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.
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