Hexagon Purus reports record Q2 revenue, strong order backlog, focusing on growth

From GlobeNewswire: 2024-07-18 01:00:00

Hexagon Purus reported record Q2 2024 revenue of NOK 528 million, up 60% from Q2 2023. EBITDA was NOK -97 million, with the Hydrogen Mobility & Infrastructure segment turning EBITDA positive. The company has a strong order backlog of NOK 1.0 billion for 2024, keeping them on track for significant revenue growth.

The company’s total assets in Q2 2024 were NOK 4,619 million, with revenue driven by hydrogen infrastructure and mobility solutions. The HMI segment saw a 71% increase in revenue, reaching NOK 526 million. The BVI segment revenue for Q2 was NOK 2 million, with significant revenue expected in Q4 2024.

Hexagon Purus is focused on capacity utilization and operational improvements to reach Group EBITDA break-even in 2025. The company expects continued revenue growth from hydrogen offerings. Significant revenue recognition for battery electric vehicles with major partners is expected in Q4 2024, contributing to growth in 2025. Their order backlog for 2024 covers 90% of the revenue target.



Read more at GlobeNewswire:: Results for the second quarter 2024