HydrogenPro (HYPRO) Q1 2026 earnings summary

Executive summary

• Achieved key milestones in Q1 2026, including a strategic OEM agreement with LONGi for 1GW capacity, mothballing the Tianjin plant, and full commissioning of the 220MW ACES project in Utah.

• Ongoing product development has led to robust, efficient, and cost-effective electrolyzers with improved current efficiency and reduced CapEx.

• Strategic review initiated to assess future projects, liquidity, and financing alternatives, with Clarksons Securities AS engaged as financial advisor.

• Q1 2026 revenue was NOK 16 million, mainly from electrode deliveries to the SALCOS project.

• EBITDA improved to NOK -32 million, reflecting cost savings and higher-margin service activities.

Financial highlights

• Q1 2026 revenue was NOK 16 million, with a gross profit of NOK 10 million and a 62% gross margin, up from previous quarters due to high-margin components and services.

• EBITDA was NOK -32 million; net loss was NOK -41 million to NOK -45 million for the quarter.

• Cash balance declined from NOK 102 million to NOK 56 million during Q1.

• Order backlog at quarter-end was NOK 252 million, down from NOK 275 million sequentially.

• Equity ratio at quarter-end was 63.3%.

Outlook and guidance

• Expectation of FIDs for ongoing projects in 2026 and 2027, with order intake targeted for 2026.

• Pipeline remains strong and diversified, with NOK 1 billion in late-stage negotiations and additional upside potential.

• No specific cash burn guidance, but cost base targeted to be reduced by NOK 2 million per month, with annual savings of NOK 20 million.

• Liquidity remains a concern; additional external financing is required to continue operations.

• Some project timelines in Europe are shifting due to regulatory uncertainties.