Cavendish Hydrogen (CAVEN) Q1 2025 earnings summary

Executive summary

• Achieved a record 288,000 kg of hydrogen dispensed in Q1 2025, a 41% year-over-year increase, with new installations globally including first sites in Canada, US, and Europe, and enhanced equipment reliability driving high customer satisfaction.

• Significant restructuring in Q1 2025 included a 37% workforce reduction and a one-off cost of EUR 2.3 million to preserve cash and ensure long-term viability.

• Order intake and backlog declined sharply, reflecting market uncertainty and delayed project starts, especially in the US.

• Cash position remained strong at EUR 34.5 million at quarter-end, supporting continued operations and investment in core technology.

Financial highlights

• Q1 2025 revenue was EUR 3.7 million, down 62% year-over-year, or EUR 6.1 million, down 38% when adjusted for a prior-year one-off contract termination payment.

• EBITDA was EUR -7.1 million, impacted by restructuring costs; underlying EBITDA (excluding restructuring) was flat year-over-year.

• Net loss widened to EUR -9.4 million from EUR -6.1 million in Q1 2024.

• Order intake dropped 76% to EUR 1.3 million, and order backlog decreased 47% to EUR 14.6 million compared to Q1 2024.

• Net cash flow from operating activities was EUR -6.5 million, reflecting lower volumes and working capital changes.

Outlook and guidance

• Q2 2025 revenue expected to be similar to Q1; second half of 2025 anticipated to see lower revenues due to weak order intake.

• Service segment expected to grow as installed base increases, partially offsetting lower equipment and project revenues.

• Restructuring project completion expected to lower cost levels in upcoming quarters.

• Investment focus will remain on core technology and incremental development of high-capacity stations, with major new tech investments contingent on external funding.

• Focus remains on increasing revenue in upcoming quarters, with international expansion strategies under consideration.