HydrogenPro ASA - First quarter 2024 results

7 May 2024 - HydrogenPro ASA (OSE: HYPRO): HydrogenPro has today reported its financial results for the first quarter.

Achievements and highlights:

  · Secured strategic NOK 82.7m investment from Andritz

  · New board elected, chaired by Dag J. Opedal

  · Cash balance of NOK 185 mill per 31 March 2024 (increased by NOK 24 mill during the quarter)

  · On-going preparations on Salzgitter project - planned completion of manufacturing by Q3 2024

  · Awarded compensated 300 MW FEED study in Texas, USA

  · On-going feasibility study of expansion of electrode manufacturing

Financials (Q1 2023 numbers in brackets):

  · Revenues NOK 4 million (NOK 83 million)

  · Gross profit NOK 0 million (NOK 13 million)

  · Adj. EBITDA NOK -56 million (NOK -16 million)

  · Reported EBITDA NOK -56 million (NOK -17 million)

  · Net result NOK -47 million (NOK -10 million)

  · Order backlog NOK 445 million (NOK 648 million)

  · Cash balance NOK 185 million (NOK 208 million)

Jarle Dragvik, CEO of HydrogenPro, comments: "As we see it, the overall green hydrogen market is developing positively, albeit experiencing some project delays. Across Europe and North America we recognize an increase in new hydrogen projects and players in the industry are becoming more mature. HydrogenPro is well positioned to take advantage of these developments. As the projects are becoming larger and more complex, HydrogenPro has demonstrated its ability to deliver on large-scale industrial projects, making the company a preferred partner for potential customers."