Q1 2026 Hexagon Purus ASA Earnings Call Transcript
Key Points
- Revenue improved significantly year-over-year, with headline revenue increasing by 76% to NOK405 million.
- The company successfully completed the divestment of its US Aerospace business to SpaceX, strengthening its liquidity position.
- Hexagon Purus ASA signed a financing agreement with CIMC Enric for its joint venture in China, maintaining strategic exposure to the world's largest hydrogen market.
- The company achieved a positive EBITDA of NOK1.6 million, a significant improvement from negative NOK242 million in Q1 last year.
- Cost reduction efforts, including workforce reductions, have lowered the breakeven point and improved the company's cost base alignment with market demand.
- Despite improvements, the underlying EBITDA remains negative at minus NOK90 million, indicating ongoing profitability challenges.
- The order book size is still lower than needed to break even with the current cost base, highlighting the need for increased order intake.
- Revenue from Hydrogen Mobility declined due to lower activity in transit bus, with expectations of continued lower sales throughout the year.
- The certification process for cylinders in China is taking longer than expected due to changing regulatory requirements, causing delays.
- The equity ratio is at a low level of 9%, indicating a need for reviewing and potentially restructuring the company's capital structure.
Hi, and welcome to Hexagon Purus Q1 2026 presentation. We are sorry for the delay. My name is Mathias Meidell, and I am the IR Director of Hexagon Purus. I will be moderating from the studio in Oslo. And from the studio, I'm also joined by Group CEO, Morten Holum; and Group CFO, Salman Alam.
The agenda for today includes, as usual, highlights from the quarter, a company update, the financials and the outlook. (Event Instructions) And with that, I will pass the word over to you, Morten, who will take us through the highlights of the quarter.
Thank you, Mathias, and good morning, everyone. Thanks for tuning into our webcast today. Let's start by looking at the key developments in the first quarter. Number one, revenue improved year-over-year. Headline revenue, including one-off gains from transactions, was NOK405 million, 76% higher than last year.
On a like-for-like basis, excluding the one-offs, underlying
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
