Key Takeaways:
Hexagon Purus ASA reported first-quarter revenue of NOK 405 million, a 76 percent year-over-year increase, and swung to a positive EBITDA of NOK 2 million, driven by the completed sale of its U.S. aerospace business to SpaceX.
The results included a NOK 134 million extraordinary gain related to the divestment and the deconsolidation of its Chinese joint venture with CIMC Enric.
The clean energy technology firm saw a dramatic turnaround in profitability from the same period last year, when it posted an EBITDA loss of NOK 242 million. The company did not provide earnings per share data or consensus estimate comparisons.
The divestment of the U.S. aerospace business to SpaceX marks a key strategic shift for Hexagon Purus, allowing it to focus on its core hydrogen and battery electric vehicle technologies. The company exited the quarter with a firm order backlog of approximately NOK 463 million.
"The strong revenue growth and return to profitability underscore the successful execution of our strategy, including the divestment to SpaceX," a company representative said in the report. "This move validates the quality of our assets and improves our long-term financial outlook."
In a separate announcement on May 7, parent company Hexagon Composites ASA reported its own first-quarter trading update, posting revenues of NOK 669 million and an EBITDA of NOK 57 million. The company stated it remains "cautiously optimistic" on the outlook for 2026, expecting revenues to be broadly in line with 2025 and EBITDA to be above NOK 200 million.
The results signal a potential turning point for Hexagon Purus as it streamlines operations. Investors will watch for the company's ability to maintain profitability and convert its growing order book, which includes a new EUR 6.2 million order for hydrogen distribution units, into sustained revenue.
This article is for informational purposes only and does not constitute investment advice.
