Hexagon Purus Reports Narrower Q2 Loss but Revenue Drops 25%
Event summary
- Q2 revenue fell 25% YoY to NOK 146M, though only 6% decline excluding U.S. divestment.
- EBITDA loss improved to NOK -102M from NOK -161M in Q2 2025.
- Order backlog stands at NOK 523M despite lower transit bus and industrial gas activity.
- Equity ratio collapsed to 1% from 33%, with non-current liabilities rising to NOK 2,390M.
The big picture
Hexagon Purus is navigating a challenging operating environment with improved cost efficiency but declining revenue. The company's strategic focus on hydrogen infrastructure and vehicle integration solutions positions it within the broader transition to zero-emission mobility, though its severely weakened equity ratio raises questions about long-term financial stability.
What we're watching
- Cost Base Alignment
- Whether Hexagon Purus can sustain its lower cost structure while maintaining growth capabilities.
- Order Conversion
- The pace at which customer dialogues convert into firm orders across hydrogen and battery-electric applications.
- Balance Sheet Strengthening
- How structural measures for outstanding convertible bonds will impact financial flexibility.