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Introduction & Market Context
Cavendish Hydrogen ASA (CAVEN) presented its Q1 2025 results on May 15, 2025, revealing a mixed picture of operational achievements and financial challenges. The company’s stock had fallen 22.56% to €11.60 ahead of the presentation, signaling investor concerns despite the company’s continued expansion in the hydrogen infrastructure market.
With over 20 years of experience in hydrogen fueling technology, Cavendish positions itself as one of the largest hydrogen station manufacturers globally, with approximately 150 employees and a presence across key markets in North America, Europe, and Asia.
Quarterly Performance Highlights
The most notable achievement for Cavendish in Q1 2025 was reaching an all-time high of 288,000 kg of hydrogen dispensed through its equipment, representing a 41% increase compared to Q1 2024. This growth was primarily driven by increased activity in Europe, stable volumes in South Korea, and modest growth from lower levels in the US market.
As shown in the following chart of quarterly hydrogen dispensing volumes by region:
The company completed several significant projects during the quarter, including new hydrogen fueling stations in Wuppertal (Germany), Vancouver (Canada), and Moreno Valley (California). These installations represent important milestones in Cavendish’s global expansion strategy.
The Wuppertal project for Everfuel in Germany contributes to the country’s growing hydrogen bus network, with site availability exceeding 98.8% since opening and nearly 10 tons of hydrogen dispensed in April 2025 alone. The German market shows significant potential with plans for up to 60 more bus stations.
The Vancouver site marks Cavendish’s entry into the Canadian market, with the station officially handed over on April 2nd. The company will maintain responsibility for service and maintenance of this installation.
In the United States, the Moreno Valley, California project represents the first of several stations with a major US customer. The company has implemented a soft opening agreement with a 12-hour window from April 21st to June 1st, with a second station under commissioning expected to be handed over before the end of Q2 2025 and a third station in construction planned for completion by year-end.
Detailed Financial Analysis
Despite operational progress, Cavendish’s financial results for Q1 2025 showed significant challenges. Revenue declined 38% year-over-year to €3.7 million, which the company attributed to fewer equipment deliveries and lower project activity in Europe. EBITDA was negative at -€4.8 million, while order intake stood at just €1.3 million for the quarter.
The company maintains a backlog of €14.6 million and a relatively strong cash position of €34.5 million, providing some financial cushion as it navigates the current market environment.
Strategic Initiatives
Cavendish’s global expansion continues with a clear focus on strategic markets. The company’s station rollout progress shows completed installations in Germany, Canada, and the US, with four additional stations currently in progress across the US, Italy, and France.
The following map illustrates the geographical distribution of Cavendish’s completed and in-progress stations:
Forward-Looking Statements
Looking ahead, Cavendish outlined its product strategy to address evolving market demands. While the long-term trend points toward medium and heavy-duty applications (including industrial uses like trailer filling), the company acknowledged that light and medium-duty projects still constitute the majority of announced projects.
The company is pursuing an on-demand technology development approach, adapting its timeline to market conditions and focusing on module-by-module development. This strategy aims to balance innovation with cost-consciousness, developing components like feed-compressors and valve-panel integration for industrial applications while working toward a full hydrogen fueling station solution.
Cavendish summarized its Q1 2025 performance by highlighting several new global installations, improved performance metrics, record hydrogen dispensing volumes, and its €34.5 million cash position.
While the company continues to expand its operational footprint and achieve record dispensing volumes, investors appear concerned about the declining revenue and negative EBITDA. The significant stock price drop ahead of the presentation suggests the market is looking for clearer signs of financial improvement alongside the operational achievements Cavendish has demonstrated.
Full presentation:
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