Hexagon Announces Results for 4th Quarter 2020

Source: www.gulfoilandgas.com 2/16/2021, Location: Europe

In the fourth quarter of 2020, Hexagon Purus e-mobility business generated NOK 33 (73) million in revenues and recorded an operating profit before depreciation (EBITDA) of NOK -52 (-38) million. Revenues included deliveries to and/or milestone payments from five heavy-duty OEM/tier 1 customers and two aerospace customers. Approximately NOK 10 million of revenue expected in the fourth quarter of 2020 was pushed into the first quarter of 2021, mainly due to temporary supply chain delays.

Reported Hexagon Purus e-mobility revenue for the year 2020 decreased by 15% to NOK 180 million compared with NOK 211 million and reported EBITDA was NOK -141 (-143) million. The decrease in revenue for the quarter and year was primarily due to the completion of a heavy-duty BEV truck demonstration program started in 2019, partially offset by contribution from new heavy duty OEM projects and a new aerospace program. Continued investments in personnel and infrastructure to support and accelerate Hexagon Purus’ development drive negative profitability.

Key developments in the quarter
- Hexagon Purus was successfully spun off by Hexagon Composites, with existing Hexagon Composites shareholders receiving 15% of the Company’s shares in the form of a dividend-in-kind
- In conjunction with the spin off, Hexagon Purus’ intercompany debt owed to various Hexagon Composites entities was restructured such that Hexagon Composites ASA became the sole creditor for the total debt outstanding. Subsequently NOK 1 340 million of the debt was converted into equity by Hexagon Composites
- The Company successfully completed a private placement in December 2020 resulting in gross proceeds of approximately NOK 750 million to the Company; Hexagon Composites retains a majority ownership position in the Company
- Hexagon Purus’ shares were admitted to trading on Euronext Growth Oslo under the ticker HPUR
- The Company entered a multi-year master frame agreement with Everfuel to deliver multiple units of newly designed 45-foot hydrogen distribution systems. At signing, Everfuel ordered its first six distribution units under the agreement which has an estimated total value of EUR 14 million
- Hexagon Purus was awarded a contract by Hino Trucks, a Toyota Motors Company, to provide battery packs and drivetrain integration for three trucks as part of Hino’s “Project Z” Battery Electric Vehicle (BEV) program
- The Company signed a contract with Stadler Rail to develop and supply a hydrogen cylinder storage system for the first hydrogen commuter train in the U.S.


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