olivLaw · European equity research
Hexagon Purus ASA HPUR.OL
Norway · Euronext Oslo Børs · ISIN NO0013751966 · Vertical: Listed companies from Norway
Hexagon Purus ASA, headquartered in Oslo, develops hydrogen and battery energy storage systems and heavy-duty zero-emission vehicle integration. Revenue fell sharply in fiscal 2025 to NOK 1 144 million, amid a broad cost restructuring and still uncertain demand in hydrogen markets.
At the close of 06 Nov 2026, Hexagon Purus ASA (HPUR.OL) stock was 3.90 NOK (+0.52% on the day), with market capitalisation 1.7 bn NOK, beta 0.02, 52-week range 3.88–19.10 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 37.8
- weak (30–45)
- Bollinger (20, 2)
- 3.29 – 6.12
- in the lower half of the band · %B 0.22 · band width 60.2%
- SMA 50 / 200
- 5.10 / 10.03
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.35 / -0.32
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −13.3% | −0.6% | −12.7 pp | — |
| 3 months | −58.1% | −4.2% | −53.9 pp | — |
| 6 months | −73.8% | +4.3% | −78.2 pp | — |
| Year to date | −72.7% | +7.5% | −80.2 pp | — |
| 1 year | −77.3% | +9.9% | −87.2 pp | −4.7% |
| 3 years | −96.4% | +49.8% | −146.2 pp | +12.7% |
| 5 years | −98.8% | +42.8% | −141.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.3 bn | 1.9 bn | 1.1 bn |
| Revenue YoY | unavailable | +42.2% | −39.0% |
| Net income | -672.7 m | -1.1 bn | -1.5 bn |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.46 | -3.67 | -3.51 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -51.0% | -59.2% | -131.3% |
| Free cash flow | -1.2 bn | -1.1 bn | -562.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 321.8 m NOK
- Financial debt
- 1.8 bn NOK
- Net debt
- 1.5 bn NOK
- Equity
- 579.4 m NOK
- Total assets
- 3.5 bn NOK
- Debt / equity
- 3.14x
- Current ratio
- 2.28x
- ROE
- -111.2%
- ROA
- -35.6%
- FCF margin
- -49.1%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.3 bn | 1.9 bn | 1.1 bn | esef· 21 Oct 2026verified |
| Operating income | -595.3 m | -910.6 m | -1.2 bn | esef· 21 Oct 2026verified |
| Depreciation & amortisation | — | 207.5 m | 323.9 m | esef· 21 Oct 2026verified |
| EBITDA | — | -703.1 m ≈ | -833.4 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 187.2 m | 365.4 m | 452.3 m | esef· 21 Oct 2026verified |
| Pre-tax income | -691.3 m | -1.2 bn | -1.5 bn | esef· 21 Oct 2026verified |
| Income tax | -7.8 m | -9.3 m | -7.3 m | esef· 21 Oct 2026verified |
| Net income | -672.7 m | -1.1 bn | -1.5 bn | esef· 21 Oct 2026verified |
| Diluted EPS | -2.46 | -3.67 | -3.51 | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 307.5 m | 1.0 bn | 321.8 m | esef· 21 Oct 2026verified |
| Inventories | 481.7 m | 694.1 m | 549.4 m | esef· 21 Oct 2026verified |
| Current assets | 1.3 bn | 2.2 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 867.2 m | 1.2 bn | 952.4 m | esef· 21 Oct 2026verified |
| Total assets | 3.8 bn | 4.9 bn | 3.5 bn | esef· 21 Oct 2026verified |
| Long-term debt | 596.5 m | 1.6 bn | 1.8 bn | esef· 21 Oct 2026verified |
| Current liabilities | 699.0 m | 667.1 m | 577.2 m | esef· 21 Oct 2026verified |
| Total liabilities | 1.9 bn | 2.8 bn | 2.9 bn | esef· 21 Oct 2026verified |
| Equity | 1.9 bn | 2.1 bn | 579.4 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 273.5 m | 302.4 m | 427.9 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -712.9 m | -682.3 m | -480.5 m | esef· 21 Oct 2026verified |
| Capex | 442.6 m | 428.1 m | 81.7 m | esef· 21 Oct 2026verified |
| Free cash flow | -1.2 bn ≈ | -1.1 bn ≈ | -562.1 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -597.1 m | -535.3 m | -177.5 m | esef· 21 Oct 2026verified |
| Financing cash flow | 1.3 bn | 1.9 bn | -24.9 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn NOK
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -41.0% | 5 (vs peers) | 29% |
| Net margin · Quality | -131.3% | 13 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.6x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -33.7% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HEXAGON PURUS ASA (HPUR.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.1 bn NOK in 2025; YoY growth -39.0%; net margin -131.3%; ROE -121.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.3x
What contradicts it
- ROIC: -41.0%
- Net margin: -131.3%
- Interest coverage: -2.6x
- FCF yield: -33.7%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| HPUR.OLHexagon Purus Asa | 1.7 bn | — | -121.2% | -131.3% | −39.0% | −75% / −96% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for HPUR.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Hexagon Purus ASA, headquartered in Oslo, develops hydrogen and battery energy storage systems and heavy-duty zero-emission vehicle integration. Revenue fell sharply in fiscal 2025 to NOK 1 144 million 1, amid a broad cost restructuring and still uncertain demand in hydrogen markets.
SWOT
Strengths
- The company holds a well-established position in Type 4 hydrogen cylinder technology and long-term relationships with bus manufacturers 1.
- Manufacturing capacity in Germany has been completed, which can limit the need for major future investment 1.
- The sale of the aerospace division strengthened the financial position and extended the liquidity runway 1.
Weaknesses
Opportunities
Risks
- Going concernhigh
Management states that liquidity is sufficient for at least 12 months, but flags order intake below break-even levels as a risk requiring close monitoring 1.
- Demand volatilityhigh
Demand visibility is limited and forecasting is described as unusually challenging 1.
- Impairmentsmedium
Significant impairments of fixed assets were recorded, including for the BVI segment, which could signal further adjustments 1.
- Inventory and warranty costsmedium
Cost of materials rose due to inventory write-downs and warranty provisions, and similar adjustments could continue 1.
- Chinese joint venture exposurelow
Commitments to the Chinese joint venture involve cash flows, and the financing arrangement changes the ownership structure 1.
Investment thesis
What would need to be true (bull case)
- If order intake improves on a sustained basis, the company could reach profitability given its lower cost base and reduced capital needs 1.
- Long-term contracts with European bus makers and new hydrogen distribution orders could provide a steadier revenue base 1.
- Long-term European regulatory frameworks could support demand after 2030, and the company's technology position could benefit from that growth 1.
What would break the thesis
- Revenue declined sharply and operating losses remain large, which could prolong the consolidation phase 1.
- Regulatory uncertainty and delays in zero-emission truck adoption could postpone volumes for several years 1.
- If external financing or order intake does not improve, liquidity pressure could increase 1.
What to watch
- Development of order intake relative to break-even levelsQ1 2027
- Level of hydrogen bus volumes in 20262026
- Status of the financing arrangement for the Chinese joint venture2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Hexagon Purus presents itself as a global leader in hydrogen infrastructure and zero-emission mobility, offering hydrogen and battery energy storage solutions and heavy-duty vehicle integration 1. Activities are mainly located in Europe, North America and China, with manufacturing in Kassel and Weeze (Germany) 1. The company says its solutions enable safe use of hydrogen and batteries across distribution, mobile refueling, industry, buses, heavy trucks and maritime 1.
During 2025 the company executed a cost realignment programme and cut more than one-third of its workforce 1. The BVI segment was scaled down to a minimum operating level, and the US aerospace business was sold to SpaceX 1. Management states that the balance sheet has strengthened, but that profitability depends on a material and sustained improvement in order intake 1.
The governance structure follows the Norwegian Code of Practice for Corporate Governance, with a few exceptions explained by management 1. The company notes that capital expenditure will be limited, as its major capacity expansion programmes have been completed 1.
Segments
Hydrogen infrastructure
The segment includes distribution systems, mobile refueling units and stationary ground storage with pressure levels between 200 and 1000 bar 1. The company believes the market will become attractive over the long term as more hydrogen becomes available, though demand depends on the completion of new clean hydrogen projects 1.
Market context
Management describes the zero-emission heavy-duty truck market as developing unevenly: China leads deployment, Europe has long-term regulatory ambitions, and demand in North America has been slowed by a lack of regulatory push 1. For hydrogen trucks, meaningful volumes are not expected before the end of the decade, as most incumbent OEMs target hydrogen models late 1.
In hydrogen transit buses, Germany has the largest fleet and Europe benefits from regulatory support, yet near-term dynamics are more gradual than anticipated 1. Management expects these markets to develop step by step, if political support and infrastructure keep progressing 1.
Trends
- Slower adoption of zero-emission heavy trucksheadwind
Adoption of zero-emission heavy trucks in Europe and North America is developing more slowly than anticipated, which could delay volumes for the company 1.
- European regulatory pressuretailwind
EU targets for zero-emission buses and trucks support long-term demand, particularly after 2030, but implementation is slow 1.
- Policy uncertainty in the USheadwind
Political and regulatory uncertainty in the US affects demand visibility for battery electric trucks, which could push volume growth further out 1.
- Expansion of hydrogen infrastructuremixed
Development of new clean hydrogen projects can increase hydrogen availability and demand for distribution systems, which could support the company 1.
Competitive position
The company names Solaris and CaetanoBus among European bus manufacturers pushing hydrogen bus adoption in the source 1. Competition in hydrogen infrastructure and storage is described only in general terms, without naming competitors 1.
Competitive positioning rests on Type 4 cylinder technology, the Kassel manufacturing footprint and relationships with traditional and emerging hydrogen customers 1. The source offers no quantitative comparison with competitors 1.
- Solaris
European bus manufacturer promoting hydrogen bus adoption in European cities, named in the annual report 1.
- CaetanoBus
European bus manufacturer pushing hydrogen bus adoption, named in the annual report 1.
- Incumbent truck manufacturers
Established truck makers targeting hydrogen models toward the end of the decade, referred to without names in the report 1.
- Chinese joint venture partner
The company's Chinese joint venture partner, which also provides market presence in China, described in the report 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Hexagon Purus ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.