HydrogenPro ASA, listed as STU:R6Z, recently disclosed its financial performance for the third quarter, reporting a noteworthy increase in revenue to NOK 72 million, indicating growth from the previous quarter. The company achieved a gross margin of 26%, reflecting a profitable operation. Furthermore, the receipt of EU funding approval of EUR 16.5 million for its Denmark expansion project showcases positive progress within budgetary limits. HydrogenPro ASA's reputation as one of the few OEMs with operational mega projects enhances its market position. The company's successful funding of around NOK 200 million for technology development underlines its robust R&D capabilities. On the downside, the net loss of NOK 38 million and decreased backlog from NOK 416 million to NOK 341 million signify ongoing financial challenges and a slowdown in new contract acquisitions. Safety concerns were raised due to eight minor accidents in 2023, prompting the need for improved safety measures. Additionally, uncertainties stemming from EU restrictions and criteria from the European Hydrogen Bank could potentially impact future projects, creating a more challenging market environment. Despite these obstacles, HydrogenPro ASA remains confident in its pipeline and projects, not foreseeing significant negative impacts from the EU restrictions. The company's strategic focus on Denmark for R&D efforts and grants is justified by the advantageous public grants supporting their high-tech investments, particularly in electrode technology. By leveraging these grants and support for R&D, HydrogenPro ASA aims to enhance its technological capabilities and market competitiveness. Moving forward, the company plans to finalize its application within the EU to continue its innovation efforts and sustain its position in the hydrogen market.