HydrogenPro ASA: Q4 2024 Financial Results - A Strong Quarter for Green Hydrogen

HydrogenPro ASA (OSE: HYPRO), a leading player in the green hydrogen technology market, has reported its financial results for the fourth quarter of 2024. The company's strong performance in the quarter reflects its commitment to innovation, sustainability, and strategic partnerships. Here's a breakdown of the key highlights and financials:

Key Achievements and Highlights:

* Q4 2024 revenues of NOK 70 million, with a 41% gross margin
* ANDRITZ and MHI invested NOK 70 million each, with LONGi Hydrogen investing NOK 70 million (pending Chinese Government's approval)
* New manufacturing line of advanced electrodes in Denmark started up, delivered on time and below budget
* Full-scale electrolyser validation test in start-up
* Main components delivered on SALCOS project; electrodes to be delivered in 2025

Q4 2024 Financials (Q3 2024 numbers in brackets):

* Revenues: NOK 70 million (NOK 72 million)
* Gross Profit: NOK 29 million (NOK 19 million)
* EBITDA: NOK -44 million (NOK -38 million)
* Net result: NOK -38 million (NOK -38 million)
* Order Backlog: NOK 305 million (NOK 341 million)
* Cash Balance: NOK 191 million (NOK 188 million)

Jarle Dragvik, CEO of HydrogenPro, commented on the quarter's performance: "This quarter, we are continuing with stable deliveries to the SALCOS project with a good gross margin. By end of the quarter, HydrogenPro announced an equity raise of 70 MNOK by existing partners Mitsubishi Heavy Industries Ltd. and Andritz AG. Additionally, 70 MNOK will be raised by new partner LONGi Hydrogen, conditioned upon the Chinese Government's approval. This investment further strengthens the solid cooperation within technology and market development between HydrogenPro and the partners."

HydrogenPro ASA's strategic partnership with LONGi Hydrogen and other industrial partners contributes to its competitive advantage in the global hydrogen market by providing financial resources, technological expertise, market access, and enhanced reputation. The company's commitment to innovation and sustainability, as evidenced by its investment in a new production line for Gen3 electrodes, positions it well for continued growth and success in the green hydrogen technology market.

In conclusion, HydrogenPro ASA's Q4 2024 financial results demonstrate the company's strong performance and commitment to its mission of delivering sustainable hydrogen solutions globally. With a focus on health and safety, strategic partnerships, and technological advancements, HydrogenPro ASA is well-positioned to capitalize on the growing demand for green hydrogen technology and continue its impressive growth trajectory.