Hexagon Purus ASA: Results for the third quarter 2023
07 Novembre 2023 - 7:00AM
Hexagon Purus ASA: Results for the third quarter 2023
Selected key developments in Q3 2023 and after
balance sheet date:
- All-time high quarterly revenue of NOK 380 million in the third
quarter of 2023, corresponding to a year-over-year revenue growth
of 71%. Consequently, revenue year-to-date as of the third quarter
of 2023 was NOK 954 million, up 61% year-over-year
- Received purchase orders in October worth EUR 6.4 million from
Solaris for delivery of hydrogen fuel storage systems for transit
buses to be deployed in Italy
- Inaugurated the Company’s new state-of-the-art hydrogen
cylinder production hub in Kassel, Germany
- Entered into a 10-year lease agreement for a vehicle
integration facility in Dallas, Texas to support the two major
vehicle integrations contracts announced in 2023
- Exited the quarter with order backlog consisting of firm
purchase orders of approximately NOK 1.1 billion
“We have just reported another strong quarter, keeping us on
track to deliver on our ambitious 2025 targets. We have continued
growing our revenue, and most importantly, secured additional
customer contracts in this quarter that will further strengthen our
diversified customer portfolio”, says Morten Holum, CEO of Hexagon
Purus. “At the same time, we are nearing the end of an ambitious
capacity expansion program, which will give us five brand new
production facilities to operate in 2024 and provide sufficient
capacity to deliver on current customer demand”.
In the third quarter of 2023, Hexagon Purus (“the Company” or
“the Group”) generated NOK 380 million in revenue, the highest
quarterly revenue on record. This corresponds to revenue growth of
71% from NOK 222 million in the third quarter of 2022. Hydrogen
infrastructure solutions continues to be the main driver of growth,
coupled with increasing activity within mobility applications,
hereunder heavy-duty vehicles and transit bus as well as aerospace.
Total operating expenses in the third quarter of 2023 ended at NOK
496 (315) million, leading to an operating profit before
depreciation (EBITDA) of NOK -116 (-92) million.
Total assets at the end of the third quarter of 2023 amounted to
NOK 3 786 (2 636) million. The year-over-year increase in
total assets is mainly driven by increases to property, plant and
equipment and right-of-use assets as a result of the Company’s
ongoing capacity expansion program. Increases in equity and
non-current liabilities in the third quarter of 2023 compared to
the third quarter of 2022 is mainly driven by the NOK 800 million
(gross) convertible bond issuance in March 2023, and an increase in
lease liabilities related to production facilities and equipment as
part of the Company’s ongoing capacity expansion program. At the
quarter-end, the Company had a satisfactory equity ratio of 56%
(68%).
Net cash flow from operating activities in the third quarter of
2023 was NOK -284 (-133) million, of which NOK 152 (58) million was
due to an increase in net working capital. Net cash flow from
investing activities was NOK -117 (-94) million in the third
quarter of 2023, of which NOK 102 million is investments in
production equipment and facilities related to the ongoing capacity
expansion program. Net cash flow from financing in the third
quarter of 2023 was NOK -21 (-2) million. The majority of the
outflow from financing is related to lease payments, which in the
third quarter of 2023 amounted to NOK -16 (-7) million.
Cash and cash equivalents ended at NOK 566 (481) million.
Outlook
Hexagon Purus’ customer interactions are positively influenced
by the strong legislative tailwinds, and customer demand for the
Company’s products and services is expected to further accelerate
going forward. Hexagon Purus has been successful in securing
several long-term agreements recently, which gives the Company
confidence in its medium to long-term targets.
Hexagon Purus’ order backlog, consisting of firm customer
purchase orders, stood at approximately NOK 1.1 billion as of the
third quarter of 2023, with the majority of the orderbook scheduled
for execution in 2024. Order intake for 2024 has been strong after
the balance sheet date, adding approximately NOK 130 million in
additional orders during October. With its recent commercial
success, Hexagon Purus has a strong and diversified portfolio of
long-term agreements across several applications supporting the
Company’s medium and long-term targets. As more of these long-term
agreements comes online and customer purchase orders are released
as part of the long-term agreements, the Company expect
corresponding growth in the order backlog, although order intake
will fluctuate from quarter to quarter. For 2023, the Company
expects revenue growth of approximately 50% year-over-year.
With several growth initiatives underway, including building
production capacity and organizational capabilities to support
customer launch activities and expected market demand in the coming
years in North America, Europe and Asia, Hexagon Purus is in the
investment phase of its development. Such investments are expected
to impact profitability over the near-to-medium term. The relative
EBITDA margin is expected to significantly improve year-over-year,
but EBITDA will continue to be impacted by ramp-up of the
organization and production facilities. Negative EBITDA for
full-year 2023 is expected to widen by approximately 10% compared
to full-year 2022 EBITDA.
Presentation of the results
Hexagon Purus will present the Q3 2023 results at 08:30 CET and
the presentation will be broadcasted live via
https://hexagonpurus.kg5.no/.
The presentation will be held in English and will be virtual.
Recording of the presentation will be made available on
www.hexagonpurus.com.
For more information:
Mathias Meidell, IR Director, Hexagon Purus ASATelephone:
+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
Twitter and LinkedIn.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- HPUR Q3 2023 Report
- HPUR Q3 2023 Presentation
Grafico Azioni Hexagon Purus ASA (TG:0QJ)
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