HydrogenPro Announces Q4 2024 Financial Performance with Positive Developments

HydrogenPro ASA Releases Financial Results for Q4 2024

HydrogenPro ASA, listed on the Oslo Stock Exchange as HYPRO, has recently disclosed its financial performance for the fourth quarter of 2024. In a report published on February 25, 2025, the company highlighted several achievements and crucial developments that show promising growth amid the expanding hydrogen market.

Financial Overview

In Q4 2024, HydrogenPro reported revenues of NOK 70 million, slightly down from NOK 72 million in the previous quarter, but with a noteworthy gross margin of 41%, translating into a gross profit of NOK 29 million. Although the company faced an EBITDA of NOK -44 million, this reflects a consistent effort in controlling costs and expanding operations. The net result for the quarter stood at NOK -38 million, unchanged from Q3. The order backlog for the company is recorded at NOK 305 million, slightly declining from NOK 341 million in the previous quarter, yet indicating a solid pipeline for future revenues. The cash balance also improved to NOK 191 million, reflecting a strong financial position.

Strategic Investments

One of the most significant highlights from this quarter's report is the equity raise announcement. Established partners Mitsubishi Heavy Industries and Andritz AG are contributing NOK 70 million to support the company’s ongoing initiatives. Additionally, a commitment of another NOK 70 million is expected from Longi, pending approval from the Chinese government. This strategic collaboration aims to solidify technology and market developments between HydrogenPro and its partners, enhancing capabilities for expanding hydrogen solutions.

Manufacturing and Technological Advancements

HydrogenPro has made strides in advancing its manufacturing capabilities. The new production line for advanced electrodes in Denmark has been initiated as scheduled and under budget, demonstrating the company’s efficiency in executing its operational plans. Additionally, the company has commenced a full-scale electrolyser validation test, a significant step towards optimizing hydrogen production technologies.

Furthermore, key components for the SALCOS project have been delivered, with electrodes expected to arrive in 2025, marking a crucial milestone in the project's timeline. Throughout these developments, HydrogenPro has prioritized safety, achieving an impressive record of 360 days without accidents, reflecting its commitment to health and safety standards.

CEO Insights

Jarle Dragvik, CEO of HydrogenPro, remarked on the company’s performance, noting the stable deliveries for the SALCOS project with a commendable gross margin. He expressed optimism for the future with the recent investments and partnerships, which are pivotal for scaling up operations and enhancing product offerings within the hydrogen sector. The continuing development of the third-generation electrodes is also a crucial area of focus, as the company aims to reduce the Levelized Cost of Hydrogen (LCOH) while expanding its production capacity.

Looking Ahead

HydrogenPro is set to host a webcast presentation at 10 AM CET on February 25, 2025. During this session, CEO Dragvik and CFO Martin Thanem Holtet will provide further insights into the financial results and respond to questions from stakeholders. Investors and interested parties can access the presentation here.

In conclusion, HydrogenPro ASA's Q4 2024 financial results underscore a firm foundation for the company in the hydrogen industry. With continued investment, technological advancements, and a solid order backlog, HydrogenPro is poised for significant growth as it aims to deliver sustainable hydrogen solutions globally.