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Hexagon Purus
Hexagon Purus (HPUR) investor relations material
Hexagon Purus Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Q4 2025 revenue rose 18% year-over-year to NOK 468 million, driven by transit bus, hydrogen distribution, and aerospace, but full-year revenue fell 39% to NOK 1,144 million due to market uncertainty, regulatory changes, and weak hydrogen infrastructure.
Significant restructuring included a workforce reduction of over one-third, cost base alignment, and a comprehensive business portfolio review focused on customer diversification.
The company divested its U.S. aerospace business to SpaceX for up to USD 15 million, strengthening liquidity and extending its financial runway.
The BVI segment underwent major cost reductions, received new truck orders, and targeted near cash-neutral operations through mid-2026.
Order backlog at year-end was NOK 728 million, providing visibility for early 2026.
Financial highlights
Q4 2025 revenue was NOK 468 million, up 18% year-over-year and 85% sequentially, with full-year revenue at NOK 1,144 million, down from NOK 1,876 million in 2024.
Q4 2025 EBITDA was NOK -99 million (-21% margin), including NOK 76 million in inventory write-downs, warranty provisions, bad debt, and restructuring costs.
Full-year 2025 EBITDA was NOK -618 million (-54% margin), with NOK 186 million in items affecting comparability.
Net loss for Q4 2025 was NOK -508 million; full-year net loss was NOK -1,529 million.
Payroll expenses declined 21% year-over-year due to workforce reductions.
Outlook and guidance
Restructuring and the aerospace divestment are expected to reduce cash requirements and extend liquidity.
Order backlog at year-end supports high activity for Q1 2026, but demand visibility for the rest of 2026 remains limited due to market volatility and regulatory uncertainty.
Modest volume expected in hydrogen distribution for 2026, with potential for improvement over 2025.
Transit bus market remains strong, but lower volume is expected in 2026 due to customer capacity constraints.
Achieving profitability depends on sustained improvement in order intake, which is currently below break-even.
BVI segment's long-term capital efficiency
Liquidity runway extension post-divestment
HMI segment's 2026 revenue growth drivers
What BVI volume needed for breakeven?
Quantify liquidity boost from aerospace sale
What is the expected 2026 cash outflow for China JV?
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Next Hexagon Purus earnings date
Q1 202612 May, 2026
Hexagon Purus
Next Hexagon Purus earnings date
Q1 202612 May, 2026
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Frequently asked questions
Hexagon Purus Holding AS, through its subsidiary, Hexagon Composites ASA, provides hydrogen type 4 high-pressure cylinders, vehicle systems, and battery packs for fuel cell electric and battery electric vehicles in Europe, the Americas, and Asia. The company's hydrogen solutions comprise high-pressure composite storage tanks and system solutions; type 4 all-composite cylinders that provide pressurized storage of hydrogen gas for FCEVs on a tank-to-wheel basis; gas pressure regulators and dispensing equipment to enable safe transfer of compressed natural gas into a vehicles fuel tank for use in transport and industrial applications; H2 Cylinder XC4700 all composite type 4 cylinder for use in the FCEV industry. Hexagon Purus Holding AS operates as a subsidiary of Hexagon Composites ASA.
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