Hexagon Purus Completes Reverse Split as Hydrogen Infrastructure Surges 140% but Mobility Slumps

Hexagon Purus has taken a decisive step to stabilise its capital structure, executing a 10-for-1 reverse stock split that was entered into the Norwegian register on 20 May. The technical move reduces the number of shares from around 428 million to approximately 42.85 million, each with a par value of one Norwegian krone. Trading under a new ISIN began on 18 May, and fractional shares resulting from the consolidation were sold in bulk, with the proceeds donated to charitable organisations. To ensure divisibility by ten, chief executive Morten Holum was allocated two additional shares ahead of the split — a purely mechanical adjustment.

The share consolidation comes alongside a set of first-quarter figures that reveal a business in flux. Headline revenue surged 76% year-on-year to 405 million Norwegian kroner, but a special effect of 134 million kroner from the sale of Hexagon Purus’s US aerospace business and the deconsolidation of its Chinese joint venture inflated that number. Stripping out those items, adjusted revenue stood at 271 million kroner — a still-solid 29% increase, but far less dramatic than the top-line figure suggests. The order backlog at quarter-end was approximately 463 million kroner.

Beneath the revenue growth, the operational picture is starkly uneven. The hydrogen infrastructure segment posted a 140% jump in sales to 101 million kroner, fuelled by demand for distribution and refuelling systems. Yet the mobility division, which supplies storage for fuel-cell vehicles, saw revenue collapse by 40% to just 57 million kroner. That decline underscores the nascent and volatile nature of the hydrogen truck market, even as major manufacturers commit to the technology.

Should investors sell immediately? Or is it worth buying Hexagon Purus?

Daimler Truck and the Iveco Group are among those pushing ahead. Both are integrating Hexagon Purus’s Type-IV cylinders — capable of operating at 350 and 700 bar — into their next-generation heavy-truck platforms. Prototype testing is currently under way to validate performance and safety before series production begins. The ultimate goal is emissions-free fleets, but the timeline remains dependent on the outcome of these trials.

To meet anticipated demand, Hexagon Purus is expanding its production footprint. Its joint venture with CIMC Enric has already delivered its first Type-IV cylinders, with the partnership designed to scale manufacturing capacity significantly. In Europe, the company’s Weeze facility in North Rhine-Westphalia now spans 16,000 square metres, producing systems for hydrogen distribution and refuelling. In China, meanwhile, the company renegotiated financing terms with CIMC Enric in March, securing fresh capital for the joint venture in exchange for a reduced equity stake — a move that preserves Hexagon Purus’s own cash reserves.

Those reserves stood at 364 million kroner at the end of the first quarter, bolstered by investment inflows of 119 million kroner — 98 million of which came from the SpaceX-related aerospace sale. Operating cash flow remained negative at minus 44 million kroner. On a reported basis, EBITDA turned positive at 1.6 million kroner, but that was entirely due to one-off gains; the adjusted EBITDA figure was deep in the red at minus 90 million kroner. The net loss narrowed from 385 million to 172 million kroner, yet the underlying operating loss persists.

Management insists that the cost-cutting measures implemented last year are gradually taking effect, and the revised China financing terms reduce immediate cash outflows. The reverse split itself is intended to stabilise the share price and signal a shift from pure growth mode towards industrial-scale production. For now, however, Hexagon Purus presents a contradictory picture: technically clean but operationally still in restructuring, with a promising infrastructure segment pulling in one direction and a struggling mobility business pulling in the other. The key question is whether the cost base can shrink fast enough to prevent the cash pile from melting away before the hydrogen market matures.

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