Hexagon Purus, Daimler Mutually Terminate 2024-27 Supply Deal; Hexagon Backs Revenue Growth Outlook

(RTTNews) - Hexagon Purus ASA (HXGBF.PK), a Norwegian green automotive products provider, said on Friday it has mutually agreed to terminate the 2024-27 deal with Daimler Truck Holding AG' s (DTRUY) Daimler Truck North America or DTNA to supply battery electric vocational vehicles.

Subsequently, DTNA will reimburse Hexagon for certain costs that the company has undertaken related to this deal.

On August 14, 2023, Hexagon had announced a long-term agreement with DTNA to provide complete vehicle integration of battery electric vocational trucks.

"The decision unlocks capacity to address other near-term opportunities for strategically attractive battery electric commercial vehicle programs with higher volume and margin potential," Hexagon said in a statement.

Looking ahead, for the full year, the Norwegian firm has reaffirmed its outlook with a revenue growth of at least 50 percent, and a significant improvement in the EBITDA margin.

For the full-year 2025, based on preliminary estimates, the company expects revenue growth of at least 50 percent with a continued significant improvement in EBITDA margin.

Hexagon aims to reach EBITDA break-even during 2026.