Nel’s hydrogen refuelling spin-out Cavendish Hydrogen reported a negative EBITDA of €3.5m ($3.7m) and announced that its revenues fell by just under 23% in 2024.
The company blamed fewer equipment sales and lower project-related revenues but acknowledged that order intake was below expectations “due to market delays.”
Revenues fell from €8.3m ($8.6m) in Q4 2023 to €6.4m ($6.6m) in Q4 2024, marking a 22.9% decline. Meanwhile, EBITDA worsened, dropping from -€2.2m (-$2.3m) to -€3.5m over the same period.
Last month, the refuelling firm revealed it will make around 45% of its global workforce redundant in Q1 2025 and pause the development of its high-capacity hydrogen refuelling station as part of a cost-cutting plan.
Read more:Cavendish Hydrogen to cut workforce by 45% and halt hydrogen refuelling station development
This was not long after Nel took a 4.85% stake in Cavendish Hydrogen, in a bid to “stabilise the company,” according to Chief Financial Officer (CFO) Kjell Christian Bjørnsen.
Cavendish’s CEO, Robert Borin, said revenues and EBITDA for the fourth quarter “came in as expected,” which reflected the “current market conditions.”
He continued, “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.”
Referencing the job cuts, Borin said, “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.”
In Nel’s Q4 2024 earnings call, the Norwegian electrolyser manufacturer revealed it will reduce investments in 2025 by about 50%, “Without compromising on technology advancements.”
Webinars
H2 View’s webinars platform is an interactive space for speciality talks on the latest hot topics and key trends, given by influential industry figures and authorities.
With the help of an actively engaged audience, there is an opportunity for a collaborative Q&A session with discussions, debates and live feedback.
All of H2 View’s previous webinars are available on-demand to subscribers. You can view H2 View’s 2024 webinar programme here.
