Norway-based HydrogenPro has announced a net profit of NKr6m ($571,815) for Q2 this year, the first profitable quarter since its public listing on the Oslo Stock Exchange’s Merkur Market in 2020.

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This has pushed the electrolyser manufacturer’s year-to-date loss to NKr2.5m, a fraction of the NKr43.3m loss seen in the first half of 2022.

And it also makes the company one of the only electrolyser makers to report a quarterly profit in recent years.

Fellow Norwegian OEM Nel reported a net loss of NKr342m in the past quarter, while US-based Plug Power registered its own net loss of $263m in Q2. And while British manufacturer ITM has not yet updated the market with results since its interim report in January, it set guidance of an adjusted Ebitda loss of £85m-95m, with expected revenue of only £2m.

HydrogenPro meanwhile saw NKr137m in revenue for the second quarter, almost 18-times the NKr7.7m brought in for Q2 the previous year.

Much of this was from the Advanced Clean Energy Storage (ACES) project in the US state of Utah, which has contracted 220MW of electrolyser capacity from HydrogenPro that is set to be delivered by the end of this year.

HydrogenPro is currently mulling a listing on the Nasdaq stock exchange as part of a strategy to focus on serving the North American market.

This pivot was announced earlier this month on 8 August, when the firm’s then-CEO since November 2022, Tarjei Johansen, stepped down and was replaced by Jan Dragvik, CEO of the electrolyser manufacturer’s second-largest shareholder TM Holdings.

However, while the electrolyser manufacturer plans to build up its US management team, further details on a previously announced 500MW factory in Texas are yet to be disclosed.

Until this plant is built, all 500MW of HydrogenPro’s existing manufacturing capacity will be in Tianjin, China.