Cavendish Hydrogen ASA Q3 2026 Report
Cavendish Hydrogen ASA: Results for the Third Quarter 2026
(November 12, 2026 - Oslo, Norway) Cavendish Hydrogen ASA (Cavendish, the Company, Oslo Børs ticker: CAVEN) today announced its results for the third quarter of 2026. Results improved on the back of a reduced cost base and improved margins from its service business. Conditions in core markets continue to improve, supported by funding programs in Germany and the Netherlands and the Danish government’s commitment to meet EU hydrogen infrastructure requirements by 2030. After the quarter, Cavendish introduced H2Station™ Plus, a new addition to its hydrogen fueling offering, tailored to the station projects funded by national programs to meet the EU’s AFIR requirements.
Q3 2026 Highlights:
· Revenue was EUR 2.4 million and EBITDA was EUR -1.5 million.
· Cash position was EUR 12.3 million at the end of the quarter.
· 337,833 kg of hydrogen was dispensed from Cavendish fueling stations this quarter.
Commenting on Cavendish's Q3 performance, CEO Robert Borin said:
"The third quarter showed the results of the work we have done to build a leaner and more focused Cavendish. Signals from our core markets continue to strengthen. Germany’s funding program for hydrogen stations and trucks drew 526 applications requesting EUR 455 million, more than twice the available budget, with approvals expected before the end of the year. In the third quarter, major vehicle manufacturers and energy companies have committed to Germany as the launch market for hydrogen trucks, with new fuel cell trucks planned to enter customer operation from the end of this year. In the Netherlands, the 2026 funding round has been awarded and the next round opens in March 2027. At the European level, the review of the Alternative Fuels Infrastructure Regulation (AFIR), which sets binding targets for hydrogen stations across the EU, is due to be completed by year end. Together, these developments give our customers a clearer basis for investment decisions in 2027. Since the end of the quarter, we have introduced H2Station™ Plus, a new addition to our hydrogen fueling offering that is tailored to meet the increased demand created by the AFIR regulation. We are now a leaner company with improving financial results, and we enter the fourth quarter with a strengthened offering and an organization ready to deliver. We believe we are seeing a market that is moving, and Cavendish is ready."
Outlook:
Cavendish Hydrogen expects revenue for the fourth quarter of 2026 to be at a similar level as the revenue in the third quarter. Revenue is expected to pick up in the first half of 2027 due to more equipment deliveries. There is currently some volatility between quarters due to the timing of revenue recognition of the order backlog. Although the short-term outlook is cautious, Cavendish is optimistic about the long-term potential for hydrogen fueling, especially within buses and heavy-duty trucks.
The Q3 2026 results will be presented on November 12, 2026 at 10:00 CET via live webcast and participants are invited to attend the presentation and Q&A session at the following link: https://events.teams.microsoft.com/event/26993e63-c613-4813-b4f5-f180a64427ee@1c376fce-a93e-4933-9295-5f367686af5b.
For the full report and presentation, please see the attachments or visit www.cavendishh2.com.
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