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Hexagon Purus Reports 40% Revenue Drop in Q3 and Enters Restructuring Talks

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HPURNOK 5.64 −4.41%

Hexagon Purus ASA (OSL:HPUR) reported revenue and other income of NOK 150 million for the third quarter of 2026, down 40% from the prior-year period. Excluding a business unit deconsolidated in early 2026, sales dropped 20% due to reduced activity in hydrogen infrastructure, transit buses, and industrial gas applications. The company recorded an EBITDA loss of NOK -83 million, narrowing from a NOK -116 million loss in the third quarter of 2025 as recent cost reductions took effect.

The financial performance reflects persistent headwinds in the clean hydrogen sector, including elevated costs and infrastructure constraints. Balance sheet pressure has intensified, with total equity falling to NOK -224 million at quarter-end and interest-bearing debt standing at NOK 2,031 million, largely comprising convertible bonds. Management and the board have opened discussions with key stakeholders to restructure the company's debt burden and re-establish positive consolidated equity.

Looking ahead to the fourth quarter of 2026, Hexagon Purus expects a rebound in delivery volumes, supported by an order backlog of NOK 508 million in firm purchase orders. Leadership indicated that increased fourth-quarter shipments and an annualized cost base roughly half of 2024 levels give the group an opportunity to approach EBITDA break-even for the first time.

Key points

  • Q3 2026 revenue dropped 40% year-over-year to NOK 150 million, or 20% excluding deconsolidated operations.
  • EBITDA loss narrowed to NOK -83 million from NOK -116 million a year earlier following significant cost cuts.
  • Total equity stood at NOK -224 million, leading management to start restructuring talks on NOK 2,031 million in debt.
  • Firm order backlog reached NOK 508 million, positioning the company to aim for EBITDA break-even in Q4.

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Questions and answers

What were Hexagon Purus Q3 2026 financial results?

Hexagon Purus recorded NOK 150 million in revenue, a 40% drop year-over-year. EBITDA losses narrowed to NOK -83 million compared to NOK -116 million in Q3 2025.

Why is Hexagon Purus discussing financial restructuring?

The company ended the quarter with negative total equity of NOK -224 million and NOK 2,031 million in interest-bearing debt, primarily from convertible bonds. Management is negotiating with stakeholders to rebuild equity.

Can Hexagon Purus reach EBITDA break-even in Q4 2026?

Management expects higher fourth-quarter volumes and a cost base 50% below 2024 levels, providing an opportunity to approach group EBITDA break-even if delivery schedules are met.