Compared to the previous quarter, there is little positive news in the financial figures of Norway-based HydrogenPro for the second quarter. Only the EBITDA (earnings before interest, taxes, depreciation and amortisation) showed a slight improvement, with the loss reduced from –50 to –48 million NOK (xx euros). According to the company, it is pursuing an ambitious cost-cutting programme. “We are well on track to reach our annual savings target of MNOK 40 by the end of the year,” says Jarle Dragvik, CEO of HydrogenPro. The net result, which includes expenses and any one-off effects beyond operating activities, showed a further decline to –76 million NOK (Q1/25: –65 million NOK).
Revenue fell to 13 million NOK (Q1 2025: 22 million NOK), and the order backlog decreased to 287 million NOK (Q1 2025: 318 million NOK). Liquidity at the end of the quarter stood at 107 million NOK (Q1: 165 million NOK). However, this figure does not yet include the capital investment of 70 million NOK from Longi Hydrogen.
HydrogenPro achieved several successes in the second quarter, as also reported by H2international. These include a partnership with Thermax in India, the commissioning of the production site in Aarhus, and the assembly site of Andritz in Erfurt.
Jarle Dragvik, CEO of HydrogenPro, remains optimistic: “We see positive signals in the market, particularly with the increased tendering activity and the political tailwind in Europe.” A few days ago, Thyssenkrupp Nucera also published its quarterly results, which likewise reflect a challenging order situation.
