Cavendish Hydrogen ASA's Strong Quarter Amid Market Expansion Focus
Key Ideas
  • Cavendish Hydrogen ASA reported a revenue of EUR 9.2 million in the second quarter, showing a 38% growth compared to the prior year.
  • Despite non-recurring costs, the EBITDA improved by 39% year-on-year, signaling a positive financial performance.
  • The company successfully deployed a record-high number of seven new hydrogen refueling stations and aims to focus on meeting market demands for heavy-duty trucking.
  • CEO Robert Borin highlighted the commitment of the installation team and the company's dedication to driving positive environmental change while meeting customer needs.
Cavendish Hydrogen ASA, based in Oslo, Norway, released its second-quarter financial results, showcasing a strong performance as a stand-alone company post its spin-off from Nel Hydrogen. The company's revenues stood at EUR 9.2 million, up 38% year-on-year, with an EBITDA improvement of 39% after adjusting for non-recurring costs. Notably, they completed seven new hydrogen refueling stations, leading to increased equipment sales and a solid order backlog of EUR 25.6 million. CEO Robert Borin praised the team's efforts in deploying the stations across Europe and expressed optimism for the company's future. The focus remains on meeting customer needs and driving positive environmental impact. Cavendish Hydrogen ASA aims to expand its station network and enhance its product portfolio to cater to the growing market demand for long-distance heavy-duty trucking. The company operates globally with offices in Denmark, the U.S, South Korea, and Austria. Looking ahead, the company anticipates continued activity levels in equipment sales for the second half of the year, with a slight dip in installation projects. They also expect improved margins due to operational enhancements. The CEO and CFO are set to host a live Q&A session, emphasizing transparency and stakeholder engagement. Overall, Cavendish Hydrogen ASA's financial results reflect a positive outlook and a strong commitment to sustainable hydrogen solutions.
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