Are there any significant changes in order backlog, new contracts, or customer concentration that could affect future cash flows?

Fundamental view – The Q2‑2025 release shows a steep revenue drop to NOK 674 m from NOK 1.15 bn a year earlier, but the statement does not disclose any material shift in the order‑backlog or new contract wins. Hexagon’s management only reiterated that the backlog remains “in line with expectations,” which historically has been heavily weighted toward a handful of large hydrogen‑storage projects (e.g., Shell, Air Liquide, and a few utility partners). Without explicit upside in the pipeline, the decline appears driven mainly by timing of deliveries rather than a loss of customers. Consequently, future cash‑flow visibility stays tied to the execution of those existing contracts and the pace at which new hydrogen‑infrastructure orders materialise.

Trading implication – The lack of a disclosed backlog lift or diversification of the customer base suggests limited upside for near‑term cash‑flow recovery. The stock is already under pressure (sentiment –55) and technicals show the price trading below its 50‑day moving average with a descending channel on the daily chart. For risk‑averse traders, a short‑term sell or defensive hedge (e.g., buying puts or reducing exposure) aligns with the earnings backdrop. However, keep an eye on any follow‑up guidance or contract announcements (especially from emerging Asian hydrogen players) that could re‑bias the risk/reward and warrant a reversal of the short bias.