Hexagon Purus reports lower revenue in the first quarter of 2025

Revenue for the Hydrogen Mobility and Infrastructure (HMI) segment in the first quarter of 2025 was NOK 204 million (€17.6 million), down 47% compared to the corresponding period last year. The decline in revenue is primarily owed to lower activity in hydrogen infrastructure and heavy-duty hydrogen mobility, which is only partially offset by higher year-over-year revenue from the hydrogen transit bus segment.

Revenue for the Battery systems and Vehicle Integration (BVI) segment in the first quarter of 2025 was NOK 25 million (€2.16 million). The 35% year-over-year revenue growth was mainly driven by vehicle deliveries of the Tern RC8 to Hino as well as deliveries of battery systems to Toyota Motors North America. In the same quarter last year revenue was mainly made up of an extraordinary payment from an OEM customer for design and engineering services without any corresponding costs in the quarter.

“The start of 2025 has been challenging for Hexagon Purus, for the renewables sector and for zero-emission mobility. We entered the quarter with an uncertain demand outlook and a market sentiment that had weakened significantly following the US presidential election. The subsequent announcement of a shift in policy from the new US administration has added new challenges into the mix, both on the geopolitical front and on the global trade arena,” says Morten Holum, CEO of Hexagon Purus.

“With continued demand uncertainty, we are taking additional measures to reduce our cost base to enable profitability at lower volume and to extend the cash runway towards EBITDA and cash flow break even.”

Outlook

The company has a well-diversified customer base and core technologies that are applicable to a wide range of end-use applications at varying stages of maturity. As evidenced by recent contract announcements, commercial momentum for hydrogen transit bus in Europe remains strong combined with selective wins in other end-use applications such as rail and aerospace. Incoming order activity for the hydrogen infrastructure business picked up in the first quarter of 2025 compared to the end of 2024, and revenue from hydrogen infrastructure is expected to increase in the second half of the year. However, looking at the full-year 2025, revenue from hydrogen infrastructure solutions is expected to be significantly down year-over-year.

The US Hino dealer network continues to market the Tern branded truck towards its customers in the US, and initial customer feedback has been positive. Although the current political climate in the US has dampened the ramp-up curve for the Hino program, the company is still expecting the BVI segment to grow its revenue significantly year-over-year for the full-year 2025.

The company remains focused on reducing costs to enable profitability at lower volumes and is at the same time continuing to review its business portfolio. These initiatives are aimed at making the current cash balance last until the company reaches EBITDA and cash break-even.

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.