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HydrogenPro ASA Reports Q4 2024 Financial Results

On February 25, 2025, HydrogenPro ASA, listed on the Oslo Stock Exchange under the symbol HYPRO, unveiled its financial performance for the fourth quarter of 2024. This report highlights significant achievements that show the company’s commitment to advancing sustainable hydrogen solutions in a competitive market.

Financial Highlights

For the fourth quarter of 2024, HydrogenPro recorded revenues amounting to NOK 70 million, maintaining a solid gross margin of 41%. In comparison, the previous quarter saw revenues of NOK 72 million. The gross profit for Q4 2024 was reported at NOK 29 million, an increase from NOK 19 million in the prior quarter. However, the company recorded negative EBITDA of NOK 44 million (compared to NOK 38 million in Q3) and a net loss of NOK 38 million, indicating challenges that the company continues to address.

Additionally, HydrogenPro reported an order backlog of NOK 305 million and ended the quarter with a healthy cash balance of NOK 191 million, slightly up from NOK 188 million in Q3 2024.

Strategic Investments and Partnerships

One of the key highlights of this quarter was the announcement of significant investments from industry leaders. ANDRITZ and Mitsubishi Heavy Industries Ltd. committed NOK 70 million each, which was complemented by an additional NOK 70 million from LONGi, pending approval from the Chinese government. This partnership is set to strengthen HydrogenPro's technology and market development capabilities.

CEO Jarle Dragvik expressed enthusiasm about welcoming LONGi Hydrogen as a strategic partner, emphasizing the alignment of technological and market strategies that this partnership brings.

Developments in Production and Technology

HydrogenPro has embarked on a notable development with a new manufacturing line for advanced electrodes located in Denmark, which has commenced operations ahead of schedule and under budget. Additionally, the full-scale electrolyser validation test is now in the startup phase, positioning HydrogenPro to enhance its production capabilities further.

Dragvik commented on the successful delivery of key components for the SALCOS project in Germany, underscoring the importance of this project in HydrogenPro's strategy. The electrodes designated for delivery in 2025 are among the main components supporting the expansion of hydrogen infrastructure.

Furthermore, the company remains focused on continuous technology development aimed at reducing the Levelized Cost of Hydrogen (LCOH). The Aarhus facility in Denmark, dedicated to the third-generation electrode technology, is set to ramp up production as well.

Health and Safety First

Importantly, HydrogenPro is proud to report that it has achieved an impressive milestone of 360 days without workplace accidents. This commitment to health and safety is viewed as foundational to all operational undertakings within the company.

Future Outlook

Looking ahead, HydrogenPro is set to present a detailed outlook during its upcoming webcast scheduled for 10:00 CET, where CEO Jarle Dragvik and CFO Martin Thanem Holtet will provide further insights and address questions. The continued investments and development initiatives emphasize HydrogenPro's resilience and possibility of scaling its operations while addressing the growing demand for sustainable hydrogen solutions globally.

As the world moves toward more sustainable energy solutions, HydrogenPro looks forward to contributing significantly to this transition while enhancing its competitive position in the market.