The following are some key points that we have chosen to highlight in connection with the report:

• Projects are moving towards FIDs (Final investment decisions)
• Strong project pipeline with NOK ~1bn potential for projects in final contract stage
• Continued execution of the cost saving program

In conclusion, HydrogenPro’s Q4-25 reflects continued low revenues as major projects near completion and delayed FIDs have limited new order intake; however, the ACES project strengthens the Company’s position as a proven large-scale supplier in a maturing hydrogen market. At the same time, the Company has significantly reduced its cost base beyond initial targets, supporting a more sustainable cash burn, and with a cash position of NOK 102m, HydrogenPro is assessed as financially stable in the near term, though increased order intake remains crucial to drive profitability. Importantly, market signals improved during the quarter, particularly in Europe, and with approximately NOK 1bn in projects in final contract negotiations, order intake is expected to strengthen in 2026.

Read Analyst Group’s comment on the report here

About Analyst Group: One of Sweden's leading equity research boutiques with focus on small and medium-sized listed companies.
Read more about Analyst Group
 
This is a press release from Analyst Group regarding the publication of a comment on HydrogenPro. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.