(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 .
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