Reported Earnings • May 15
First quarter 2026 earnings released: kr0.48 loss per share (vs kr0.81 loss in 1Q 2025) First quarter 2026 results: kr0.48 loss per share (improved from kr0.81 loss in 1Q 2025). Revenue: kr15.9m (down 29% from 1Q 2025). Net loss: kr41.5m (loss narrowed 37% from 1Q 2025). Reported Earnings • Mar 02
Full year 2025 earnings released: kr2.64 loss per share (vs kr2.87 loss in FY 2024) Full year 2025 results: kr2.64 loss per share. Revenue: kr86.6m (down 56% from FY 2024). Net loss: kr239.6m (loss widened 22% from FY 2024). New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings have declined by 36% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr223m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 36% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (kr139.7m market cap, or US$14.7m). Reported Earnings • Nov 16
Third quarter 2025 earnings released: kr0.60 loss per share (vs kr0.64 loss in 3Q 2024) Third quarter 2025 results: kr0.60 loss per share. Revenue: kr34.9m (down 51% from 3Q 2024). Net loss: kr54.0m (loss widened 41% from 3Q 2024). Revenue is forecast to grow 168% p.a. on average during the next 2 years, compared to a 5.0% growth forecast for the Machinery industry in the United Kingdom. New Risk • Sep 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr203m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr46m net loss next year). Market cap is less than US$100m (kr318.1m market cap, or US$32.0m). New Risk • Aug 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr206m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr206m free cash flow). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (kr46m net loss next year). Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (kr295.6m market cap, or US$29.0m). Reported Earnings • Aug 17
Second quarter 2025 earnings released: kr0.92 loss per share (vs kr1.29 loss in 2Q 2024) Second quarter 2025 results: kr0.92 loss per share (improved from kr1.29 loss in 2Q 2024). Revenue: kr12.8m (down 74% from 2Q 2024). Net loss: kr75.8m (loss narrowed 1.7% from 2Q 2024). Revenue is forecast to grow 139% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Machinery industry in the United Kingdom. New Risk • Jul 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-kr166m). Currently unprofitable and not forecast to become profitable next year (kr105m net loss next year). Market cap is less than US$100m (kr343.9m market cap, or US$33.8m). Reported Earnings • May 17
First quarter 2025 earnings released: kr0.79 loss per share (vs kr0.78 loss in 1Q 2024) First quarter 2025 results: kr0.79 loss per share (further deteriorated from kr0.78 loss in 1Q 2024). Revenue: kr22.4m (up 447% from 1Q 2024). Net loss: kr65.4m (loss widened 40% from 1Q 2024). Revenue is forecast to grow 88% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Machinery industry in the United Kingdom. Board Change • May 02
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Non-Executive Independent Director Jarle Tautra is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annuncio • Apr 30
Hydrogenpro Asa Approves Board Appointments HydrogenPro ASA at its AGM held on April 30, 2025, approved appointment of Asta Ellingsen Stenhagen (Chair) and Hallvard Hasselknippe to the board. Also, it was resolved that Haimeng Zhang will take on the role as board member once the announced capital increase is completed. Reported Earnings • Apr 03
Full year 2024 earnings released: kr2.87 loss per share (vs kr1.08 loss in FY 2023) Full year 2024 results: kr2.87 loss per share (further deteriorated from kr1.08 loss in FY 2023). Revenue: kr195.7m (down 66% from FY 2023). Net loss: kr196.1m (loss widened 204% from FY 2023). Revenue is forecast to grow 65% p.a. on average during the next 2 years, compared to a 4.9% growth forecast for the Machinery industry in the United Kingdom. Reported Earnings • Feb 26
Full year 2024 earnings released: kr2.88 loss per share (vs kr1.08 loss in FY 2023) Full year 2024 results: kr2.88 loss per share (further deteriorated from kr1.08 loss in FY 2023). Revenue: kr195.7m (down 66% from FY 2023). Net loss: kr200.5m (loss widened 211% from FY 2023). Revenue is forecast to grow 65% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Machinery industry in the United Kingdom. New Risk • Feb 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr47m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr47m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr389.3m market cap, or US$34.9m). Annuncio • Feb 25
HydrogenPro ASA Announces the Resignation of Vivian Espeseth as a Member of the Board of Directors HydrogenPro ASA announced that board member Vivian Espeseth has informed the company that she resigns from her position as a member of the board of directors, with immediate effect. New Risk • Jan 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr443.1m market cap, or US$38.7m). Annuncio • Dec 13
HydrogenPro ASA, Annual General Meeting, Apr 30, 2025 HydrogenPro ASA, Annual General Meeting, Apr 30, 2025. Board Change • Nov 27
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Non-Executive Independent Director Jarle Tautra is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Oct 18
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Non-Executive Independent Director Jarle Tautra is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Aug 28
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. Non-Executive Independent Director Jarle Tautra is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Annuncio • Apr 24
Hydrogenpro Asa Elects Dag J. Opedal as New Chair of the Board HydrogenPro ASA, The Annual General Meeting and the Extraordinary General Meeting agreed in the nomination committee's proposal. Mr. Dag J. Opedal was therefore elected to become the new Chair of the Board of HydrogenPro ASA. The new board consists primarily of independent candidates. Mr. Dag J. Opedal has a long career in industrial companies like Orkla ASA, including as the CEO from 2005-2010, as well as in companies like Norgesgruppen, Threschow-Fritzøe and Ferd. He has held several board positions, including in companies like Telenor, Jotun, Carslberg, Sapa/Alcoa and REC. He is currently the Chair of the Board in Elkem and Kavli Holding ASA among others. The other board members are Asta Stenshagen, Jarle Tautra, Geir Bredo Larsen, Marianne Mithassel Aamodt, Vivian Y Chen Espeseth, and Bjørn Hansen. Annuncio • Apr 17
HydrogenPro ASA Announces Board Changes HydrogenPro ASA announced that current board member Asta Stenhagen is not up for election at this year's annual general meeting. Board member Richard Espeseth, expressed to step down from the board. Board Change • Apr 09
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Non-Executive Independent Director Jarle Tautra is the most experienced director on the board, commencing their role in 2021. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Annuncio • Apr 03
HydrogenPro ASA Announces Step Down of Terje Mikalsens as Chairman HydrogenPro ASA announced following Mr. Terje Mikalsens decision to step down as the Chair of the HydrogenPro ASA board the nomination committee has nominated Mr. Dag J. Opedal as the new Chair of the Board. A new board is to be elected on the company's annual general meeting on April 22, 2024. Board Change • Mar 01
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Jarle Tautra is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. New Risk • Feb 23
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr311m free cash flow). Shares are highly illiquid. Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr80m net loss in 2 years). Shareholders have been diluted in the past year (9.1% increase in shares outstanding). Market cap is less than US$100m (kr758.3m market cap, or US$71.9m). Board Change • Feb 13
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Jarle Tautra is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Annuncio • Dec 22
HydrogenPro ASA, Annual General Meeting, Apr 17, 2024 HydrogenPro ASA, Annual General Meeting, Apr 17, 2024. Board Change • Dec 12
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Jarle Tautra is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Breakeven Date Change • Nov 12
No longer forecast to breakeven The 2 analysts covering HydrogenPro no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of kr36.2m in 2025. New consensus forecast suggests the company will make a loss of kr10.7m in 2025. Recent Insider Transactions • Nov 09
Chief Executive Officer recently bought kr493k worth of stock On the 7th of November, Jarle Dragvik bought around 33k shares on-market at roughly kr14.78 per share. This transaction increased Jarle's direct individual holding by 4x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jarle's only on-market trade for the last 12 months. New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr343m free cash flow). Shares are highly illiquid. Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks Shareholders have been diluted in the past year (9.1% increase in shares outstanding). Market cap is less than US$100m (kr945.7m market cap, or US$84.5m). New Risk • Oct 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.01b (US$91.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr343m free cash flow). Shares are highly illiquid. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr7.6m net loss in 2 years). Shareholders have been diluted in the past year (9.1% increase in shares outstanding). Market cap is less than US$100m (kr1.01b market cap, or US$91.5m). Breakeven Date Change • Oct 17
Forecast to breakeven in 2025 The 2 analysts covering HydrogenPro expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 8.2% per year to 2024. The company is expected to make a profit of kr57.3m in 2025. Average annual earnings growth of 64% is required to achieve expected profit on schedule. Annuncio • Oct 06
HydrogenPro ASA Announces Changes to the Board of Directors Ellen Hanetho has decided to step down as Chair of the Board of HydrogenPro with immediate effect. Terje Mikalsen has been appointed new Chair of the Board. Terje Mikalsen has been instrumental to the Company since 2013 and has extensive experience as an industrial leader, investor and founder and who has been behind companies such as Norsk Data and Hafslund Nycomed. Board Change • Sep 06
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Ellen Hanetho is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 19% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr343m free cash flow). Shares are highly illiquid. Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr76m net loss in 2 years). Shareholders have been diluted in the past year (8.6% increase in shares outstanding). Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: kr0.11 (vs kr0.35 loss in 2Q 2022) Second quarter 2023 results: EPS: kr0.11 (up from kr0.35 loss in 2Q 2022). Revenue: kr137.0m (up kr129.3m from 2Q 2022). Net income: kr6.48m (up kr27.1m from 2Q 2022). Profit margin: 4.7% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 51% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Machinery industry in the United Kingdom. Breakeven Date Change • Jul 29
Forecast to breakeven in 2025 The 2 analysts covering HydrogenPro expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr162.3m in 2025. Average annual earnings growth of 58% is required to achieve expected profit on schedule. Annuncio • Jul 25
Hydrogenpro Asa Announces CFO Martin Thanem Holtet on Parental Leave CFO Martin Thanem Holtet will be on parental leave from 31 July until 10ovember 2023. During this peririod Ida Eilertsen Nygård will take the role as acting CFO of HydrogenPro ASA. Ida Eilertsen Nygård has held the position as Head of Investor Relations & ESG since 1[ ]February 2023. She holds a master's degree fromNorwegian School of Economics. She joined HydrogenPro after serving as Senior Vice President, Long Term Funding at DNB. Board Change • Jul 15
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of the Board Ellen Hanetho is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. 
