Hexagon Purus ASA: Results for the second quarter 2022

Tue 08, 2022 - Stock Exchange Release

Hexagon Purus delivered robust year-over-year revenue growth in Q2 2022 coupled with strong commercial momentum in hydrogen distribution applications.

Q2 2022 highlights:

  • Revenue grew 123 % year over year to NOK 210 million, including NOK 142 million contribution from Wystrach driven by strong demand in distribution and rail applications. EBITDA contribution from Wystrach in the quarter was NOK 14m (10% margin)
  • Entered into an agreement to acquire 40% of Cryoshelter’s liquid hydrogen business bringing early-stage expertise in liquid hydrogen tank technology for zero emission mobility applications and which could potentially result in a future complementary offering to Hexagon Purus’ market leading compressed hydrogen cylinder technology
  • Hexagon Purus Maritime received its inaugural order for hydrogen cylinders to be used in onboard swappable storage containers for maritime vessels operating in inland waterways in Europe
  • Signed a 15-year lease for a new hydrogen cylinder production and office facility in Kassel, Germany, expected to be ready for move in during the second half of 2023

In the second quarter of 2022, Hexagon Purus Group (“the Company”) generated NOK 210 (94) million in revenue and recorded operating profit before depreciation (EBITDA) of NOK -112 (-69) million. Revenue growth of 123 % was driven by the acquisition of Wystrach which contributed NOK 142 million in sales and NOK 14 million in EBITDA.

Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus’ future growth drive negative profitability. Additionally, the Group has been subject to inflationary pressure in the cost of its key inputs which is being addressed through offsetting pricing actions as well as cost reduction efforts.

Key developments after balance sheet date:

  • Received orders worth approximately EUR 14 million for hydrogen distribution systems from industrial gas customers. These systems with Hexagon Purus’ type 4 cylinders will be used to deliver hydrogen for industrial and mobility applications in Germany and the Netherlands
  • Successfully closed the acquisition of a 40% interest in Cryoshelter’s liquid hydrogen storage business
  • Jannicke Hilland stepped down as a member of the Company’s Board of Directors. Ms. Hilland has seen a need to limit her number of board memberships due to overall workload

Presentation of the results:
Hexagon Purus will present the Q2 2022 results at 08:30 CET and the presentation will be broadcasted live via https://hexagonpurus.kg5.no/.

The presentation will be held in English and be virtual. Recording of the presentation will be made available on www.hexagonpurus.com.

For more information:
Mathias Meidell, IR Director, Hexagon Purus ASA
Telephone: +47 909 82 242 | [email protected]

Dilip Warrier, CFO, Hexagon Purus ASA
Telephone: +1 949-236-5528 | [email protected]

About Hexagon Purus ASA
Hexagon Purus, a Hexagon Composites company, enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace. Learn more at www.hexagonpurus.com and follow @HexagonPurus on Twitter and LinkedIn.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act