At quarter-end, the Company’s equity ratio was 60% (74%). The weakened NOK during the first quarter of 2023 also had an impact on balance sheet positions in the Company's subsidiaries that is recognized in EUR and USD. Increases in equity and non-current liabilities as a result of the NOK 500 million (gross) equity and NOK 800 million (gross) convertible bond private placements in March were the main drivers of the increase in total equity and liabilities.

The year-over-year increase in total assets is mainly driven by increases to property, plant and equipment and right-of-use assets due to the Company’s ongoing capacity expansion programs, combined with an increase in cash and short-term deposits. Total assets at the end of the first quarter of 2023 amounted to NOK 3 935 (2 526) million. Total operating expenses in the first quarter of 2023 ended at NOK 356 (252) million, which led to an operating profit before depreciation (EBITDA) of NOK -112 (-93) million. Hexagon Purus continues to experience strong demand for its hydrogen infrastructure solutions, and the year-over-year growth is mainly driven by increased sales of hydrogen distribution modules and mobile hydrogen refueling systems for industrial and mobility purposes.

In the first quarter of 2023, Hexagon Purus (“the Company” or “Purus” or “the Group”) generated NOK 244 million in revenue, up 53% year-over-year from NOK 159 million in the first quarter of 2022. Successfully transferred from Euronext Growth Oslo to the main list of the Oslo Stock Exchange.(“Mitsui”) acting as an anchor investor in the convertible bond subscribing for NOK 500 million. Raised gross proceeds of approximately NOK 1,300 million through a combination of issuance of new shares worth NOK 500 million and the issuance of a convertible bond of NOK 800 million, with Mitsui & Co.Exited the quarter with total backlog of approximately NOK 1.2 billion.Signed an exclusive distribution agreement with Hino Trucks for supply of battery electric heavy-duty trucks in the US with a potential total value of approximately USD 2.0 billion.

Revenue grew 53% year-over-year to NOK 244 million, driven by strong demand in hydrogen infrastructure applications.

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