Norway's HydrogenPro Q1 revenue falls, launches strategic review

Hydrogenpro ASA

13/05/2026 06:15

Overview

Norway green hydrogen tech firm's Q1 revenue declined slightly from previous quarter

Company reported continued net loss and negative EBITDA for Q1

Strategic review launched to assess financing and growth alternatives

Outlook

Company expects accelerating order intake through remainder of 2026

HydrogenPro says NOK 1 bln in projects may reach FID in 2026/2027

Result Drivers

ACES PROJECT COMPLETION - All 40 electrolyzers for the ACES project in Utah are fully operational, supported by a 10-year service agreement, per CEO Jarle Dragvik

OEM PARTNERSHIP - Strategic OEM agreement with LONGi gives access to 1 GW of manufacturing capacity and led to mothballing the Tianjin facility, per CEO Jarle Dragvik

TECHNOLOGY IMPROVEMENTS - Further improvements to stack design and electrodes reduced energy consumption and improved durability, according to the company

Company press release: ID:nMFN7x4GZX

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
NOK 16 mln
Q1 Net Income
-NOK 41 mln
Q1 EBITDA
-NOK 32 mln
Q1 Order Backlog
NOK 252 mln


Analyst Coverage

The one available analyst rating on the shares is "hold"

The average consensus recommendation for the renewable energy equipment & services peer group is "buy."

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)