Selected key developments in Q4 2023 and after balance sheet date:
- Revenue of
NOK 366 million in the fourth quarter of 2023. Full-year 2023 revenue ended atNOK 1,320 million , up 37% year-over-year; - EBITDA ended at
NOK -129 million in the fourth quarter of 2023. Full-year 2023 EBITDA ended atNOK -445 million , translating to a relative EBITDA margin of -34%, up from -42% for the full-year 2022 and 54% for the full-year 2021; - Raised approximately
NOK 1,000 million in gross proceeds from a convertible bond issue announced inDecember 2023 , supported by Mitsui & Co., Ltd., Hy24 and Hexagon Composites. Added Hy24, the world’s largest clean hydrogen pure-play investor, as a new strategic investor in the Company; - Extended framework agreement with leading European producer of green hydrogen for delivery of hydrogen distribution modules with minimum value of approx.
EUR 17 million ; - Received purchase orders for delivery of hydrogen distribution systems to a leading player within the green hydrogen ecosystem worth approx.
EUR 9.6 million ; - Awarded purchase order by Ford Trucks to deliver a complete hydrogen fuel storage system for a prototype heavy-duty fuel cell electric truck;
- Selected by New Flyer for the fourth time as partner for the hydrogen bus market in
North America with an estimated contract value of approximatelyUSD 4 million ; - Opened new hydrogen infrastructure and systems manufacturing hub in
Weeze, Germany , which significantly increases production capacity for hydrogen infrastructure solutions and; - Exited the quarter with order backlog consisting of firm purchase orders of approximately
NOK 1.3 billion .
“2023 has been an exciting and eventful year for
In the fourth quarter of 2023,
Total assets at the end of the fourth quarter of 2023 amounted to
Net cash flow from operating activities in the fourth quarter of 2023 was
Cash and cash equivalents ended at
Outlook
The clean hydrogen industry is facing headwinds in terms of higher construction and operating costs and higher cost of capital on the back of rising interest rates. This has resulted in a higher levelized cost of renewable hydrogen, which has slowed down the development of the global clean hydrogen industry compared to previous expectations. However, 1,400 hydrogen projects have been announced world-wide1, up more than 35% compared to the number of projects announced in
For
Hexagon Purus’ order backlog, consisting of firm customer purchase orders, stood at approximately
- Maximizing capacity utilization: Ramp-up and high utilization of production capacity footprint and newly installed asset base;
- Operational improvements: Operational excellence with focus on quality, reducing scrap and inventory management;
- Minimizing capital spend: Complete current capacity expansion program, including new
Dallas, Texas facility, but limit new investments beyond already committed investments or initiated capacity expansion programs. Focus on optimizing working capital position.
These initiatives, combined with the expected revenue growth and mix for 2024, are expected to be gross margin accretive and further improve the Company’s gross margins in 2024, compared to 2023. Additionally, with the revenue growth expected for 2024 combined with continued cost consciousness throughout the organization, benefits of further operating leverage to the Company’s fixed cost base is also expected in 2024. For instance, the hydrogen infrastructure and mobility business, Hexagon Purus’ largest business unit, is expected to reach EBITDA break-even in 2024 (excluding the Chinese joint venture). Additionally, initial revenue from the Hino and
Consequently, 2023 was the expected trough from a Group EBITDA perspective, and significant improvements to the Group EBITDA margin are expected in 2024. The Company retains its target of reaching EBITDA break-even in 2025.
Presentation of the results
The presentation will be held in English and will be virtual. Recording of the presentation will be made available on www.hexagonpurus.com.
[1] Source:
For more information:
Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com
Telephone: +47 476 12 713 | salman.alam@hexagonpurus.com
About
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
Attachments
- HPUR Q4 2023 Report
- HPUR Q4 2023 Presentation
Source:
2024 GlobeNewswire, Inc., source