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HydrogenPro AS (OB:HYPRO) shares rose 7.8% to NOK 3.19 following its Q2 2025 earnings presentation on August 15, despite reporting widening losses and declining revenue. The green hydrogen technology provider highlighted technological advancements and strategic partnerships while implementing cost-cutting measures to address financial challenges.
Quarterly Performance Highlights
HydrogenPro reported Q2 2025 revenue of NOK 13 million, a significant decrease from NOK 22 million in Q1 2025 and NOK 50 million in Q2 2024. The company’s gross margin declined to 22% from 32% in the previous quarter, while net losses increased to NOK 76 million from NOK 65 million in Q1.
As shown in the following financial summary:
The company’s cash position continued to deteriorate, with cash balance dropping to NOK 107 million at the end of Q2, down from NOK 165 million at the end of Q1. Project backlog also declined to NOK 287 million from NOK 318 million in the previous quarter.
Cash flow and backlog details are illustrated here:
To address these financial challenges, HydrogenPro is implementing a NOK 40 million annual savings plan, with over NOK 25 million in savings already achieved. The cost-cutting measures primarily involve downsizing in Europe, reducing consultant usage, and implementing cost measures in China.
Strategic Partnerships and Global Expansion
Despite financial headwinds, HydrogenPro continues to expand its global footprint through strategic partnerships. The company recently entered a partnership with Thermax in India, providing exclusive rights for alkaline electrolyzer systems in the Indian market along with local manufacturing capabilities.
The Thermax collaboration includes:
Additionally, HydrogenPro completed an equity investment from LONGi Hydrogen in July 2025, aimed at enabling large-scale green hydrogen plants and accessing approximately two-thirds of global demand. This partnership is expected to consolidate manufacturing and optimize the delivery model.
The company is focusing on three main geographical areas: Europe/North America, India, and the Middle East. Europe represents a 122 GW announced pipeline with commercial operation dates by 2030 and approximately 30% CAGR from 2025-2030, while India shows a 27 GW pipeline with 35% CAGR, and the Middle East and North Africa region has an 80 GW pipeline with 15% CAGR.
Technological Advancements and Project Updates
HydrogenPro reported significant progress in its electrode technology, achieving a 17% reduction in voltage (energy consumption) at Beginning of Life with its Gen 3 electrodes. Based on recent modeling, energy consumption is expected to reach 4.5 kWh/Nm³.
The company’s cell voltage improvement data is illustrated here:
The company’s manufacturing site in Aarhus, Denmark, is now fully operational with 350 MW capacity for 3rd generation technology. Additionally, partner ANDRITZ opened a giga assembly site in Erfurt, Germany, with approximately 1 gigawatt capacity.
HydrogenPro provided updates on its two major projects: ACES (220MW) in the USA, which is in the final commissioning stage, and SALCOS (100MW) in Germany, where main components have been manufactured and electrodes are being delivered, with installation and commissioning planned for 2026.
Forward-Looking Statements
Despite current financial challenges, HydrogenPro maintains an optimistic outlook based on its technological advancements and strategic partnerships. The company highlighted that its projects rank among the 10 largest hydrogen projects globally (excluding China).
The company emphasized several investment highlights, including what it describes as a vast total addressable market with massive growth potential, its 3rd-generation technology driving significant reductions in levelized cost of hydrogen, and a scalable business model positioned for growth.
While HydrogenPro’s Q2 2025 financial results show worsening losses and declining revenue, the company continues to focus on technological improvements and strategic partnerships to position itself for future growth in the expanding green hydrogen market. The effectiveness of its cost-cutting measures and ability to convert its project pipeline into profitable revenue will be crucial for improving its financial performance in coming quarters.
Full presentation:
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