Q2 2026 Hydrogenpro ASA Earnings Call Transcript
Key Points
- HydrogenPro ASA (STU:R6Z) has a strong reference portfolio with some of the largest green hydrogen projects globally, which is a key factor for prospective customers.
- The company is making significant technological advancements, including a new stack design and electrode improvements that reduce energy consumption to below 4.5 kWh/Nm³.
- The new OEM agreement with LONGi in China is expected to lower both fixed and variable costs, aligning with a leaner business model while retaining core technology ownership.
- The company maintains a robust project pipeline with a growing backlog, which increased to NOK262 million from NOK252 million in the previous quarter.
- The EU's ReFuelEU Aviation policy is creating a mandated demand for green hydrogen, with potential orders for electrolyzers expected in 2027-2028, positioning the company for future growth.
- The company has successfully completed a capital raise in July, improving its liquidity position with net cash at NOK59 million at the end of Q2 2026.
- HydrogenPro ASA (STU:R6Z) reported a net loss of NOK51 million for Q2 2026, with an EBITDA of minus NOK16 million.
- The company recorded a NOK32 million impairment on intangible assets related to its Tianjin operations following the decision to outsource production.
- The green hydrogen market has been slower than expected in 2026, with fewer final investment decisions (FIDs) being taken, leading to delays in project timelines.
- The company's strategic review is still ongoing, creating uncertainty about its future direction and potential outcomes for shareholders.
- Revenues remain low at NOK15 million for the quarter, primarily from two projects, indicating a continued reliance on a limited number of contracts.
- The company is incurring additional costs, including approximately NOK2 million related to the capital raise, and is still assessing further cost reduction measures due to market conditions.
Good morning. I am Jarle Dragvik, and I will present an update on highlights, technology, and market. Today, I'm accompanied by CFO, Martin Holtet, who will present the financials. But first, a general presentation of Hydrogenpro. Hydrogenpro's core business is the development of technology, manufacturing, and delivery of key components to a green hydrogen factory. That is the electrolyzer for splitting water, what we call cell stacks, and separation skid for the two gases, hydrogen and oxygen.
As customers are looking for an end-to-end delivery, we are teamed up with strategic EPC partners for full-scope turnkey solutions. Our technology is well suited for renewable energy sources with variations in energy load such as solar and wind. We address markets for decarbonization of selected large-scale industry, segments already using gray hydrogen or where decarbonization is hard to achieve through electrification, such as refinery, fertilizer and ammonia, and steel production. Synthetic fuels are also now coming up as a major market
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