HydrogenPro ASA - Delivering positive EBITDA in Q4 2023

27 February 2024 – HydrogenPro ASA (OSE: HYPRO): HydrogenPro has today reported its financial results for the fourth quarter.

Achievements and highlights of the quarter:

• Revenues for the quarter of NOK 127 million and NOK 568 million year to date. For 2023 as a whole that represents a 10x increase on 2022.
• Gross Profit of NOK 56 mill (44% margin) and Adj. EBITDA of NOK 12 mill (10% margin)
• Received firm 100 MW Purchase Order from ANDRITZ for 18 cell stacks
• Completed manufacturing and delivery of 220MW to the ACES project
• Strengthened organisation with Jeff Spethmann to lead North American operations

Financials (Q3 2023 numbers in brackets):

• Revenues NOK 127 million (NOK 220 million)
• Gross profit NOK 56 million/44% gross margin (NOK 22 million/10% gross margin)
• Reported EBITDA NOK 17 million (NOK -30 million)
• Adj. EBITDA NOK 12 million (NOK -19 million)
• Net result NOK -1 million (NOK -35 million)
• Order backlog NOK 423 million (NOK 322 million)
• Cash balance NOK 161 million (NOK 133 million)

Jarle Dragvik, CEO of HydrogenPro, comments: "We are pleased to show that our business model deliver results, both operationally and financially. HydrogenPro is proving its pole position to generate industry leading returns by developing and manufacturing high quality electrolysers for an increasing global demand. We are now strengthening our foothold in both the US and the European markets and are taking a leading role in the development of the hydrogen industry.”

For further information, please contact: Martin Thanem Holtet, CFO, +47 922 44 902 

About HydrogenPro AS:

HydrogenPro is a technology company and an OEM for high pressure alkaline electrolyser systems for large-scale green hydrogen plants, all ISO 9001, ISO 45001 and ISO 14001 certified. The Company was founded in 2013 by individuals with background from the electrolysis industry which was established in Telemark, Norway by Norsk Hydro in 1927. We are an experienced engineering team of leading industry experts, drawing upon unparalleled experience and expertise in the hydrogen and renewable energy industry.