Hexagon Purus Narrows Losses with Hydrogen Push, but Backlog Decline Highlights Fragile Recovery

Norwegian hydrogen-equipment maker Hexagon Purus reports slim positive EBITDA of NOK 2M in Q1 2026 after reverse split, but order backlog drops to NOK 463M, highlighting path to profitability.

The Norwegian hydrogen-equipment maker has completed a 10-for-1 reverse stock split and posted a slender positive EBITDA for the first quarter of 2026, but a sharp drop in its order book underscores how far the company still has to travel to reach sustained profitability.

Operating results for the three months ended March 31 showed EBITDA of 2 million Norwegian kroner, a dramatic improvement from the minus 242 million kroner reported a year earlier. The EBITDA margin clocked in at zero percent, compared with minus 105 percent in the prior-year period. Revenue and other income in the Hydrogen Mobility and Infrastructure segment rose 11 percent to 227 million kroner, boosted by the delivery of 13 hydrogen distribution modules.

Yet the firm order backlog stood at around 463 million kroner at quarter-end, down from roughly 728 million kroner at the end of 2025. While activity has picked up in parts of the business — particularly hydrogen infrastructure — the pace of order intake remains insufficient to reach break-even.

Reverse Split and Capital Clean-Up

Shareholders approved the consolidation on April 24, 2026, and the move has now been registered with the Norwegian Register of Business Enterprises. The reverse split reduced the number of outstanding shares from roughly ten times the current figure to exactly 42.85 million shares, each with a par value of one krone. The company’s share capital now stands at 42.85 million kroner.

To make the division clean, Hexagon Purus issued two new shares before the consolidation. Fractional entitlements were not granted; instead, the company aggregated those residual claims into whole shares and sold them on the Oslo exchange. Trading under a new security identifier began on May 18.

The stock split is just one piece of a broader restructuring. A gain of 134 million kroner from the sale of the company’s US aviation business and the deconsolidation of its Chinese joint venture helped produce an extraordinary profit in the quarter.

China JV Restructured, Focus on Europe and Maritime

At the CIMC Hydrogen joint venture, partner CIMC Enric will provide funding during 2026 in exchange for a larger stake. The arrangement allows Hexagon Purus to limit its own cash outflows while maintaining a foothold in the Chinese market.

Operationally, the company is doubling down on hydrogen infrastructure in Europe. It has delivered more than 650 Multi Element Gas Containers — high-pressure distribution systems for compressed gases — to customers such as Air Liquide, Lhyfe, and Norwegian Hydrogen. A green hydrogen plant at Hellesylt, Norway, supplied by local hydropower, produces up to 1.3 tonnes of hydrogen per day and integrates electrolysers, compressors, high-pressure storage, and a filling station.

The maritime division, established in 2021 near the shipbuilding hub of Ålesund, supplies complete hydrogen fuel systems including control and safety electronics tailored for onboard integration. This segment is seen as a key growth avenue as European shipping looks to decarbonise.

Hexagon Purus also recently secured orders worth €6.2 million for hydrogen distribution modules from a major European energy group.

Fragile Path to Profitability

Weakness persists in transit buses, industrial gas applications, and battery and vehicle integration — areas that weighed on overall performance. Management continues to flag losses and the need for further financial and operational measures.

The company is betting that ongoing discussions with European infrastructure customers will translate into firm orders in the coming quarters. If that conversion does not materialise, the road to the black will stretch longer, leaving the recent improvements in liquidity and margin looking precarious.