Q3 2024 Hydrogenpro ASA Earnings Call(Q&A) Transcript
Key Points
- HydrogenPro ASA (STU:R6Z) reported a significant increase in revenues, reaching NOK72 million in the third quarter, up from NOK50 million in the previous quarter.
- The company achieved a gross margin of 26%, indicating strong profitability in its operations.
- HydrogenPro ASA received EU funding approval of EUR16.5 million for its expansion project in Denmark, which is progressing on time and within budget.
- The company is positioned as one of the few OEMs with operational mega projects, enhancing its reputation and market position.
- HydrogenPro ASA has successfully attracted around NOK200 million in funding for technology development, showcasing its strong R&D capabilities.
- The company reported a net loss of NOK38 million for the third quarter, highlighting ongoing financial challenges.
- HydrogenPro ASA experienced a reduction in its backlog from NOK416 million to NOK341 million, indicating a slowdown in new contract acquisitions.
- There were eight recorded accidents in 2023, although all were minor, it underscores the need for improved safety measures.
- The company faces uncertainties due to EU restrictions and the unclear criteria from the European Hydrogen Bank, which could impact future projects.
- HydrogenPro ASA has not announced any new contracts in the quarter, reflecting challenges in securing new business amidst a more challenging market environment.
Good morning and welcome to Hydrogen Pros First excuse me, third quarter presentation.
Today, I'm accompanied by CFO Martin Thanem Holtet who will present the financial result for the third quarter.
We posted NOK72 million knoc in revenues during the quarter compared to NOK50 million knoc previous quarter and with a gross margin of 26%.
We're reaching the milestone of completion of production to Salzgitter project. And here Walter Martin will elaborate more on revenue recognition on this project.
As announced, we received the approval of eu funding of EUR16.5 million the expansion project in Denmark is well on time and within budget.
And lastly, the ASIS project is getting into the commissioning phase.
I want to start with placing Hydrogen Pro in the iea's world map of ongoing hydrogen projects.
Hydrogen Pro is one of 5 to 7 OEMs having delivered on mega projects.
This puts us in a forefront position with operational projects as our two projects are among the first ones to start
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