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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Cavendish Hydrogen
Cavendish Hydrogen (CAVEN) investor relations material
Cavendish Hydrogen Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Leaner costs, stronger service margins and improving hydrogen-market signals supported readiness for a potential recovery, while project timing remained uncertain.
More than 150 fueling station modules sold across 80+ locations; 57 stations were operating and under service globally.
Financial highlights
Q3 revenue was EUR 2.4m, down 42% YoY, with no equipment deliveries; service revenue was nearly EUR 2m and rose 11% YoY.
EBITDA was EUR -1.5m vs EUR -4.4m; operating loss was EUR -2.5m vs EUR -5.3m, and net loss was EUR -0.7m vs EUR -5.8m.
Adjusted EBITDA improved EUR 1.6m, or 51% YoY, to EUR -1.5m, supported by higher service margins and cost reductions; Q3 included one-off legal and restructuring costs.
YTD revenue was EUR 9.5m vs EUR 13.4m; YTD net loss was EUR -13.4m vs EUR -20.3m.
Q3 order intake was EUR 1.6m vs EUR 2.8m; quarter-end backlog was EUR 8.9m, down 8% QoQ.
Outlook and guidance
Q4 2026 revenue is expected near Q3 levels, with a pickup in H1 2027 as equipment for Luxembourg and German bus projects is delivered; quarterly timing remains volatile.
Service and installation revenue is expected to continue at current levels; project delivery timing may shift quarterly results.
Reduced indirect costs and completion of the legal settlement are expected to lower cash usage; working-capital release depends on backlog execution.
Around EUR 30m revenue would bring EBITDA close to break-even with existing capacity; no major CapEx is needed to grow. Investment focus includes compression, cooling and application engineering, with EUR 1.3m CETPartnership funding for compressor technology.
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Latest events from Cavendish Hydrogen
- Hydrogen fueling platform expands with new funding, strategic partnerships, and policy-driven growth.CAVEN
The Future of Energy digital investor conference presentation - Record hydrogen volumes and global expansion drive long-term growth in clean mobility.CAVENCompany presentation
- A global leader in hydrogen fueling, driving rapid, high-capacity solutions for clean mobility.CAVENCompany presentation
- Q2 2026 revenue up 57% sequentially, BHDT invests €4.8M, legal risks resolved, EU funding secured.CAVENQ2 2026
- Order intake surged 377% and EUR 4.8M investment boosts funding despite revenue decline.CAVENQ1 2026
- Q4 2025 revenue dropped 71%, but record hydrogen volumes and new contracts support future growth.CAVENQ4 2025
- Revenue down 19%, EBITDA improved, strong cash at EUR 46.3m, backlog and sentiment weakened.CAVENQ3 2024
- Q2 revenue up 38%, record installations, and strong cash position after Oslo listing.CAVENQ2 2024
- Q4 2024 saw record hydrogen dispensed but revenue and order backlog declined sharply.CAVENQ4 2024
Next Cavendish Hydrogen earnings date
Q4 20264 Feb, 2027
Cavendish Hydrogen
Next Cavendish Hydrogen earnings date
Q4 20264 Feb, 2027
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Frequently asked questions
Cavendish Hydrogen is a company focused on the development and commercialization of hydrogen energy solutions aimed at supporting the transition to clean energy. The company’s activities include producing, storing, and distributing hydrogen fuel for use in various sectors, such as transportation, industrial applications, and energy generation. Cavendish Hydrogen is committed to advancing sustainable hydrogen technology infrastructure to facilitate a low-carbon economy. The company is headquartered in Herning, Denmark, and its shares are listed on the Oslo Stock Exchange.