Below are some highlights of the report:

• Revenues amounted to NOK 22m (NOK 70m Q4 24 and NOK 4m in Q1 24) – primarily related to deliveries for the SALCOS project (110 MW) with Andritz in Germany
• Gross profit amounted to NOK 7m, representing a 32% gross margin (41% Q4 24) but was impacted by NOK 8.2m in ACES project costs, compared to NOK 17.1m in Q4 2024. When adjusted for these ACES-related expenses, the gross margins for Q1 2025 and Q4 2024 reached 69% and 66%, respectively.
• OPEX of NOK 57m, a decrease of NOK 16m compared to Q4 24, reflecting the cost reduction measures taking effect.
• EBITDA of NOK -50m (NOK -44m Q4 24 and NOK -56m in Q1 2024), corresponding to a margin of -127% (-62% Q4 24).
• Cash balance of NOK 165m compared to NOK 191m at end of Q4 2024 with a capital injection of NOK 68m included from the strategic capital raise of NOK 70m secured from key partners Mitsubishi and Andritz – an additional NOK 70m is expected to be raised from Longi in Q2, although pending approval regarding Chinese regulations on foreign investments.
• HydrogenPro received one confirmed purchase order of USD 2.5m (NOK 26m).
• Backlog amounts to NOK 318m (NOK 305m in Q4 2024).

In summary, while market conditions remain challenging, the Company has secured a stable financial foundation, strengthening the capital base and enabling continued growth-driven activities such as validation of the 3^rd generation electrodes and associated capacity expansion. Through these measures and a further enhanced partnership with industry leaders, HydrogenPro is positioned to capitalize on the strong sales pipeline of 13.4 GW with a leading electrolyzer solution and groundbreaking electrode technology that increase energy efficiency significantly.
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Read Analyst Group’s comment on the report here

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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.