Hydrogenpro ASA
Hydrogenpro ASA is a Norwegian company focused on the development and production of proton exchange membrane (PEM) electrolysis systems for green hydrogen production, generating revenue primarily through equipment sales and service contracts.
Business. Hydrogenpro ASA (HYPRO.OL) is a renewable energy equipment and services company listed on the Oslo Børs. The firm operates within the renewable energy sector, focusing on the provision of energy solutions. Specific details regarding its operating segments and geographic presence are not available. The company is headquartered in Norway.
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1 analysts · consensus HoldAt a glance
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Hydrogenpro ASA (HYPRO.OL) is a renewable energy equipment and services company listed on the Oslo Børs. The firm operates within the renewable energy sector, focusing on the provision of energy solutions. Specific details regarding its operating segments and geographic presence are not available. The company is headquartered in Norway.
Hydrogenpro operates with a market capitalization of NOK 296.1 million and a price-to-book ratio of 1.18, indicating a relatively modest premium over its book value. The company's liquidity position is characterized as medium risk, with a current ratio of 1.74 and negative free cash flow of NOK -252.6 million. The debt-to-equity ratio of 0.07 suggests a conservative capital structure, with long-term debt of NOK 16.5 million against total equity of NOK 250.97 million.
Profitability metrics are underperforming relative to industry norms, with a return on equity of -92.89% and a return on assets of -63.56%. The company reported a net loss of NOK -233.1 million for the period, with operating income of NOK -218.1 million. Gross profit of NOK 25.37 million was insufficient to offset operating expenses, highlighting the challenges in achieving profitability in the early stages of the green hydrogen market.
The company's revenue is concentrated in a single business segment focused on PEM electrolysis systems, with no disclosed geographic diversification. This concentration increases exposure to market-specific risks, particularly in the European Union where green hydrogen demand is expected to grow. The lack of segment or geographic diversification is a notable risk factor for investors.
Looking ahead, the company is projected to maintain a negative revenue trajectory, with no significant growth expected in the near term. Analysts have assigned a mean recommendation of 3.00 (Hold), with no strong buy or buy ratings. The consensus EPS estimate for the next period is NOK -1.73, compared to an actual EPS of NOK -2.64, indicating continued losses.
Risk factors include the company's negative free cash flow and net cash position, which could necessitate additional financing. The risk assessment indicates a low probability of dilution, but the company's reliance on capital expenditures (NOK -34.76 million) and negative operating cash flow (NOK -187.9 million) could pressure liquidity in the coming periods. No dilution sources were identified in the latest filings, but the company's capital structure remains sensitive to market conditions.
Recent events include the continued development of PEM electrolysis technology and the expansion of production capacity. The company has not disclosed any material legal or regulatory issues, but the green hydrogen sector is subject to evolving policy and regulatory frameworks that could impact future operations.
- Hydrogenpro operates with a high debt-to-equity ratio of 0.07 and a current ratio of 1.74, indicating a conservative but liquidity-constrained capital structure.
- The company's profitability metrics are significantly negative, with a return on equity of -92.89% and a return on assets of -63.56%.
- Revenue is concentrated in a single business segment, increasing exposure to market-specific risks.
- Analysts have assigned a mean recommendation of 3.00 (Hold), with no strong buy or buy ratings, reflecting cautious expectations.
- The company's negative free cash flow and net cash position could necessitate additional financing, though the risk of dilution is currently low.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Valuation
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Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | -1,73 |
| Revenue | —no estimate | —no estimate | 207,0M NOK |
| Operating income | —no estimate | —no estimate | -147,0M NOK |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
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- Ev To Revenueenterprise_value / revenue
- Hydrogenpro ASA Market data — financials · 2026-05-28
- Hydrogenpro ASA Market data — analyst estimates · 2026-05-28
Ownership & reference
Leadership
- Jarle DragvikCEO
Insider activity
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Debt-to-equity (FY 2024-12-31): 0.37xDerived (calculated)
- Net margin (FY 2024-12-31): -76.7%Derived (calculated)
- Return on equity (FY 2024-12-31): -33.6%Derived (calculated)
- Return on assets (FY 2024-12-31): -24.5%Derived (calculated)
- Current ratio (FY 2024-12-31): 2.18xDerived (calculated)
- Total liabilities (annual): NOK 162.75MBRREG filing
- Current liabilities (annual): NOK 153.21MBRREG filing
- Pre-tax income (annual): NOK -146.92MBRREG filing
- Operating income (annual): NOK -175.43MBRREG filing
- Revenue (annual): NOK 191.59MBRREG filing
- Total operating expenses (annual): NOK 367.02MBRREG filing
- Finance expense (annual): NOK 2.38MBRREG filing
- Total assets (annual): NOK 600.54MBRREG filing
- Current assets (annual): NOK 334.12MBRREG filing
- Non current assets (annual): NOK 266.42MBRREG filing
- Net income (annual): NOK -146.92MBRREG filing
- Total equity & liabilities (annual): NOK 600.54MBRREG filing
- Shareholders' equity (annual): NOK 437.79MBRREG filing
- Non current liabilities (annual): NOK 9.54MBRREG filing