Cavendish Hydrogen (CAVEN) Q2 2024 earnings summary

Executive summary

• Completed spin-off and listed independently on the Oslo Stock Exchange as of June 12, 2024.

• Achieved a record high of seven hydrogen station installations in Q2 2024, totaling nine for the first half of the year.

• Revenue for Q2 2024 reached EUR 9.2 million, up 38% year-over-year, driven by station completions and higher equipment sales.

• Acquired a strategically located site for high-capacity pilot station testing near Herning, Denmark.

• Cash balance at quarter end was EUR 53.6 million, supported by a capital increase from Nel ASA.

Financial highlights

• Q2 2024 revenue: EUR 9.2 million (Q2 2023: EUR 6.7 million); H1 2024 revenue: EUR 18.9 million (H1 2023: EUR 13.6 million).

• Q2 2024 EBITDA: EUR -6.6 million, with adjusted EBITDA at EUR -4.0 million after non-recurring IPO costs.

• Net loss for Q2 2024 was EUR -7.9 million, improved from EUR -10.3 million in Q2 2023.

• Order intake in Q2 2024 was EUR 5.1 million, down from EUR 16.8 million in Q2 2023; order backlog at quarter end was EUR 25.7 million, down 39% year-over-year.

• Net cash flow from operating activities in Q2 2024 was EUR -15.5 million.

Outlook and guidance

• Next-generation high-capacity hydrogen fueling stations for heavy-duty vehicles expected to be available for sale in 2025.

• Profitability is expected to be achieved through increased volumes and the introduction of the next-generation product.

• No specific guidance provided on timing for positive EBIT.

• Cavendish aims to capture 15% of the high-capacity hydrogen fueling market in Europe and the Americas over time.

• Positioned to capture growth from EU's AFIR regulation, with 428 high-capacity stations supported by EUR 1.5 billion in subsidies through 2030.