Hexagon Purus ASA: Results for the fourth quarter 2025
Key developments in Q4 2025 and after balance sheet date:
- Revenue of NOK 468 million in the fourth quarter of 2025, 18% higher compared to same period last year. FY 2025 revenue was NOK 1,144 million, down 39% compared to FY 2024;
- EBITDA of NOK -99 million (-21% margin) in the fourth quarter of 2025, compared to NOK -104 million (-26% margin) in the same period last year. EBITDA in the fourth quarter of 2025 included NOK 76 million of inventory write-downs, warranty provisions, bad debt expense and restructuring costs (“Items Affecting Comparability” or “IAC”). FY 2025 EBITDA was NOK -618 million (-54%), which included NOK 186 million of IAC;
- Announced the divestment of the Company’s U.S. aerospace business to SpaceX for an enterprise value of USD 15.0 million, comprising a cash consideration of USD 12.5 million and a contingent cash earn-out of USD 2.5 million. The closing of the transaction is subject to applicable closing conditions;
- Took further steps in the strategic review of the BVI segment, including significant cost reductions, a new 14-truck order from Hino, and actions expected to materially reduce near-term cash requirements;
- Renegotiated long-term battery cell supply agreement, eliminating the previously outstanding pre-payment obligation of USD 12.9 million and;
- Exited the quarter with order backlog consisting of firm purchase orders of approximately NOK 728 million
“2025 has been heavily impacted by significant market and regulatory uncertainty and extensive restructuring across the Group and we took decisive actions to adapt our operating model, reduce the cost base, and protect liquidity. Against this backdrop, the performance in the fourth quarter was encouraging. Revenue developed in line with our expectations and reached the third-highest quarterly level in the Company’s history”, says Morten Holum, CEO of Hexagon Purus. “Looking forward, we are still facing uncertain market conditions and limited near-term demand visibility. We will continue our business portfolio review and assessment of potential initiatives that may further strengthen our financial position, while preserving flexibility to support long-term value creation”.
Hexagon Purus Q4 2025 consolidated financials
In the fourth quarter of 2025, Hexagon Purus (“the Company” or “the Group”) generated revenue of NOK 468 million, up 18% compared to the corresponding period in 2024. The main reason for the revenue increase was significantly higher revenue for transit bus and aerospace applications, coupled with a strong sequential uptick for hydrogen infrastructure applications. Full-year 2025 revenue amounted to NOK 1,144 million, representing a 39% decline compared to the prior year. The decrease was mainly driven by significantly lower activity in hydrogen infrastructure and hydrogen heavy-duty mobility, only partly offset by strong performance in the transit bus and aerospace segments.
Total operating expenses in the fourth quarter of 2025 amounted to NOK 568 (500) million, leading to an operating profit before depreciation (EBITDA) of NOK -99 (-104) million, equivalent to an EBITDA margin of -21% (-26%). This includes NOK 76 million of IAC. For the full-year of 2025, EBITDA ended at NOK -618 (-348) million, equal to -54% (-19%) margin. This includes IAC of NOK 186 million.
Total assets at the end of the fourth quarter of 2025 amounted to NOK 3,510 (4,934) million. Inventory amounted to NOK 549 (694) million at the end of the fourth quarter of 2025. The sequential decrease of NOK 209 million and the year-over-year decrease of NOK 145 million primarily reflect inventory release following strong revenue development in the quarter, as well as inventory write-downs following updated assessments of inventory values and alignment with bills of materials. Trade receivables increased sequentially by NOK 79 million during the fourth quarter of 2025 to NOK 313 (351) million, driven by the same activity-related effects as the inventory release.
Total equity amounted to NOK 579 (2,122) million at the end of the fourth quarter of 2025, corresponding to an equity ratio of 17% (43%). The reduction in equity compared to the same period last year primarily reflects negative profit after tax recognized during 2025, which includes impairment charges to tangible, intangible, and financial assets taken over the year. While the equity ratio has declined, it should be viewed in the context of the Group’s balance sheet structure, which includes significant long-lived assets, and the non-cash nature of the impairment charges recognized during the year. The Company has taken decisive measures to increase liquidity, reduce capital intensity and lower its cost base, including portfolio actions and funding arrangements that extend the Company’s liquidity runway. As a result, the current equity ratio is not expected to constrain near-term operations, and the Company continues to focus on maintaining sufficient liquidity and retain financial flexibility going forward. The increase in non-current liabilities to NOK 2,354 (2,145) million is mainly driven by non-cash interest added to the principal of the two outstanding convertible bonds, partly offset by a reduction in lease liabilities to NOK 485 (543) million. Total current liabilities stood at 577 (667) million at the end of the fourth quarter of 2025, of which trade payables made up NOK 147 (260) million.
Net cash flow from operating activities in the fourth quarter of 2025 amounted to NOK 14 (-94) million. The quarter benefited from a working capital release of NOK 69 (0) million, primarily driven by a reduction in inventory of NOK 209 million, reflecting high activity levels in the period. This was partly offset by a sequential decrease in trade payables and contract liabilities, in line with revenue recognition during the quarter.
Net cash flow from investing activities amounted to NOK -46 (-117) million in the fourth quarter of 2025. Capital expenditures of NOK -15 (-66) million related primarily to facilities maintenance and selective investments in certain production equipment across the Company. In addition, NOK -26 (-36) million was related to capitalization of product development, mainly within the BVI segment, reflecting the completion and final validation of select product and technology initiatives during the quarter.
Net cash flow from financing in the quarter was NOK -10 (953) million, and cash and cash equivalents ended at NOK 322 (1,028) million as of the fourth quarter of 2025.
Hydrogen Mobility and Infrastructure (HMI)
Revenue for the HMI segment amounted to NOK 427 million in the fourth quarter of 2025, representing a 20% increase year-over-year and an 83% increase compared to the third quarter of 2025. The year-over-year growth was primarily driven by higher activity within hydrogen mobility, particularly transit bus applications, as well as strong growth in aerospace. Sequentially, revenue was also supported by a marked increase in hydrogen infrastructure activity following the delivery of 27 hydrogen distribution units during the quarter.
EBITDA for the HMI segment was NOK -2 million in the fourth quarter of 2025, corresponding to a margin of 0%, which includes NOK 31 million of IAC.
Historical segment financials are made available on www.hexagonpurus.com together with Q4 2025 report and presentation.
Battery Systems and Vehicle Integration (BVI)
Revenue for the BVI segment totaled NOK 39 (47) million in the fourth quarter of 2025. Revenue in the quarter primarily reflected the delivery of nine Class 6 battery-electric trucks to Hino, as well as income from the sublease of a portion of the Company’s Dallas facility to Hino.
EBITDA for the BVI segment amounted to NOK -62 (-33) million in the fourth quarter of 2025. This includes NOK 45 million of write-downs of obsolete inventory.
Historical segment financials are made available on www.hexagonpurus.com together with Q4 2025 report and presentation.
CIMC-Hexagon (China Joint Venture)
The Company is engaged in ongoing discussions with its joint venture partner regarding potential financing alternatives for 2026, with the objective of minimizing Hexagon Purus’ cash contributions while maintaining the joint venture’s operational continuity and market presence. These discussions may include changes to funding arrangements and ownership levels, subject to further negotiation and agreements. In parallel, the parties are exploring opportunities to simplify the joint venture structure to enhance cost efficiency, execution speed, and competitiveness in the Chinese market.
Outlook
The combined effect of the restructuring measures taken to date and the divestment of the Company’s aerospace business is expected to meaningfully reduce the Company’s cash requirements and extend the Company’s liquidity runway. The Company now operates with a significantly leaner cost base, improved financial flexibility and lower EBITDA break-even levels compared to the start of 2025. Capital expenditure going forward will be limited as the capacity expansion programs have been completed.
The order backlog for the first quarter of 2026 provides for a continued high level of activity in the first quarter, although lower than the fourth quarter of 2025. Current sales leads and customer dialogues give reason for optimism also for the rest of 2026, although market volatility and regulatory uncertainty cause limited demand visibility and make forecasting unusually challenging. At the current run rate, order intake remains below the break-even level. Achieving profitability is therefore contingent on a sustained improvement in order intake.
The Company will continue its business portfolio review and assessment of potential initiatives that may further strengthen its financial position and increase shareholder value. Maintaining sufficient liquidity to support ongoing operations will remain a key priority, while preserving flexibility to support long-term value creation.
Presentation of the results
Hexagon Purus will present the Q4 2025 results today, 10 February, at 08:30 CEST and the presentation will be broadcast live via https://hexagonpurus.vivida.live.
The presentation will be held in English and will be virtual. A 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 | mathias.meidell@hexagonpurus.com
Salman Alam, CFO, Hexagon Purus ASA
Telephone: +47 476 12 713 | salman.alam@hexagonpurus.com
About Hexagon Purus ASA
Hexagon Purus 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 X and LinkedIn.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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