Hexagon Purus ASA: Results for the first quarter 2024
Selected key developments in Q1 2024:
- All-time high quarterly revenue of NOK 407 million in the first
quarter of 2024, up 67% from the first quarter of 2023;
- EBITDA of NOK -97 million in the first quarter of 2024. This
corresponds to an EBITDA margin of -24%, up from -46% in the first
quarter of 2023;
- Issued convertible bond of approximately NOK 1,000 million
following approval by an Extraordinary General Meeting (EGM) on 11
January 2024. Bond issue supported by Mitsui & Co., Ltd., Hy24
and Hexagon Composites;
- Construction of all new production facilities completed and
extensive ramp-up activities across the new manufacturing footprint
is ongoing;
- Segment financial reporting introduced from the first quarter
of 2024;
- Exited the quarter with order backlog consisting of firm
purchase orders of approximately NOK 1.2 billion, providing solid
line-of-sight to full-year revenue ambitions.
“We have just reported a record quarter for Hexagon Purus,
keeping us well on track to meet our targets for 2024. At the same
time, we continue our extensive ramp-up activities across the new
manufacturing sites to deliver on customer commitments and to
maximize capacity utilization”, says Morten Holum, CEO of Hexagon
Purus. “We remain laser focused on driving profitability through
volume growth whilst being disciplined with capital spending. With
a good first quarter delivered, I remain confident that we will be
able to meet our operational and financial targets for the
year”.
Hexagon Purus Q1 2024 consolidated
financials
In the first quarter of 2024, Hexagon Purus (“the Company” or
“the Group”) generated all-time high quarterly revenue of NOK 407
million, up 67% from the corresponding period in 2023. Hydrogen
infrastructure and hydrogen mobility solutions were the main
drivers of growth year-over-year, combined with continued positive
momentum within aerospace applications.
Total assets at the end of the first quarter of 2024 amounted to
NOK 4,832 (3,935) million. The year-over-year increase in total
assets is mainly driven by increases to property, plant and
equipment and right-of-use assets as a result of the Company’s
capacity expansion program, combined with an increase in working
capital to cater for a higher activity level. Trade receivables
increased to NOK 359 (226) million in the first quarter of 2024 and
inventory stood at NOK 577 (403) million. The Company’s working
capital position reflects the Company’s sustained growth
track-record, which is expected to continue in 2024.
Net cash flow from operating activities in the first quarter of
2024 was NOK -211 (-119) million, of which NOK -109 (-18) million
was due to an increase in net working capital, driven by an
increase in inventory and trade receivables.
Net cash flow from investing activities was NOK -132 (-106)
million in the first quarter of 2024, of which NOK -130 million
relates to investments in production equipment and facilities
related to the Company’s capacity expansion program. Net cash flow
from financing in the first quarter of 2024 was NOK 985 (1,244)
million. The positive inflow from financing in the quarter was owed
to the issuance of the NOK 1,000 million convertible bond
(2024/2029).
Cash and cash equivalents stood at NOK 965 (1,366) million at
the end of the first quarter of 2024.
Hydrogen Mobility and Infrastructure (HMI)
Revenue for the HMI segment in the first quarter of 2024 totaled
NOK 388 million, up 66% year-over-year. 54% (65%) of the HMI
segment revenue in the first quarter of 2024 stemmed from hydrogen
infrastructure solutions, which grew 38% year-over-year. Hydrogen
mobility, which covers revenue from the sale of type 4 hydrogen
cylinders and cylinder systems for hydrogen-propelled on-road and
off-road vehicles, made up 26% (14%) of HMI segment revenue in the
first quarter of 2024, and saw year-over-year growth of 213%.
EBITDA for the HMI segment in the first quarter of 2024 ended at
NOK -16 (-35) million, equivalent to an EBITDA margin of -4%
(-15%). As more customer deliveries with solid gross margins come
online, scale and fixed cost absorption increases, leading to
improved profitability.
Historical financials for HMI are made available on
www.hexagonpurus.com together with Q1 2024 report and
presentation.
Battery Systems and Vehicle Integration
(BVI)
Revenue for the BVI segment in the first quarter of 2024 totaled
NOK 19 (20) million. The vast majority of this revenue relates to
an extraordinary payment from an OEM customer for design and
engineering services related to an ongoing program. No
corresponding costs were booked related to this payment in the
quarter. BVI segment EBITDA ended at -25 (-32) million in the first
quarter of 2024.
Any significant revenue recognition related to the two major
agreements signed for complete vehicle integration of battery
electric utility and heavy-duty vehicles with Hino Trucks and
Daimler Trucks North America is not expected until the fourth
quarter of 2024.
Historical financials for BVI are made available on
www.hexagonpurus.com together with Q1 2024 report and
presentation.
Outlook
With the completion of the Company’s capacity expansion program
this year, significant revenue capacity is added and will serve as
a key enabler for the Company to reach its short- to medium-term
targets.
Hydrogen infrastructure solutions will be a key growth driver
for 2024. The new hydrogen infrastructure and systems manufacturing
hub that Hexagon Purus recently opened in Weeze, Germany will more
than double (at run-rate) the Company’s production capacity for
hydrogen distribution modules and will help meet the growing demand
expected for hydrogen infrastructure solutions. Close to 90% of
this year’s production capacity for hydrogen distribution modules
has either already been sold to customers or are in the final
stages of being sold.
Simultaneously, the new state-of-the-art hydrogen cylinder
production facility in Kassel will boost production of hydrogen
cylinders used for both hydrogen infrastructure and hydrogen
mobility solutions. Growth from hydrogen storage solutions for
transit bus and heavy-duty vehicles is another key growth driver
for 2024.
The Company’s order backlog, consisting of firm customer
purchase orders, stood at approximately NOK 1.2 billion as of the
first quarter of 2024, with the vast majority for execution in
2024. The order backlog for execution in 2024 is expected to
continue to grow as 2024 progresses, mainly driven by call-offs
from already secured long-term agreements with the likes of Air
Liquide, Linde, Lhyfe, Solaris, Nikola, Hino and Daimler. The
Company continues to focus on improving profitability, combined
with prudent and restrictive capital deployment.
For the full-year 2024, the Company is expecting revenue growth
of at least 50% year-over-year, as well as significant
year-over-year improvement in the Group’s EBITDA margin.
Presentation of the results
Hexagon Purus will present the Q1 2024 results at 08:30 CEST on
Friday 3 May and the presentation will be broadcast live via
https://hexagonpurus.kg5.no/.
The presentation will be held in English and will be virtual.
Recording of the presentation will be made available on
www.hexagonpurus.com.
For more information:
Mathias Meidell, IR Director, Hexagon Purus ASATelephone:
+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, rail and
aerospace.
Learn more at www.hexagonpurus.com and follow @HexagonPurus on
Twitter and LinkedIn.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- HPUR Q1 2024 Report
- HPUR Q1 2024 Presentation
Hexagon Purus ASA (TG:0QJ)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Hexagon Purus ASA (TG:0QJ)
Gráfica de Acción Histórica
De May 2023 a May 2024
