Hydrogenpro ASA

Hydrogenpro’s capital structure shows a market cap of NOK 296.1 million and a price-to-book ratio of 1.18, indicating a modest premium over tangible book value. The company’s liquidity position is constrained, with negative operating cash flow of NOK -187.9 million and free cash flow of NOK -252.6 million, despite a current ratio of 1.74 [doc:HYPRO.OL-2023-10-K]. Profitability metrics are weak, with a net loss of NOK -233.1 million and a return on equity of -92.89%, far below the industry median for renewable energy equipment firms. Gross profit of NOK 25.4 million reflects limited margin capture, likely due to high R&D and project execution costs [doc:HYPRO.OL-2023-10-K]. The company’s revenue is concentrated in equipment and project sales, with no disclosed geographic breakdown. However, its operations are based in Norway, and its acquisition of a Danish plating technology firm suggests regional exposure to the Nordic market [doc:HYPRO.OL-2023-10-K]. Growth remains speculative, with no revenue growth data provided and a net loss expanding from prior periods. Analysts expect continued losses, with a mean EPS estimate of -NOK 1.73 for the current fiscal year [doc:HYPRO.OL-2023-10-K]. Risk factors include liquidity constraints and a negative net cash position, exacerbated by high operating and free cash flow outflows. Dilution risk is low, with no near-term pressure from share issuance or convertible debt [doc:HYPRO.OL-2023-10-K]. Recent events include the acquisition of Advanced Surface Plating ApS, which expanded its plating technology capabilities, and ongoing R&D efforts in hydrogen production solutions [doc:HYPRO.OL-2023-10-K].