HydrogenPro AS reported a widened net loss of NOK 51 million in the second quarter of 2026, driven by a NOK 32 million impairment charge linked to the divestiture of equipment in Tianjin, China. Revenue fell to NOK 15 million from NOK 30 million in the prior quarter, primarily from the SALCOS order and work at the ACES site in Utah.
The Oslo-listed company’s EBITDA remained negative at NOK 16 million, while payroll expenses declined to NOK 25 million as Chinese operations were downsized. Other operating expenses rose to NOK 15 million, including roughly NOK 2 million tied to capital raises. Capital expenditures totaled NOK 3 million during the quarter, leaving net cash at NOK 59 million, up from NOK 56 million at the end of March.
HydrogenPro’s backlog increased slightly to NOK 262 million from NOK 252 million, though management noted 2026 has been slower than anticipated, with few Final Investment Decisions (FIDs) materializing. The company is transitioning from in-house manufacturing in Tianjin to an Original Equipment Manufacturer (OEM) partnership with LONGI, retaining ownership of its electrode and gas separation technology in Denmark. The impairment charge reflects the divestiture of the Tianjin production line equipment.
Chief Executive Jarle Dragvik emphasized the company’s focus on technology development, including a pilot electrolyzer for 30-bar pressure operation in partnership with Thermax in India. The latest electrode technology achieves energy consumption below 4.5 kWh per normal cubic meter. CFO Martin Holtet highlighted a financing strategy that combines funding with strategic partnerships, suggesting potential interest from long-term investors.
Analysts project 18% revenue growth for fiscal 2026, with an expected profit of NOK 0.05 per share. HydrogenPro’s stock fell 7.38% to $0.55, extending its decline from a 52-week high of $4.25. Market capitalization now stands at $8.84 million, down from $9.5 million at the end of June.
