Cavendish Hydrogen (CAVEN) Q2 2026 earnings summary

Executive summary

• Achieved a 57% sequential revenue increase in Q2 2026, reaching up to €6.6 million, mainly from equipment deliveries, though revenue declined 23% year-over-year due to reduced US activity.

• Secured a €4.8 million strategic investment from BHDT, resulting in 15% ownership and active industrial collaboration.

• Settled US litigation with Iwatani, eliminating future legal costs and risks.

• Awarded €1.3 million in European funding for next-generation hydrogen compressor technology.

• Won a €1.4 million contract for a hydrogen fueling station in Luxembourg, expanding commercial presence in Europe.

Financial highlights

• Q2 2026 revenue reached up to €6.6 million, up 57% sequentially but down 23% year-over-year; H1 2026 revenue was €7.2 million, down 23%.

• Adjusted EBITDA was negative, impacted by €3.9 million in legal settlement costs; underlying EBITDA improved to €-2.1 million.

• Cash balance at quarter end was €16.4 million, supported by the BHDT investment.

• Order intake for Q2 2026 was €2.4 million; order backlog at quarter end was €9.6 million.

• Hydrogen dispensed in Europe reached 336,203 kg in Q2 2026, up 12% year-over-year.

Outlook and guidance

• Revenue for H2 2026 expected to be somewhat lower than H1 due to fewer equipment deliveries.

• Market visibility for 2026 remains challenging due to long customer decision cycles and evolving regulations.

• Cost reduction initiatives and legal settlement expected to improve indirect cost level and cash usage.

• Service and installation business expected to maintain current performance levels, with some quarter-to-quarter volatility.

• Long-term EBITDA margin target is 10%-15%, requiring significant revenue ramp-up.