Q2 2024 Hexagon Purus ASA Earnings Call Transcript
Key Points
- Hexagon Purus ASA (HPURF) achieved positive EBITDA for its hydrogen business in Europe and North America, ahead of schedule.
- The company reported a 60% year-over-year increase in Q2 revenue, reaching an all-time high of NOK528 million.
- Hexagon Purus ASA successfully launched the Tern truck for the Hino program, expected to drive future revenue growth.
- A new partnership with Toyota was announced, involving the supply of hydrogen and battery systems for heavy-duty trucks in North America.
- The order backlog at the half-year mark stood at NOK1 billion, providing solid visibility for 2024 revenue targets.
- The company reported a negative EBITDA margin of 18% for Q2, although this was an improvement from the previous year.
- Operating expenses increased significantly, reaching NOK625 million in Q2, up from NOK419 million the previous year.
- Hexagon Purus ASA's cash flow from operations was negative, at minus NOK232 million for the quarter.
- The order backlog decreased compared to the previous quarter, raising concerns about long-term order visibility.
- The company anticipates the need for additional capital, potentially requiring a capital raise in the second half of the year.
Hi, and welcome to Hexagon Purus Q2 2024 presentation. We apologize for the slight delay, but we had some technical difficulties at our end, but now we are ready. So 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, the highlights from the quarter, a company update, and the financials and the outlook. We will end the presentation with a Q&A session, so please feel free to enter your questions via the function on your screen.
So 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 joining our webcast this morning. And for you Scandinavians out there, I realize that we are right in the
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