Daimler Truck North America and Hexagon Purus terminate supply agreement for battery-electric commercial vehicles

(October 4, 2024 – Oslo, Norway) Reference is made to the stock exchange announcement of Hexagon Purus ASA (“Hexagon Purus” or the “Company”) on August 14, 2023, in which Hexagon Purus and Daimler Truck North America (“DTNA”) signed an long-term agreement for the full vehicle integration of battery-electric commercial vehicles.

The parties mutually agreed today to terminate the 2024-2027 supply agreement, and DTNA will reimburse Hexagon Purus for certain costs incurred by the company in connection with this agreement.

The decision unlocks capacity to address other near-term opportunities for strategically attractive electric commercial vehicle programs with higher volume and higher margin potential. It also enables the company to strengthen its focus on the operational execution and scale-up of its long-term agreement to supply battery-electric trucks to Hino Trucks.

The company maintains its 2024 financial guidance and still expects revenue growth of at least 50% year-over-year for 2024, and 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 breakeven EBITDA in 2026.

For more information:

Mathias Meidell, Director of Investor Relations, Hexagon Purus
Phone: +47 909 82 242 | [email protected]

Salman Alam, CFO, Hexagon Purus
Phone: +47 476 12 713 | [email protected]

About Hexagon Purus

Hexagon Purus enables emission-free mobility for a cleaner energy future. The company is a leading supplier 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 vehicles, buses, ground storage, distribution, refueling, maritime, rail and aerospace.

More information at www.hexagonpurus.com and follow @HexagonPurus on X and LinkedIn.

This information is subject to the disclosure requirements under section 5-12 of the Norwegian Securities Act. This information is considered inside information under the EU Market Abuse Regulation.

This stock exchange announcement was published on October 4, 2024 at 07:55 CET by Mathias Meidell, IR Director, Hexagon Purus ASA.