Q2 2025 Hydrogenpro ASA Earnings Call Transcript
Key Points
- HydrogenPro ASA (HAM:R6Z) is involved in two of the largest electrolyzer projects globally, a 220-megawatt and a 100-megawatt project, showcasing its capability to handle large-scale operations.
- The company has successfully inaugurated its giga assembly plant in Erfurt, Germany, enhancing its production capacity.
- HydrogenPro ASA has formed a strategic partnership with Thermax to enter the Indian market, which is emerging as a fast-growing hydrogen market.
- The new production line in Aarhus is fully operational, producing third-generation electrodes, which have shown improved performance and reduced energy consumption.
- The company has initiated a cost-saving program, aiming to achieve more than NOK40 million in annual savings, with NOK25 million already realized by the end of the second quarter.
- Revenues for the second quarter were NOK30 million, which is relatively low, and the company reported a net loss of NOK76 million.
- The gross margin was negatively impacted by transport and storage issues related to the SALCOS project, resulting in a margin of 22%.
- The cash balance decreased significantly from NOK165 million to NOK107 million during the second quarter.
- There was an NOK18 million impairment of the convertible note to DG Fuels due to project delays, impacting financial results.
- The backlog decreased from NOK318 million to NOK287 million, indicating potential challenges in securing new orders.
Good morning, and welcome to Hydrogenpro's second quarter presentation. Today, I'm accompanied by CFO, Martin Holtet, who will present the financial figures. And I will take you through the highlights and our recent developments, market updates and our partnership strategy.
About Hydrogenpro. I know many of you have seen this before. But for those of you who do not know us so well, we are what we call a pure-play OEM company focusing on core electrolysis technology, which is well suited for the renewable energy sources. We deliver high-pressure electrolyzers and the gas separation skid. We are addressing market for decarbonization of selected large-scale industry segments already using gray hydrogen for -- or where decarbonization is hard to achieve through electrification.
Hydrogenpro is delivering to two of the largest projects in the world, a 220-megawatt project starting up now, and 100-megawatt project, which we have delivered main components and now producing our third-generation electrodes in our new factory. Few
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