Hello, everyone, and welcome to today's Q&A session about Cavendish Hydrogen's third quarter results. Today is November 28, and my name is Robert Borin. I am the CEO of Cavendish Hydrogen, and with me today I have Marcus Halland, our CFO. This morning, we published a presentation of Cavendish Hydrogen's third quarter results, where the main points from the presentation were that this quarter we saw lower equipment delivery, which resulted in a 19% lower revenue. We had good cost control in the quarter, which improved the EBITDA despite lower revenues. We saw increased utilization of our equipment in combination with improved reliability and customer satisfaction. We did not secure any new equipment orders. However, we signed agreements for service installation and commissioning.
We continue our journey with a strong focus on the development of the next-generation high-capacity station, and we ended out the quarter with a strong cash position of EUR 46 million. So that was sort of a summary of the presentation that you have watched. We are now looking forward to answering any questions you might have in relation to the quarterly report. Michael Dahl, our head of strategy, will manage the questions. So after a quick message, he will let you on board. So Michael, please go ahead.
Thank you, Robert. So for those of you who want to ask a question, please use the raise hand function, and we'll call you up and activate the microphone to the ones next in line. Please make sure to activate the microphone on your end as well. Note that we will keep cameras for the ones dialing in disabled. So you can start asking questions.
Great. Thank you, Michael. So please let us know if you have any questions?
Good. So there's a question from Anders Rosenlund. And Anders, I'll just activate your microphone.
Thank you. Can you hear me now?
Yes, we can.
Loud and clear.
Excellent. Excellent. Technology works. Could you just try to explain the earnings or the revenue volatility and the revenue recognition from quarter to quarter, and how would you think about that going forward in terms of volatility and link that up to the number of deliveries versus the continuous work that you do on projects, which I presume is recognized as work in progress?
Yes. I can try to answer that question, Anders. In this quarter, we saw slower deliveries of revenue finalized in our factory and delivered to customers. So we had a slightly lower revenue this quarter also compared to the past quarters. In addition, we had slightly lower projects and installation and commissioning revenue that we do progress revenue recognition on. We were working on three sites globally in this quarter, and that was lower than in the first half of this year. As we remember, we finalized eight or actually nine sites in the first half this year. So the activity level on the project side has been lower in this quarter and will remain so in the fourth quarter as well. And the revenue level for the equipment deliveries we expect will be at the same level also in the fourth quarter as this one.
I don't know if that answers the questions.
I think that explains it. I think that that's a fairly good explanation and I have a follow-up question on something else, which, if I may take that right away. On the headcount, you reduced headcount from the second quarter to the third quarter and I think I remember some comments about that previously, but at the same time, I have two questions. The 242, are those all full-time employees? Is that FTE? That's my first question and the second is, how will that figure develop going forward, given what you see in terms of revenue backlog and order negotiations now?
I mean, we are in our line of business, which is a project-based business. I would say we are fairly good at being agile and being quick at adapting our staffing depending on the situation we are in. We had a record high number of installations during last quarter. This quarter, we are having good progress on some of our projects, which means that but not as many projects in parallel going now. We will see a number of projects starting up next year again. But we are quite quick at adapting those levels, and I think that is also key for reaching profitability down the road as well. So this is something that we are getting better and better at.
Okay, so we should expect headcount to come down further in the second half or further out in the fourth quarter?
Depending on the project activity, of course. We adapt as we go there, and we are always having sort of a diligent eye on our cost position. So it depends, I would say.
Okay. Thank you.
Any other questions? We'll give it a little bit of time to see if there are anyone coming up with a question. Otherwise, as we have said before, the material from this morning's presentation is available on our homepage. So for those of you who didn't have time to watch it yet, you can watch it on the homepage, of course, again.
Of course, always feel free to reach out if there is anything we can also answer in writing.
Absolutely. Absolutely.
We will give it another 20 seconds, maybe 30 seconds.
Yeah. Okay. Then I would like to thank you for checking in this morning and watching our presentation, and then also being part of this Q&A session today. As Marcus said before, if there are any questions that you might have after this presentation, please feel free to submit them in writing, and we will do our best to answer you as soon as possible. Otherwise, we would like to say good day, everyone, and thank you for watching. And please check in for our next quarterly report. Thank you very much.
Thank you.