Hexagon Purus ASA: Results for the second quarter 2026
Key developments in Q2 2026:
- Revenue and other income of NOK 146 million in the second quarter of 2026
- EBITDA of NOK -102 million in the second quarter of 2026, compared to NOK -161 million in the same period last year;
- Exited the quarter with order backlog consisting of firm purchase orders of NOK 523 million
"In the second quarter, we have continued to execute against the priorities we established at the beginning of the year; reducing the cost base further, converting commercial opportunities into firm customer orders, and advancing initiatives to strengthen the balance sheet and long-term capital structure", says Morten Holum, CEO of Hexagon Purus. "We have multiple customer dialogues, across both hydrogen and battery-electric applications, and converting these opportunities into firm orders remains management's highest operational priority. Although the operating environment remains demanding, the actions taken over the past year leave the Company materially better positioned than it was a year ago".
Hexagon Purus Q2 2026 consolidated financials
In the second quarter of 2026, Hexagon Purus ("the Company" or "the Group") generated revenue and other income of NOK 146 million, down 25% compared to the corresponding period in 2025. Excluding the U.S. divestment which occurred in the first quarter of 2026, the decrease in revenue was 6% and primarily driven by lower activity within transit bus and industrial gas applications, partly offset by higher activity in hydrogen infrastructure.
Total operating expenses in the second quarter of 2026 amounted to NOK 248 (355) million, leading to an operating profit before depreciation (EBITDA) of NOK -102 (-161) million.
Total assets at the end of the second quarter of 2026 amounted to NOK 1,866 (2,600) million. Property, plant and equipment totaled NOK 629 (1,147) million at quarter-end. Right-of-use assets amounted to NOK 318 (512) million at quarter-end, while intangible assets ended at NOK 590 (665) million.
Inventory amounted to NOK 382 (714) million at the end of the second quarter of 2026 and was more or less unchanged compared to the first quarter of 2026. Trade receivables stood at NOK 180 (244) million at quarter-end, and was down from NOK 238 million in the first quarter of 2026 driven by cash collection from customers.
Total equity amounted to NOK 41 (1,418) million at the end of the second quarter of 2026, corresponding to an equity ratio of 1% (33%). While the Group's consolidated equity ratio is at a low level, it is not expected to constrain near-term operations. Furthermore, the Company continues to actively evaluate its capital structure and broader financial framework, including structural measures relating to the Group's outstanding convertible bonds, with the objective of strengthening the balance sheet, improving financial flexibility and supporting the long-term development of the business.
Non-current liabilities amounted to NOK 2,390 (2,222) million at the end of the second quarter, of which NOK 1,958 (1,691) million comprised interest-bearing debt, primarily related to the two outstanding convertible bonds, maturing in Q1 2028 and Q1 2029, respectively. Total current liabilities stood at NOK 383 (626) million at the end of the second quarter of 2026, with trade payables amounting to NOK 109 (148) million.
Net cash flow from operating activities in the second quarter of 2026 amounted to NOK -47 (-197) million. The quarter included a working capital release of NOK 57 (-41) million, primarily driven by a significant reduction in trade receivables, while inventory and trade payable levels remained broadly stable. Net cash flow from investing activities amounted to NOK -2 (62) million in the second quarter of 2026. Capital expenditures in the quarter ended at NOK -2 (-37) million. Capitalized product development was NOK -1 (-8) million, and primarily reflects targeted investment in a small number of next-generation product and technology initiatives. Net cash flow from financing in the second quarter of 2026 was NOK -12 (-3) million. Cash and cash equivalents ended at NOK 308 (527) million as of the second quarter of 2026.
Hydrogen Mobility and Infrastructure (HMI)
Revenue and other income for the HMI segment amounted to NOK 129 million in the second quarter of 2026, representing a decrease of 21% year-over-year. Excluding the divested U.S. business, which occurred during the first quarter of 2026, segment revenue grew by 3% year-over-year. The underlying revenue development was primarily driven by lower activity within transit bus and industrial gas applications, offset by increased revenue from hydrogen infrastructure following the delivery of four hydrogen distribution modules to customers during the quarter.
EBITDA for the HMI segment was NOK -52 (-76) million in the second quarter of 2026, which includes NOK 15 million in restructuring costs related to workforce reductions in Germany.
Historical segment financials are made available on www.hexagonpurus.com together with Q2
2026 report and presentation.
Battery Systems and Vehicle Integration (BVI)
Revenue and other income for the BVI segment totaled NOK 16 (25) million in the second quarter of 2026. This reflects two vehicle deliveries to Hino and sublease revenue from the Dallas facility.
EBITDA for the BVI segment amounted to NOK -21 (-31) million in the second quarter of 2026.
Historical segment financials are made available on www.hexagonpurus.com together with Q2
2026 report and presentation.
Outlook
Management's priorities remain unchanged.
The Company will continue to align its cost base and operational footprint with prevailing market conditions while preserving the capabilities required to support future growth. The restructuring actions implemented over the past twelve months have fundamentally reset the Company's cost base, significantly reducing the revenue required to achieve EBITDA break-even and improving the operating leverage of the business. At the same time, commercial execution remains the Company's highest operational priority, with a continued focus on converting customer engagement into firm orders and strengthening revenue visibility.
While market conditions remain challenging, the Company enters the second half of 2026 with a materially lower cost base, improved operational flexibility and reduced cash requirements than a year ago, and the Company remains well positioned to capture growth opportunities.
Maintaining financial flexibility remains a key priority, and developing options to strengthen the Company's balance sheet and capital structure, including structural measures relating to the outstanding convertible bonds, is high on the agenda.
Presentation of the results
Hexagon Purus will present the Q2 2026 results today, 16 July, at 08:30 CEST and the presentation will be broadcast live via https://event.plaii.no/hexagon/2c2953f439.
The presentation will be held in English and will be virtual. A recording of the presentation will be made available on www.hexagonpurus.com.
For more information:
Mathias Meidell, IR Director, Hexagon Purus ASA
Telephone: +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 and rail.
Learn more at www.hexagonpurus.com and follow @HexagonPurus on X and LinkedIn.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
