The following is a summary of the Hexagon Purus ASA (HPURF) Q4 2023 Earnings Call Transcript:
Financial Performance:
Hexagon Purus reported a slight contraction in Q4 revenue due to delays at the new Kassel facility and revenue recognition technicality.
Full year 2023 revenue was approximately NOK 1.32 billion (~$147 milllion), representing 40% growth compared to the previous year.
The order book for 2024 was approximately NOK 1.3 billion (~$144 million), indicating a similar revenue potential as the previous year.
Q4 2023 operating expenses were slightly higher compared to Q4 2022, and the company reported a negative EBITDA in Q4 2023.
Despite increased losses in after-tax figures for Q4 2023, Hexagon managed to improve the full year EBITDA margin to negative 34%, a rise from negative 42% in 2022 and negative 54% in 2021.
Business Progress:
Hexagon continues to receive recurring orders and has secured several long-term agreements with key customers.
A strategic partnership with Mitsui and Hy24 has been deepened to facilitate better cooperation.
The opening of a new production facility in Weeze in January has considerably increased the capacity for hydrogen distribution modules.
Hexagon raised a total of NOK 1 billion through a convertible bond in December, with support from strategic shareholders and partners.
It has almost finalized its global manufacturing footprint, paving the way for increased productivity and output by 2025.
Hexagon is planning to spend an additional NOK 20 million into its vehicle integration facility in Dallas, gearing up for the Hino and Daimler contracts.
The company transitioned from Euronext Growth Platform to the main list of the Oslo Stock Exchange, reflecting the maturity and solidity of the business.
More details: Hexagon Purus ASA IR
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