Cavendish Hydrogen ASA: Results for the fourth quarter 2024

27 Feb 2025 07:00 CET

(February 27[th], 2025 - Oslo, Norway) Cavendish Hydrogen ASA (Cavendish,
OSE:CAVEN) reported revenues in the fourth quarter of EUR 6.4 million, compared
with EUR 8.3 million in the corresponding period last year. The decline was
driven by fewer equipment sales and lower revenue from projects, installation
and commissioning, partly offset by a growth in the service business.

The EBITDA result was negative EUR 3.5 million, representing a decline from
negative EUR 2.2 million in the corresponding period of 2023. The reduction is
due to the lower revenue base and is somewhat offset by improved gross margins.
The company maintains good cost control, and total operating expenses were
reduced to EUR 11.1 million compared with EUR 11.8 million in Q4 2023.

Quarterly highlights

· Generated revenue of EUR 6.4 million with an EBITDA of EUR -3.5 million in
the fourth quarter.
· Enhanced uptime, improved reliability, and customer satisfaction on
delivered equipment
· All-time high hydrogen volumes dispensed from Cavendish Fueling Stations
· Solid cash position of EUR 41.8 million at the end of quarter

"Revenues and EBITDA for the fourth quarter came in as expected, in line with
the previous quarter, reflecting the current market conditions. Our order intake
has been lower than anticipated due to market delays, but we have good dialogues
with several customers and confidence and flexibility in our product that will
secure us future orders" says Robert Borin, CEO of Cavendish Hydrogen ASA.

In January 2025, Cavendish announced significant restructuring measures
involving a 40 per cent workforce reduction.  Although the long-term market
potential is promising the current market situation made it necessary to adjust
the cost base.

"This is a deeply unfortunate situation, and it is never easy to say goodbye to
talented and dedicated colleagues. However, controlling our cost base is both
necessary and essential to ensure that Cavendish can be a long-term partner that
delivers on customer commitments and is ready for growth when the market picks
up," Borin adds.

The presentation material and report for the fourth 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/news/q4-financial-results).

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/9c705f32-de90-4b66-97dd
-7a7dccab26f0@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

639849_Release.pdf
639849_Cavendish_Hydrogen_ASA_Presentation_Q4_2024.pdf
639849_Cavendish_Hydrogen_ASA_Financial_Report_Q4_2024.pdf