A small/short translation of the 17.7 quarterly result. It certainly looks bad, even though we naturally believe in the break-even result coming right around the corner. The share price is also constantly approaching the same number, having already fallen over 80 percent in 12 months… yes, the market doesn’t support it, but it doesn’t really comfort investors.
Let’s see how long the cash lasts before the company goes bust.
Key events in the second quarter of 2025 and after the balance sheet date:
Quarterly revenue of NOK 193 million in the second quarter of 2025, 63% lower than in the corresponding quarter last year;
EBITDA of NOK -161 million in the second quarter of 2025, compared to NOK -97 million in the corresponding period last year;
Signed a new supply agreement with Hino Trucks for the delivery of Class 6 and 7 battery-electric trucks to the US market and initiated a process to explore options for the British Virgin Islands segment;
Quarter ended with an order backlog of nearly NOK 1.1 billion, consisting of binding purchase orders. “We have had a challenging second quarter, with our revenue ending at NOK 193 million,
which is 63% lower than the previous year due to significantly lower activity in hydrogen infrastructure and hydrogen-powered heavy mobility. On a positive note, we had a high order intake during the quarter and expect a significant increase in activity in the second half of 2025,” says Morten Holum, CEO of Hexagon Purus.
“Despite the improved order intake, we continue to adjust our cost base by increasing
the annual cost reduction from NOK 200 million to up to NOK 350 million to enable profitability at lower volumes.
We expect that the anticipated revenue growth, lower investments, and release of working capital will significantly reduce cash burn
in the second half of 2025.
With additional cost cuts and ongoing portfolio review, we maintain our goal to preserve our current cash reserves
until the company reaches EBITDA and cash flow break-even.”