I don't want to give you false hope ...
Our little boy went through three sets of newborn hearing tests before they diagnosed auditory neuropathy spectrum disorder - basically this is where the auditory nerve isn't transmitting sound to the brain correctly.
We were told that there was a very small chance that his hearing could improve, that his auditory nerve development was delayed and that the situation may change as he gets bigger/older. This is probably what you want to hear.
Alas it hasn't proved the case, and he's been wearing hearing aids for two months now.
That said, we don't think his hearing loss is as great as the audiologist thinks. He refuses to respond appropriately to their behavioural tests, so they are presuming quite a great degree of loss. But we have noticed that he does respond to certain noises, for example this morning (without his aids) he clearly heard our back door open as his Daddy came back into the house. There was no visual stimulus, but he definitely reacted.