In the fourth quarter of 2020, the electronic mobility business of Hexagon Purus (the Company) generated revenue of NOK 33 (73) million and recorded operating profit before depreciation and amortization (EBITDA) of -52 (-38) million NOK. Revenue included deliveries and / or milestone payments from five heavy OEM / Tier 1 customers and two aerospace customers. About NOK 10 million of expected revenue in the fourth quarter of 2020 has been postponed to the first quarter of 2021, mainly due to temporary delays in the supply chain.
Hexagon Purus’ reported electric mobility revenue for the year 2020 decreased by 15% to NOK 180 million from NOK 211 million and reported EBITDA was NOK -141 (-143) million. The decrease in revenues for the quarter and year is mainly attributable to the completion of a heavy BEV truck demonstration program started in 2019, partially offset by the contribution of new heavy OEM projects and a new aerospace program. Continued investments in people and infrastructure to support and accelerate the development of Hexagon Purus result in negative profitability.
Main developments of the quarter
- Hexagon Purus was successfully sold by Hexagon Composites, with existing shareholders of Hexagon Composites receiving 15% of the Companys shares as a dividend in kind
- Concurrent with the spin-off, Hexagon Purus’ intercompany indebtedness to various Hexagon Composites entities was restructured so that Hexagon Composites ASA became the sole creditor of the total outstanding indebtedness. Subsequently, NOK 1,340 million of debt was converted into equity by Hexagon Composites
- The company successfully completed a private placement in December 2020, which generated gross proceeds of approximately NOK 750 million for the company; Hexagon Composites retains majority stake in the company
- Hexagon Purus shares have been admitted to trading on Euronext Growth Oslo under the symbol HPUR
- The company has entered into a multi-year framework agreement with Everfuel for the delivery of several units of newly designed 45-foot hydrogen delivery systems. Upon signing, Everfuel ordered its first six distribution units as part of the deal with an estimated total value of 14 million euros
- Hexagon Purus has been awarded a contract with Hino Trucks, a Toyota Motors company, to supply battery packs and transmission integration for three trucks as part of the Hinos Project Z Battery Electric Vehicle (BEV) program
- The company signed a contract with Stadler Rail to develop and supply a hydrogen cylinder storage system for the first hydrogen-powered commuter train in the United States.
Presentation of the results
Morten Holum (CEO) and Dilip Warrier (CFO) will present the results at 08:30 CET and the presentation will be broadcast live. The presentation will be held in English.
Link to webcast: https://hexagonpurus.kg5.no/.
A recording of the presentation will be available on www.hexagonpurus.com after the presentation.
Salman Alam, Vice President of Corporate Development, Hexagon Purus
Telephone: +476 12 713 | [email protected]
Dilip Warrier, Chief Financial Officer, Hexagon Purus
Telephone: +1 (949) 236-5528 | [email protected]
About Hexagon Purus
Hexagon Purus, a Hexagon Composites company, is a leading global supplier of Type 4 hydrogen high pressure cylinders, battery packs and vehicle system integration for electric and fuel cell electric vehicles. . Hexagon Purus offers zero emission solutions for light, medium and heavy vehicles, buses, ground storage, distribution, maritime, rail, aerospace and emergency power solutions.
For more information, please visit www.hexagonpurus.com.
This information is subject to disclosure obligations in accordance with section 5-12 of the Norwegian Securities Law
HPUR Q4 2020 Report
HPUR Q4 2020 presentation
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