Cavendish Hydrogen (CAVEN) Q3 2026 earnings summary

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.