Cavendish Hydrogen (CAVEN) Q2 2025 earnings summary

Executive summary

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

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

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

• Completed or handed over two U.S. sites and progressed on new installations in Italy and France, with the Italian station set for the 2026 Winter Olympics.

• Germany highlighted as a key growth market due to favorable policies and strong product-market fit for bus fleets.

Financial highlights

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

• EBITDA improved by 32% year-over-year to EUR -4.6 million, aided by cost control, restructuring, and improved service margins.

• Cash balance at the end of Q2 2025 was EUR 28.7 million.

• Q2 net loss: EUR -5.0 million (improved 36% YoY); H1 net loss: EUR -14.5 million.

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

Outlook and guidance

• Cautious outlook for the second half of 2025 due to a declining order backlog, market delays, and expected zero new station deliveries.

• Ongoing installation and service revenue expected to remain stable, with long-term optimism for heavy-duty transportation markets.

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