Hexagon Purus delivered robust year-over-year revenue growth in the third quarter of 2022 coupled with continued strong commercial momentum in hydrogen distribution applications.
Highlights of Q3 2022:
- Revenue increased 115% year-on-year to NOK 222 million, including a contribution of NOK 143 million from Wystrach, driven by strong demand in hydrogen distribution applications
- Received orders worth NOK 290 million for hydrogen distribution systems from several customers to be deployed in Europe including Germany, Poland and the Netherlands
- Ended the quarter with a total arrears of over NOK 1 billion
- Successful completion of the acquisition of 40% of Cryoshelter’s liquid hydrogen business, bringing early-stage expertise in liquid hydrogen tank technology for zero-emission mobility applications, potentially leading to a future complementary offering for Hexagon Purus’ market-leading compressed hydrogen cylinder technology
In the third quarter of 2022, Hexagon Purus Group (“the Company”) generated sales of NOK 222 (103) million and reported an operating result before depreciation and amortization (EBITDA) of NOK -92 (-80) million. The 115% sales growth was driven by the acquisition of Wystrach, which contributed NOK 143 million to sales.
Continued investment in staff and infrastructure to support and accelerate Hexagon Purus’ future growth results in negative profitability. In addition, the Group is subject to inflationary pressures on the costs of its main inputs, which are countered by compensatory pricing measures and cost reduction efforts.
Significant developments after the balance sheet date:
- Securing a framework agreement for the supply of hydrogen distribution systems to a leading European green hydrogen producer; the minimum value of the framework agreement is around EUR 9.7 million
- Selected by CaetanoBus as the preferred supplier of high-pressure hydrogen fuel systems for mass-produced fuel cell transit buses, the estimated potential value over the term of the framework agreement is…
