Daimler Truck North America and Hexagon Purus end supply agreement for battery electric vocational vehicles
Source: GlobeNewswire(4 October 2024 – Oslo, Norway) Reference is made to the stock exchange release by Hexagon Purus ASA (“Hexagon Purus” or the “Company”) on 14 August 2023, where Hexagon Purus and Daimler Truck North America (“DTNA”) signed a long-term agreement for complete vehicle integration of battery electric vocational vehicles.
The parties have today mutually agreed to terminate the 2024-2027 supply agreement, and DTNA will reimburse Hexagon Purus for certain costs that the Company has undertaken related to this agreement.
The decision unlocks capacity to address other near-term opportunities for strategically attractive battery electric commercial vehicle programs with higher volume and margin potential. It also enables the Company to enhance its focus on the operational execution and scale-up of its long-term agreement for the supply of battery electric trucks to Hino Trucks.
The Company maintains its financial guidance for 2024 and still expects revenue growth of at least 50% year-over-year for 2024, and a significant year-over-year improvement in the Company’s EBITDA margin. For 2025, based on preliminary estimates, the Company expects revenue growth of at least 50% year-over-year and continued significant improvement in EBITDA margin. The Company expects to reach EBITDA break-even during 2026.
For more information:
Mathias Meidell, Investor Relations Director, Hexagon Purus
Telephone: +47 909 82 242 | mathias.meidell@hexagonpurus.com
Salman Alam, CFO, Hexagon Purus
Telephone: +47 476 12 713 | salman.alam@hexagonpurus.com
About Hexagon Purus
Hexagon Purus enables zero emission mobility for a cleaner energy future. The company is a world leading provider of hydrogen Type 4 high-pressure cylinders and systems, battery systems and vehicle integration solutions for fuel cell electric and battery electric vehicles. Hexagon Purus' products are used in a variety of applications including light, medium and heavy-duty vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.
Learn more at www.hexagonpurus.com and follow @HexagonPurus on X and LinkedIn.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This information is considered to be inside information pursuant to the EU Market Abuse Regulation.
This stock exchange announcement was published by Mathias Meidell, IR Director, Hexagon Purus ASA, on 4 October 2024 at 07:55 CET.
