Q1 2025 Hydrogenpro ASA Earnings Call Transcript
Key Points
- HydrogenPro ASA (FRA:R6Z) secured a $2.5 million purchase order, which is currently in production.
- The new manufacturing line of advanced electrodes in Denmark started on time and below budget.
- Successful completion of a large-scale validation test confirmed performance improvements.
- Equity injection from Mitsubishi was completed, with another expected from Longi pending approval.
- The company is focusing on partnerships to offer a full delivery scope, enhancing its market position.
- The company reported a negative EBITDA of minus 50 million and an EBIT of minus 55 million for Q1 2025.
- Gross margin was negatively impacted by the ACES project, reducing it to 32% from an adjusted 69%.
- The cash balance decreased from 191 million to 165 million by the end of the first quarter.
- The market is challenging, leading to a cost savings program that includes downsizing and reduced professional services.
- There is uncertainty regarding the timing of project approvals and financial investments, particularly in the Middle East and India.
Good morning and welcome to Hydrogenpro's first quarter presentation. Today I am accompanied by CFO Martin Holtet who will present the financial result and Odd-Arne Lorentsen who will take you through our latest technology development and the way forward.
Hydrogenpro, for those who are seeing watching us for the first time is a focused company. Concentrating on high pressure electrolyzer and gas separator skid, which is designed for renewable energy supply.
We are addressing a selected large scale industry segment. For instance, in balancing of grid and power to gas in our 240 megawatt ACES project, also in the steel production in our 100 megawatt SALCO project decarbonizing.
As well as other related industry for refinery and ammonia as examples. We will give you more updates on our deliveries, but reminding that Hydrogenpro is delivering to two of the largest projects in the world.
This puts us in the forefront position with operational projects. Customers asking for references and installations when
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