Q2 2026 Hexagon Purus ASA Earnings Call Transcript
Key Points
- Hexagon Purus ASA (HPURF) reported a 13% increase in order backlog from the previous quarter, indicating strong future revenue potential.
- The company has significantly improved its EBITDA from minus NOK161 million last year to minus NOK102 million this quarter, showing progress in cost management.
- Hydrogen infrastructure revenue grew significantly, making up more than half of the total revenue in Q2, up from only 8% last year.
- The company has successfully reduced its workforce by more than 50% since 2024, aligning its cost base with the current market environment.
- Hexagon Purus ASA (HPURF) has a strong cash position with NOK308 million at the end of the quarter, supporting continued operations.
- Revenue for Q2 was NOK146 million, down 25% from the same quarter last year, reflecting continued weakness in transit bus and industrial gas sectors.
- EBITDA remains negative at minus NOK102 million, indicating ongoing financial challenges despite improvements.
- The company faces a structurally lower capital expenditure profile, which may limit growth opportunities.
- Total equity has decreased significantly, with an equity ratio of 1% compared to 33% a year ago, reflecting financial strain.
- Hexagon Purus ASA (HPURF) is actively pursuing measures to strengthen its equity and financing position, indicating potential financial instability.
Welcome to Hexagon Purus Q2 2026 presentation. My name is Mathias Meidell, and I will be moderating from the studio in Oslo. As usual, I'm also joined by Group CEO, Morten Holum; and Group CFO, Salman Alam. The agenda for today includes highlights from the quarter, a company update, 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'll 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. The key developments in the second quarter were: number one, Revenue and other income was NOK146 million, roughly in line with last year when excluding the divested revenue of NOK38 million following the sale of the US Aerospace business unit in Q1.
Number two, we had good
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