Hexagon Purus Swings to Positive EBITDA as Reverse Split Clears Path for Turnaround

Hexagon Purus has crossed a critical threshold. The Norwegian hydrogen specialist posted an EBITDA of roughly 2 million Norwegian kroner in the first quarter of 2026, a dramatic swing from the negative 242 million kroner it reported in the same period last year. The zero-percent margin underscores how fragile the recovery remains, but the direction is unmistakable after years of heavy losses.

The improvement stems partly from a major portfolio overhaul. During the first quarter, the company booked an extraordinary gain of 134 million kroner from the sale of its US aviation business and the deconsolidation of its China joint venture. That China entity is now being funded by partner CIMC Enric, which is increasing its stake in exchange. Hexagon Purus cuts its cash outflow while retaining a presence in the Chinese market.

Organic growth also contributed. Revenue in the Hydrogen Mobility and Infrastructure segment reached 227 million kroner, an 11 percent increase driven by higher activity levels. The company delivered 13 distribution modules to a large European energy group and booked additional orders worth €6.2 million for hydrogen distribution modules. Total reported revenue came in at 405 million kroner, though that figure includes the one-off gain; stripping out the extraordinary items, underlying revenue rose 18 percent.

The order backlog stood at 463 million kroner at the end of the quarter, providing some visibility. Still, management has repeatedly warned that demand remains insufficient to push the business consistently into the black. Further financial and operational measures are needed, the company said, as it navigates a delicate restructuring phase.

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

That restructuring includes a clean-up of the share structure. On May 18, Hexagon Purus executed a 10-for-1 reverse stock split following shareholder approval on April 24. The consolidation has now been registered in the Norwegian Register of Business Enterprises, reducing the number of shares outstanding to 42.85 million, each with a par value of one krone.

To make the arithmetic work, the company issued two new shares to chief executive Morten Holum before the split, ensuring the total could be divided evenly by ten. Fractional entitlements from odd-lot holders were aggregated into whole shares and sold on the Oslo exchange. The market capitalisation of roughly 536 million kroner was unaffected by the administrative move.

The split also brings a new securities identification number. Investors must update their watchlists and order systems, as the old identifier is no longer valid. The shares began trading at around 1.25 kroner after the adjustment.

Hexagon Purus at a turning point? This analysis reveals what investors need to know now.

For Hexagon Purus, the second half of the year will test whether the operational momentum can accelerate. The company needs to convert ongoing customer discussions into firm orders. Without a stronger order intake, the progress on liquidity and profitability will remain fragile.

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Hexagon Purus Stock: New Analysis - 21 May

Fresh Hexagon Purus information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

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