Cavendish Hydrogen (CAVEN) investor relations material

Executive summary

• Achieved record-high hydrogen dispensed in Q2 2025, with 298,000 kg delivered globally and a 41% year-over-year increase, driven by strong North American growth and high equipment utilization.

• Opened two new fueling stations in California with a major U.S. customer, serving over 3,250 vehicles and showing near 100% availability and positive user feedback.

• Appointed a new Chief Commercial Officer and restructured the commercial team to accelerate order intake and growth initiatives.

• Progressed on the first Italian station, set for completion in Q3 2025 to serve the 2026 Winter Olympics.

• Regulatory support in the EU and US, including new funding and tax credits, is expected to benefit future growth.

Financial highlights

• Q2 2025 revenue was EUR 5.6 million, down 39% year-over-year due to fewer equipment deliveries and lower project activity, but up 51% sequentially.

• EBITDA improved 32% year-over-year, aided by cost controls, restructuring, and improved service margins; Q2 EBITDA was EUR -4.6 million.

• Cash balance at the end of Q2 2025 was EUR 28.7 million, down from EUR 34.5 million in Q1 and EUR 53.6 million year-over-year.

• Order intake in Q2 was EUR 2.6 million (down 48% YoY); order backlog was EUR 10.9 million (down 58% YoY).

• Q2 net loss was EUR -5.0 million, improved 36% year-over-year.

Outlook and guidance

• Cautious outlook for H2 2025, expecting lower revenue and zero new station deliveries due to market delays and challenging conditions.

• Ongoing installation and service revenue anticipated to remain at similar levels as H1.

• Long-term market outlook remains positive, especially for heavy-duty hydrogen transportation.

• Continued focus on cost control, operational improvements, and investment in core technology.