plant in effort. All Electrolysers and gas separator skids are delivered and installed at ACES.
We are in good progress of commissioning preparation. We are also learning that some additional
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