The following is a summary of the Hexagon Purus ASA (HPURF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Hexagon Purus reported a record Q1 revenue of NOK 407 million, a 67% increase over Q1 from the previous year.

• Operating expenses reached NOK 504 million in the first quarter.

• The company had an EBITDA loss of NOK 97 million, which improved the EBITDA margin to -24% from the previous year's -46%.

• The net loss after tax was NOK 165 million.

• The company's operating cash flow was minus NOK 211 million for Q1 2024, with operational losses of NOK 167 million and an increase in working capital of NOK 109 million.

• The company invested NOK 130 million in property, plant, and equipment, with a net cash flow from financing of NOK 985 million, mainly due to the issuance of a convertible bond.

Business Progress:

• Hydrogen distribution systems drive key revenue growth, up 38% from the previous year.

• The order backlog at the end of Q1 2024 was substantial at NOK 1.242 billion.

• Production of battery electric mobility systems for Hino and Daimler is expected to start at the end of 2024.

• The company revealed its three-phase master plan: secure demand, build production capacity and an efficient supply chain, and execute on the scale-up phase for profitable operations.

• Hexagon Purus aims to grow revenue by at least 50% in 2024, targeting revenues of NOK 4-5 billion by 2025 with breakeven EBITDA.

• Construction for the Chinese market has been completed with the first revenue expected toward the end of the year. In addition, production of the new Hino and Daimler trucks is expected to start in Q4.

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