Hexagon Purus (HPUR) Q1 2026 earnings summary

Executive summary

• Revenue increased 76% year-over-year to NOK 405 million, driven by extraordinary gains from the U.S. aerospace divestment and China JV deconsolidation; underlying revenue up to NOK 271 million, mainly from hydrogen infrastructure.

• Completed divestment of U.S. aerospace business to SpaceX, generating up to USD 15 million, and signed a financing agreement for the China JV with CIMC ENRIC, resulting in deconsolidation and reduced cash outflow.

• Significant cost reductions executed, including workforce cuts of nearly 50% since end of 2024, to align costs and protect liquidity.

• Order backlog at NOK 463 million, with 90% for execution in 2026, but still below break-even needs and with limited visibility for the second half.

• Liquidity position strengthened through divestments and financing agreements, but ongoing restructuring and market uncertainty persist.

Financial highlights

• Revenue and other income: NOK 405 million (+76% YoY), including NOK 134 million in extraordinary gains; underlying revenue: NOK 271 million (+29% YoY).

• EBITDA: NOK 2 million (0% margin), up from NOK -242 million YoY, including NOK 92 million net positive impact from items affecting comparability.

• Net loss after tax: NOK -172 million, improved from NOK -385 million YoY.

• Cash and cash equivalents: NOK 364 million at quarter end; equity ratio: 9%.

• Operating cash flow: NOK -44 million; investing cash flow: NOK 119 million (mainly from divestments); net cash flow: NOK 42 million.

Outlook and guidance

• Market remains challenging with limited medium-term demand visibility; orderbook provides some near-term coverage but H2 2026 visibility is limited.

• Hydrogen mobility revenue expected to be lower in 2026 due to customer constraints, while hydrogen infrastructure could see higher volumes if customer indications convert to orders.

• Priorities: increase orderbook, further reduce costs, maintain liquidity, and review capital structure.

• The company is actively evaluating its capital structure, including outstanding convertible bonds.