HydrogenPro ASA - Fourth quarter 2024 financial results

OSLO, Norway, Feb. 25, 2025 /PRNewswire/ -- HydrogenPro ASA (OSE: HYPRO): HydrogenPro has today reported its financial results for the fourth quarter 2024.

Achievements and highlights:

• Q4 2024 revenues of NOK 70 million in Q4 2024, with 41% gross margin
• ANDRITZ and MHI invested NOK 70 million, plus NOK70 million by LONGi (pending ODI approval) with 22% premium
• New manufacturing line of advanced electrodes in Denmark in start-up, delivered on time and below budget.
• Full-scale electrolyser validation test in start-up
• Main components delivered on SALCOS project. Electrodes to be delivered in 2025
• Q4 2024 financials (Q3 2024 numbers in brackets):
• Revenues NOK 70 million (NOK 72 million)
• Gross Profit NOK 29 million (NOK 19 million)
• EBITDA NOK -44 million (NOK -38 million)
• Net result NOK -38 million (NOK -38 million)
• Order Backlog NOK 305 million (NOK 341 million)
• Cash Balance NOK 191 million (NOK 188 million)

Jarle Dragvik, CEO of HydrogenPro, comments: "This quarter, we are continuing with stable deliveries to the SALCOS project with a good gross margin."

By end of the quarter HydrogenPro announced an equity raise of 70 MNOK by existing partners Mitsubishi Heavy Industries Ltd. and Andritz AG. Additionally, 70 MNOK will be raised by new partner Longi conditioned upon the Chinese Government's approval. This investment further strengthens the solid cooperation within technology and market development between HydrogenPro and the partners. We are also delighted to welcome LONGi Hydrogen as a strategic partner as we continue to execute on our vision of delivering sustainable hydrogen solutions globally. We see a great strategic fit together with all of our industrial partners which will broaden our opportunities to further optimize our current offering and supply chain on the market.

HydrogenPro continues its technology development to bring down LCOH by expanding its delivery capacity of the 3^rd generation electrodes in addition to further improvements and testing. The 350 MW manufacturing facility of the 3rd generation electrode technology in Aarhus, Denmark is now starting up.

It is reassuring to see HydrogenPro continue its positive development in health and safety, by reaching 360 days without accidents as the foundation of all our work in safety and quality says Dragvik.

The company will host a webcast presentation at 10:00 CET, followed by a Q&A session. The presentation will be held by Jarle Dragvik (CEO) and Martin Thanem Holtet (CFO). Questions can be posted online during the presentation. Link to webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20250225_5/

CONTACT:
Martin Thanem Holtet (CFO)
+47 922 44 902

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SOURCE HydrogenPro ASA