(November 13, 2025 - Oslo, Norway) Cavendish Hydrogen ASA (Cavendish, Oslo
Børs ticker: CAVEN) reported revenues of EUR 4.1 million for the third quarter
2025 (Q3 2025). An important new contract was secured with a long-standing
customer in Poland in the quarter and hydrogen dispensed from Cavendish
fueling stations reached a new all-time high of 324 000 kg, paving the way for
future sales.
Q3 2025 highlights:
· Revenue was EUR 4.1 million and EBITDA result was EUR -4.4 million
· Cash position of EUR 23.3 million at the end of the quarter
· Secured an important new contract with a long-standing customer in Poland
· An all-time high of 324 000 kg of hydrogen was dispensed from Cavendish
fueling stations
· Commissioned a new station to one of our important customers in Italy, to
support the upcoming 2026 Winter Olympics
· Announced the exit of the South Korean market, to adjust strategically and
reduce operational complexity and costs
Subsequent Events
· October 17, 2025: Secured a new contract for hydrogen fueling stations in
Italy, reinforcing Cavendish's position in Europe's energy transition
Commenting on Cavendish's Q3 performance, CEO Robert Borin said:
"The third quarter brought encouraging commercial activity with new station
sales, alongside strategic portfolio adjustments, including our exit from the
Korean market. In Q3 we secured an important contract with PAK PCE H2
Stations, a long-standing customer in Poland. This new contract win reaffirms
the strength of our existing relationships and the trust we've built over
time. Shortly after the end of the quarter, we continued the momentum with
another new contract with a new customer in Italy. These wins are a testament
to our team's ability to deliver value and reliability in a growing and
competitive market. Towards the end of the quarter, we announced the strategic
decision to exit the Korean market. While this move marks the end of our
current journey in one market, it allows us to adjust strategically and focus
our resources on markets with clearer growth trajectories and stronger
alignment with our capabilities. Operationally, we achieved a record-high
324 000 kg in hydrogen volumes dispensed this quarter. This milestone is not
only a reflection of our expanding footprint but also a clear signal that
hydrogen usage is on the rise. While I am not satisfied with our financial
performance, which has remained weak for some time and is expected to remain
under pressure in the short term due to a slow market, I am encouraged by
recent operational progress and early signs of market improvement, and I
believe that continued disciplined execution and cost control will gradually
strengthen our financial position."
Outlook:
Cavendish expects group revenue for the last quarter of this year to be
somewhat lower than in the third quarter. There will be some volatility
between the quarters in the first half of 2026 due to the timing of the
revenue recognition of the order backlog. Although the short-term outlook is
cautious, Cavendish is optimistic about the long-term potential for hydrogen
fueling, especially within heavy-duty transportation.
The Q3 2025 results will be presented on November 13, 2025, at 10:00 CET via
live webcast and participants are invited to attend the presentation and Q&A
session at the following link:
https://events.teams.microsoft.com/event/4a5f5619-2871-4491-94b7-1b71f26e6ea4@1c376fce-a93e-4933-9295-5f367686af5b
.
For the full report and presentation, please see the attachments or visit
www.cavendishh2.com (http://www.cavendishh2.com/) .
For additional information, please contact:
Cavendish Hydrogen ASA Investor Relations
Mirza Koristovic, Head of Investor Relations
IR@cavendishh2.com
+47 938 70 525
About Cavendish Hydrogen ASA | www.cavendishh2.com
Cavendish Hydrogen is a global leader in hydrogen fueling solutions for the
mobility sector. Driven by the vision to end emission from mobility, Cavendish
is committed to providing safe, competitive, and reliable hydrogen fueling
solutions, offering the convenience of traditional fuels but with zero
emissions. The company covers the entire value chain from development and
production to installation, commissioning, and maintenance. Through value
creation and cutting-edge technology, Cavendish is setting new standards for
fueling heavy-duty vehicles with reliable hydrogen solutions. Cavendish
Hydrogen ASA is listed on the Oslo Stock Exchange (CAVEN) and headquartered in
Herning, Denmark.
This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2025-11-13 07:00 CET.