Q1 2026 Highlights:
· Revenue was EUR 2.8 million and EBITDA result was EUR -4.0 million.
· Cash position was EUR 16.5 million at the end of the quarter.
· Secured a significant new contract for a H2 Bus station with OVAG, expanding our presence in Germany.
· Continued high level 368,157 kg of hydrogen was dispensed from Cavendish fueling stations this quarter.
· Commissioned the third station with major US customer, increasing the fleet of stations in California.
Subsequent Events:
· April 27, 2026: Awarded a new contract for a Hydrogen Fueling Station in North-West Europe, with long-standing partner Mesure Process.
· May 5, 2026: New strategic partnership secured through equity investment. BHDT GmbH will purchase newly issued shares amounting to approximately 15% of the ownership of Cavendish Hydrogen ASA, for the price per share of 8.73 NOK. This partnership will strengthen our cash position with EUR 4.8 million, and our ability to deliver high-quality solutions through strategic and technical cooperation.
Commenting on Cavendish’s Q1 performance, CEO Robert Borin said:
“Q1 unfolded in a cautious market, and our response has been to focus on what we can control, which is executing on the right opportunities and building a leaner, more resilient platform. Securing the OVAG contract in Germany, our largest award in the recent period, demonstrates that we are competitive and able to convert in a demanding environment. The entry of BHDT GmbH as a cornerstone investor is a landmark moment for Cavendish, as it is a meaningful validation that an experienced industrial partner is choosing to commit to our technology and market position. We are not where we ultimately want to be financially, but the foundation we are building positions us well to execute as activity picks up. I want to sincerely thank our employees for their continued commitment and dedication, especially during a period that has required difficult adjustments. Your efforts and spirit continue to move us forward. ”
Outlook:
Cavendish Hydrogen expects revenue for the second quarter of 2026 to be somewhat higher than the revenue of the first quarter in 2026 due to more deliveries of equipment. The second half of 2026 is expected to be lower than the first half, depending on the order intake success. Although the short-term outlook is cautious, Cavendish Hydrogen is optimistic about the long-term potential for hydrogen fueling, especially within buses and heavy-duty trucks.
The Q1 2026 results will be presented on May 21, 2026, 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/de483bbe-5657-4a89-aef9-5edd7b1f56d8@1c376fce-a93e-4933-9295-5f367686af5b
Cavendish Hydrogen ASA – Q1 2026 Report
Cavendish Hydrogen ASA – Q1 2026 Presentation
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
For additional information, please contact:
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. With a dedicated team across offices on three continents, 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.