Cavendish Hydrogen ASA: Third Quarter 2024 Financial Results

28 Nov 2024 07:00 CET

(November 28[th], 2024 - Oslo, Norway) Cavendish Hydrogen ASA (Cavendish,
OSE:CAVEN) reported revenues in the third quarter of EUR 5.7 million, a 19 %
decline from the prior-year period due to fewer equipment deliveries.

The EBITDA result was EUR -4.1 million, representing an improvement from EUR
-4.8 million in the corresponding period of 2023, despite lower revenues. The
EBITDA improvement was driven by improved gross margins combined with
disciplined cost management.

Quarterly highlights:

· Fewer equipment deliveries resulted in a 19 % revenue decline.
· Strong progress in gross margins and good cost control resulted in an
improved EBITDA result of negative EUR 4.1 million, despite the revenue decline.
· Enhanced uptime, improved reliability, and customer satisfaction on
delivered equipment.
· Agreements secured for Service and I&C in the quarter, no new station
orders.
· Cash position of EUR 46.3 million at the end of the quarter.
· Continued focus on the next generation high-capacity stations.

"Although revenues were impacted by fewer equipment deliveries in the quarter,
we achieved a significant uplift in our gross margins and maintained good cost
control. In sum, this enabled us to improve the EBITDA result compared to last
year," says Robert Borin, CEO of Cavendish Hydrogen ASA.

Based on the current order backlog, revenue from equipment sales in the coming
quarters are expected to be slightly lower than in 2023 and first half of 2024.
While installation and commissioning projects are expected to generate slightly
lower revenue levels, revenues from the service business will increase as more
stations enter operation.

Over the recent period, Cavendish equipment has consistently delivered high
performance, leading to improved uptime and reliability. Moving forward, reduced
costs from our stations in operations are expected to have a positive impact on
margins. "In the short term, delayed start-up of new projects across the
industry are expected to have a negative impact on order intake, but positive
discussions are ongoing with several potential new and existing customers, and
we remain well positioned to take a solid share of the hydrogen market," Borin
adds.

The presentation material and report for the third quarter of 2024 are attached
to this notice. The recording of the presentation can be seen on the company web
site by following this link (https://cavendishh2.com/).

CEO Robert Borin and CFO Marcus Halland will host a live Q&A session today at
13:00 CET. Please register to join the session via Teams by following this
link (https://events.teams.microsoft.com/event/37d187ba-b33d-4ffe-952f
-664bcdb54d2e@1c376fce-a93e-4933-9295-5f367686af5b).

ENDS

For additional information, please contact:

Marcus Halland, CFO, +47 930 90?190

About Cavendish Hydrogen ASA | cavendishh2.com

Cavendish Hydrogen is a global leader in hydrogen fueling solutions for the
mobility sector. Driven by the vision to end emission from mobility, Cavendish
is committed to providing safe, competitive, and reliable hydrogen fueling
solutions, offering the convenience of traditional fuels but with zero
emissions. With a dedicated team across offices on three continents, the company
covers the entire value chain from development and production to installation,
commissioning, and maintenance. Through value creation and cutting-edge
technology, Cavendish is setting new standards for fueling heavy-duty vehicles
with reliable hydrogen solutions. Cavendish Hydrogen ASA is listed on the Oslo
Stock Exchange (CAVEN) and headquartered in Herning, Denmark.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

633350_Cavendish_Hydrogen_ASA_report_for_Q3_2024.pdf
633350_Cavendish_Hydrogen_ASA_presentation_for_Q3_2024.pdf
633350_Release.pdf