Norway · Delayed Price · Currency is NOK Cavendish Hydrogen ASA Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw record hydrogen volumes dispensed and a growing order backlog, despite a sharp revenue drop due to no station deliveries. Cost reductions improved EBITDA and cash flow, with new contracts in Italy and Germany supporting a positive outlook for 2026.
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Q3 saw record hydrogen volumes dispensed, new contracts in Poland and Italy, and improved underlying profitability despite low revenue. Strategic exit from South Korea reduced costs, and the company remains well positioned for long-term growth in a strengthening European hydrogen market.
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Record hydrogen dispensed volumes and strong operational performance in Q2, with new stations in California and Europe. Revenue declined year-over-year, but EBITDA improved due to cost control. Cautious near-term outlook amid market delays, but long-term prospects remain positive.
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New installations and improved equipment reliability drove a record 288,000 kilos of hydrogen dispensed in Q1, with a strong cash position of EUR 34.5 million. Expansion is focused on Europe, the U.S., and Korea, with no immediate plans for the Middle East or India.
Fiscal Year 2024
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Fourth quarter saw record hydrogen dispensed, improved reliability, and high customer satisfaction. Restructuring and cost-cutting were completed, leaving the company with a strong cash position of nearly EUR 42 million.
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Revenue declined 19% year-over-year due to lower equipment deliveries, but EBITDA improved thanks to strong cost control. Cash position remains robust at EUR 46 million, with project activity and revenue expected to stay stable in the next quarter.
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Listed in June 2024, the company achieved record installations and secured a strategic pilot site, maintaining a strong cash position. Growth is expected from next-gen products, with European market momentum driven by new regulations and subsidies.