Key developments in Q3 2026:
- Revenue and other income of NOK 150 million in the third quarter of 2026, 40% lower compared to the same period last year (20% lower excluding the deconsolidated business). Year-to-date revenue and other income of NOK 701 million, up 4% compared to the first nine months of 2025;
- EBITDA of NOK -83 million in the third quarter of 2026, compared to NOK -116 million in the same period last year. Year-to-date EBITDA of NOK -184 million, compared to NOK -519 million in the first nine months of 2025; and
- Exited the quarter with order backlog consisting of firm purchase orders of NOK 508 million.
“The third quarter is the first quarter to reflect most of our significant cost reductions, with an annualized cost base around 50% below 2024 level,” says Morten Holum, CEO of Hexagon Purus. We expect a volume uplift in the fourth quarter, and most of the expected revenue is covered by firm orders. Together with the lower cost base, this provides an opportunity to approach underlying EBITDA break-even at Group level for the first time. At the same time, we are in dialogue with key stakeholders on a financial restructuring to address the Company’s debt burden and establish a more sustainable capital structure.”
Hexagon Purus Q3 2026 consolidated financials
In the third quarter of 2026, Hexagon Purus (“the Company” or “the Group”) generated revenue and other income of NOK 150 million, down 40% compared to the corresponding period in 2025. Excluding the deconsolidated business which occurred in the first quarter of 2026, the decrease in revenue was 20% and primarily driven by lower activity within hydrogen infrastructure, transit bus and industrial gas applications, partly offset by higher activity in battery electric mobility and rail applications.
Total operating expenses in the third quarter of 2026 amounted to NOK 233 (368) million, leading to an operating profit before depreciation (EBITDA) of NOK -83 (-116) million.
Total assets at the end of the third quarter of 2026 amounted to NOK 2,623 (3,988) million. Property, plant and equipment totaled NOK 589 (1,102) million at quarter-end. Right-of-use assets amounted to NOK 299 (499) million at quarter-end, while intangible assets ended at NOK 563 (674) million.
Inventory amounted to NOK 360 (758) million at the end of the third quarter of 2026 down NOK 22 million from the second quarter of 2026. Trade receivables stood at NOK 198 (234) million at quarter-end, up from NOK 180 million in the second quarter of 2026, mainly reflecting the higher revenue in BVI in the quarter.
Total equity amounted to NOK -224 (1,054) million at the end of the third quarter of 2026. Management and the Board are holding discussions with key stakeholders on a financial restructuring, including measures relating to the outstanding convertible bonds, with the objective of reducing the Company’s debt burden and restoring positive consolidated equity.
Non-current liabilities amounted to NOK 2,438 (2,298) million at the end of the third quarter, of which NOK 2,031 (1,754) million comprised interest-bearing debt, primarily related to the two outstanding convertible bonds, maturing in Q1 2028 and Q1 2029, respectively. Total current liabilities stood at NOK 409 (636) million at the end of the third quarter of 2026, up from NOK 383 million in the second quarter. The increase was driven by trade payables of NOK 134 (179) million and contract liabilities of NOK 71 million, up from NOK 36 million in the second quarter, primarily reflecting customer pre-payments.
Net cash flow from operating activities in the third quarter of 2026 amounted to NOK -67 (-115) million. The quarter included a favorable working capital development of NOK 64 (-26) million, driven by an increase in trade payables and customer pre-payments of NOK 60 million and lower inventory (NOK 22 million), partly offset by higher trade receivables (NOK 18 million).
Net cash flow from investing activities amounted to NOK 9 (-34) million in the third quarter of 2026. Capital expenditures in the quarter ended at NOK -1 (-14) million. Capitalized product development was NOK -2 (-16) million, and primarily reflects targeted investment in a small number of next-generation product and technology initiatives. Net cash flow from financing in the third quarter of 2026 was NOK -19 (-15) million. Cash and cash equivalents ended at NOK 220 (360) million as of the third quarter of 2026.
Hydrogen Mobility and Infrastructure (HMI)
Revenue and other income for the HMI segment amounted to NOK 104 million in the third quarter of 2026, representing a decrease of 55% year-over-year. Excluding the divested U.S. business, which occurred during the first quarter of 2026, segment revenue declined by 38% year-over-year. The underlying revenue development was primarily impacted by lower activity within hydrogen infrastructure, transit bus and industrial gas applications, partly offset by increased revenue from rail applications.
EBITDA for the HMI segment was NOK -34 (-47) million in the third quarter of 2026.
Historical segment financials are made available on www.hexagonpurus.com together with Q3
2026 report and presentation.
Battery Systems and Vehicle Integration (BVI)
Revenue and other income for the BVI segment totaled NOK 35 (13) million in the third quarter of 2026. The year-over-year revenue growth reflects eight vehicle deliveries to Hino and sublease revenue from the Dallas facility.
EBITDA for the BVI segment amounted to NOK -28 (-30) million in the third quarter of 2026. The higher revenue did not translate into improved profitability year-over-year, as the vehicle deliveries in the quarter carried high materials cost from legacy inventory and required additional temporary labour to support the truck builds.
Historical segment financials are made available on www.hexagonpurus.com together with Q3
2026 report and presentation.
Outlook
The Company enters the fourth quarter with most of the expected revenue covered by firm orders and a substantially lower cost base. The anticipated volumes provide an opportunity to approach underlying EBITDA break-even at Group level for the first time, although this remains dependent on completing a demanding delivery schedule at expected margins. Hydrogen distribution deliveries are concentrated in Q4, leaving limited room to absorb delays before year-end.
Recent orders have strengthened visibility into 2027, with the backlog for delivery next year broadly comparable in absolute terms to the following-year backlog at the end of Q3 2025. Supported by the reduced cost base, the Company’s target is to reach EBITDA break-even in the current market environment. Sustained positive EBITDA on a full-year basis will require some increase in order intake, alongside continued cost discipline. Recent datapoints on growth in clean hydrogen production and investments into a heavy-duty transportation ecosystem in parts of Europe are encouraging, but high costs, infrastructure constraints and policy dependence continue to weigh on market development. The Company will continuously assess these conditions and adjust operations, costs or strategic priorities as needed.
Strengthening the Company’s financial position remains a central priority given the Group’s negative consolidated equity and continued cash consumption. Management and the Board are holding discussions with key stakeholders on a financial restructuring to address the Company’s debt burden and establish a sustainable capital structure.
Presentation of the results
Hexagon Purus will present the Q3 2026 results today, 20 October, at 08:30 CEST and the presentation will be broadcast live via https://event.plaii.no/hexagon/2c2953f439.
The presentation will be held in English and will be virtual. A recording of the presentation will be made available on www.hexagonpurus.com.
For more information:
Mathias Meidell, Senior Director Finance, Hexagon Purus ASA
Telephone: +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 and rail.
Learn more at www.hexagonpurus.com and follow @HexagonPurus on X and LinkedIn.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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