HydrogenPro ASA - First quarter 2026 financial results

Summary by AI ^BETAClose X

HydrogenPro ASA reported first quarter 2026 results with revenues of NOK 16 million, a slight decrease from NOK 17 million in the prior quarter, and an EBITDA of NOK -32 million, an improvement from NOK -49 million. The net result was NOK -41 million, compared to NOK -44 million previously, with the order backlog standing at NOK 252 million, down from NOK 275 million. The company's cash balance decreased to NOK 56 million from NOK 102 million. Key developments include the successful commissioning of 40 electrolyzers for the ACES project in Utah and a strategic OEM partnership with LONGi for 1 GW of manufacturing capacity. HydrogenPro also has approximately NOK 1 billion in projects expected to reach final investment decisions in 2026/2027 and has initiated a strategic review to assess alternatives for liquidity and future growth.

Disclaimer*

13 May 2026 - HydrogenPro ASA (OSE: HYPRO): HydrogenPro has today reported its financial results for the first quarter of 2026.

Achievements and highlights:

Secured strategic OEM partnership with LONGi, gaining access to 1 GW of manufacturing capacity for electrolyzer components and gas separation units while optimizing internal manufacturing by mothballing the Tianjin facility.
All 40 electrolyzers are fully operational for the ACES project in Utah, USA — one of the world's largest pressurized alkaline deployments—and are supported by an active 10-year service agreement.
Approximately NOK 1bn in projects are expected to reach FIDs in 2026/2027; contract negotiations are ongoing across Europe, India, and MENA.
Further improvements to stack design and electrodes have achieved an energy consumption of 4.4 kWh/Nm3 while reducing weight and shunt current and improving overall durability.

Q1 2026 financials (Q4 2025 numbers in brackets):

- Revenues: NOK 16 million (NOK 17 million)

- EBITDA: NOK -32 million (NOK -49 million)

- Net result: NOK -41 million (NOK -44 million)

- Order Backlog: NOK 252 million (NOK 275 million)

- Cash Balance at end of the quarter: NOK 56 million (NOK 102 million)

Jarle Dragvik, CEO of HydrogenPro, comments: “Q1 2026 was a defining quarter for HydrogenPro. We completed and commissioned the 220 MW ACES project in Utah — all 40 electrolyzers are now fully operational, making it one of the world's largest pressurized alkaline deployments. Backed by a 10-year service agreement, ACES validates our ability to deliver at scale in North America.

A strategic OEM agreement with LONGI gives us immediate access to 1 GW of manufacturing capacity, enabling us to streamline operations and mothball the Tianjin facility. Commercially, we have a NOK 1bn pipeline near the FID stage, with late-stage contract negotiations underway across Europe, India, and the MENA region. On the technology side, our latest stack design and improved electrodes achieves energy consumption of 4.4 KWh/Nm3, offering customers better performance, lower weight, and greater durability.

With proven large-scale delivery, a flexible manufacturing base, and industry-leading efficiency, HydrogenPro is well positioned to capture the accelerating order intake we expect through the remainder of the year.”

Strategic review:

HydrogenPro continues to experience interest from project developers, customers and industrial stakeholders. In light of potential future projects, the Company’s liquidity position and general development, the Board of Directors has initiated a strategic review to assess alternatives that may support the Company’s liquidity needs, future growth and commercial development.

As part of this process, the Company has engaged Clarksons Securities AS as financial advisor to assist in ongoing strategic discussions and the evaluation of potential financing alternatives.

There can be no assurance that the strategic review will result in any transaction or other specific outcome. The Company will provide further information if and when appropriate

HydrogenPro will host a webcast presentation at 10:00 CET followed by a Q&A session. The presentation will be given by Jarle Dragvik (CEO), Martin Thanem Holtet (CFO) and Michael Caspersen (CCO). Questions can be posted online during the presentation.

Link to webcast: https://qcnl.tv/p/71Ef2_JMsFsRwJG1wVMSmQ

About HydrogenPro:
HydrogenPro, established in 2013, specializes in pioneering green hydrogen technology solutions through partnerships with global collaborators and suppliers. Our flagship products are high-pressure alkaline electrolyzers, incorporating some of the most advanced technology available. As an OEM, we provide high-pressure alkaline electrolyzers and supply large-scale green hydrogen plants, all certified to ISO 9001, ISO 45001, and ISO 14001 standards. Our experienced engineering team consists of leading industry experts, drawing upon unparalleled knowledge and expertise in the hydrogen and renewable energy sectors.
For more information, visit www.hydrogenpro.com