Cavendish Hydrogen (CAVEN) Q4 2025 earnings summary

Executive summary

• Secured major new contracts in Italy and Germany, reinforcing presence in Europe's energy transition and signaling improved commercial momentum.

• Achieved an all-time high of 372,000 kg of hydrogen dispensed in Q4 2025, up 15% quarter-over-quarter, with strong performance during the 2026 Olympic Games.

• Completed and handed over the fourth French station, the third U.S. station, and the first certified Italian station, with ongoing projects in Poland and Italy.

• Cost reduction initiatives and restructuring, including exit from South Korea, led to lower operating expenses and improved cash development.

• Challenging market conditions in Q4 2025, with revenue and profitability under pressure due to fewer equipment deliveries.

Financial highlights

• Q4 2025 revenue was EUR 1.9 million, down 71% year-over-year, mainly due to limited equipment deliveries; full-year revenue EUR 15.3 million, down 51%.

• EBITDA for Q4 was negative EUR 3.9 million, nearly in line with last year, supported by reduced indirect costs; full-year EBITDA EUR -19.9 million.

• Cash balance at year-end was EUR 20.2 million, with Q4 cash usage just above EUR 3 million.

• Net loss in Q4 was EUR -6.3 million, impacted by EUR 1.1 million in impairments, mainly related to North American assets.

• Order intake in Q4 was EUR 3.8 million, up 71% year-over-year; order backlog increased, reflecting improved commercial activity.

Outlook and guidance

• Revenue in Q1 2026 expected to exceed Q4 2025, with H1 2026 projected higher than H2 2025, supported by increased backlog and new project deliveries in Poland and Italy.

• Lower indirect cost base and further cost optimization anticipated to improve profitability and cash flow in 2026.

• Long-term outlook remains optimistic for hydrogen heavy-duty mobility, especially for buses and trucks.

• Investment focus will remain on core technology and application engineering, with major new tech development to be customer-financed.

• Further cash improvement anticipated in 2026 due to expected reduction in net working capital.