Hexagon Purus ASA, a key player in the global hydrogen infrastructure race, faced challenges in Q2 2025 with a significant revenue decline driven by reduced hydrogen activity. However, the company's strong order backlog indicates potential for a near-term rebound, supported by a focus on cost-cutting initiatives. A strategic shift towards battery electric mobility in partnership with Hino Trucks aims to diversify revenue streams, posing questions about resource allocation. Despite these challenges, Hexagon Purus is strategically positioned to capitalize on the projected growth in the global hydrogen infrastructure market through joint ventures and long-term projects. Although facing near-term liquidity constraints and risks in the battery electric mobility segment, the company's emphasis on hydrogen infrastructure and market share in cylinder production mitigate these concerns. Investors are advised to view Hexagon Purus as a speculative buy, considering its undervaluation, strong order backlog, and strategic positioning for the hydrogen sector's recovery. The company's ability to adapt to sectoral transitions and leverage its order pipeline highlights its potential for growth and value creation in the long term.