Hexagon Purus ASA, the Norwegian supplier of environmentally friendly automotive products, announced on Friday that it has reached a mutual agreement with Daimler Truck Holding AG's North American division to discontinue their 2024-27 contract for supplying battery electric vocational vehicles. As part of this agreement, Daimler Truck North America will compensate Hexagon for specific expenses incurred in relation to this partnership.
Previously, on August 14, 2023, Hexagon declared a long-term collaboration with DTNA aimed at the comprehensive integration of battery electric vocational trucks.
Hexagon stated, "This decision allows us the capacity to pursue other imminent opportunities in strategically advantageous battery electric commercial vehicle programs, which offer greater volume and margin potential."
Looking forward, Hexagon has maintained its full-year forecast, anticipating a revenue growth of at least 50%, along with a marked improvement in the EBITDA margin. For 2025, based on initial projections, the company also expects a revenue increase of at least 50%, with continuing significant gains in EBITDA margin. Hexagon has set a target to achieve EBITDA break-even by 2026.
