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hydrogenpro-revenues-dip-and-losses-expand-in-q1-2024
© HydrogenPro
hydrogenpro-revenues-dip-and-losses-expand-in-q1-2024
© HydrogenPro

HydrogenPro revenues dip and losses expand in Q1 2024

Norwegian electrolyser manufacturer HydrogenPro, reported a stark drop in revenues to NOK 5m ($368,000) in Q1 2024, down from NOK 83m ($7.6m) a year earlier, alongside widening losses.

The original equipment manufacturer’s (OEM) EBITDA also took a major hit. It fell from NOK 12m ($1.1m) in Q4 2023 to NOK -56m (-$5.2m) in the first quarter of the year, seeing a net loss of NOK 63m ($5.8m).

Jarle Dragvik, CEO of HydrogenPro, attributed the “intermediate quarter” results to completing equipment for the Advanced Clean Energy Storage (ACES) hydrogen project in Utah, US, and preparing deliveries for the 100MW plant at Salzgitter’s steel mill in Germany.

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