(May 21, 2026 – Oslo, Norway) Cavendish Hydrogen ASA (Cavendish, the Company, Oslo Børs ticker: CAVEN) today reported revenues of EUR 2.8 million for the first quarter of 2026. The company delivered on key commercial milestones during the quarter, including securing a significant new contract for a hydrogen bus fueling station in Germany, its third in that market, reinforcing Cavendish’s track record of repeatable execution across Europe. Hydrogen dispensed from Cavendish fueling stations remained strong at 368,157 kg in the quarter, reflecting high utilization of the installed base and underpinning the long-term demand case. Subsequent to quarter end, Cavendish announced a new strategic partnership with BHDT GmbH, which will acquire newly issued shares representing approximately 15% of the Company’s outstanding shares, strengthening the cash position by approximately EUR 4.8 million and providing external validation of Cavendish’s strategy and technology platform.
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 .
For the full report and presentation, please see the attachments or visit www.cavendishh2.com (http://www.cavendishh2.com/) .
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