Cavendish Hydrogen reported a 57% sequential increase in revenue to €4.4 million for the second quarter of 2026, though the figure remained 23% below the same period a year earlier. Underlying EBITDA, excluding one-time charges, narrowed to a loss of €2.1 million, while reported EBITDA stood at a negative €5.9 million. The company’s shares were little changed at $5.54, near the midpoint of their 52-week range between $5.20 and $11.50.
Order intake totaled €2.4 million in the quarter, including a €1.4 million contract for a hydrogen fueling station in Luxembourg, marking the company’s fourth European market after Poland, Italy, and Germany. Order backlog ended the period at €9.6 million, supported by a €16.4 million cash position. Material costs accounted for approximately half of revenue, while a €4.8 million strategic investment from BHDT increased the investor’s stake to roughly 15% at a subscription price of NOK 8.73 per share.
Hydrogen dispensing volumes rose 12% year-over-year to 336,203 kilograms, with nearly 40 of the company’s 57 active stations dispensing more than 1,000 kilograms per month by quarter-end. The top 29 stations contributed about 93% of total volumes, highlighting concentration in higher-usage locations. The Luxembourg project, scheduled for 2027 delivery, will serve industrial users and bus fleets under a contract with Mesure Process as engineering, procurement, and construction contractor.
Cavendish secured €1.3 million in European funding through the HyMega program and highlighted access to national initiatives, including Germany’s €220 million program and the Netherlands’ €45 million SWIM program. Chief Executive Robert Borin noted grid limitations as a growing constraint in some European markets, describing smaller grid connections as a "showstopper" where approvals can take years. The company reiterated a long-term EBITDA margin target of 10% to 15% despite current losses.
The company also disclosed a €2.6 million settlement with Iwatani Corporation of America, finalized in June 2026 after litigation filed in February 2024. Funding awards are anticipated in the fourth quarter of 2026, with tendering processes and final investment decisions expected in the second and third quarters of 2027. Cavendish’s next quarterly report is scheduled for November 12, 2026.
