HydrogenPro ASA - Delivering positive EBITDA in Q4 2023

Source: www.gulfoilandgas.com 2/27/2024, Location: Europe

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."

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