Hexagon Purus ASA

Results for the fourth quarter 2023

Selected key developments in Q4 2023 and after balance sheet date:

• Revenue of NOK 366 million in the fourth quarter of 2023. Full-year 2023 revenue ended at NOK 1,320 million, up 37% year-over-year;
• EBITDA ended at NOK -129 million in the fourth quarter of 2023. Full-year 2023 EBITDA ended at NOK -445 million, translating to a relative EBITDA margin of -34%, up from -42% for the full-year 2022 and 54% for the full-year 2021;
• Raised approximately NOK 1,000 million in gross proceeds from a convertible bond issue announced in December 2023, supported by Mitsui & Co., Ltd., Hy24 and Hexagon Composites. Added Hy24, the world’s largest clean hydrogen pure-play investor, as a new strategic investor in the Company;
• Extended framework agreement with leading European producer of green hydrogen for delivery of hydrogen distribution modules with minimum value of approx. EUR 17 million;
• Received purchase orders for delivery of hydrogen distribution systems to a leading player within the green hydrogen ecosystem worth approx. EUR 9.6 million;
• Awarded purchase order by Ford Trucks to deliver a complete hydrogen fuel storage system for a prototype heavy-duty fuel cell electric truck;
• Selected by New Flyer for the fourth time as partner for the hydrogen bus market in North America with an estimated contract value of approximately USD 4 million;
• Opened new hydrogen infrastructure and systems manufacturing hub in Weeze, Germany, which significantly increases production capacity for hydrogen infrastructure solutions and;
• Exited the quarter with order backlog consisting of firm purchase orders of approximately NOK 1.3 billion.

“2023 has been an exciting and eventful year for Hexagon Purus, where we achieved significant growth from last year. The lion’s share of the investment program is completed, and we are now moving into the ramp-up and operational execution phase. With positive gross margins on customer deliveries, the EBITDA margin will continue to improve as the utilization of the new capacity increases”, says Morten Holum, CEO of Hexagon Purus. “Over the past few years, we have delivered transformational growth, with revenue the last twelve months now more than seven times higher than in 2020. We have a solid foundation for 2024 and I remain confident that we will continue to deliver on our short- and medium-term targets”, he continues.