The Nel spin-off logged revenues of €5.6m ($6.5m), up from €3.7m ($4.3m) in Q1 but down on the same period in 2024.

It reported losses before interest and taxes of €4.6m ($5.4m), up 35% from last quarter.

Despite the loss narrowing, the firm’s cash position was reduced from €34.5m ($40.2m) in Q1 to €28.7m ($33.4m), despite plans to stem cash flow with job cuts and paused R&D work earlier this year.

CEO Robert Borin said the quarter unfolded “largely as expected” and was keen to highlight Cavendish’s opening of two new stations in California.

He stressed that the stations in Moreno Valley and Vacaville had been operating at “close to” 100% site availability and had completed 3,225 fuellings.

“The two new stations have dispensed around 8,740kg of hydrogen to date,” the CEO said, contributing to the around 298,000kg of hydrogen being dispensed by the company’s entire station network in Q2.

“This strong utilisation and reliable performance are clear indicators of growing demand and pave the way for future sales,” Borin noted.

However, Cavendish expects revenues in the second half of 2025 to be “somewhat lower” than in the first.

“Although the short-term outlook is cautious, Cavendish is optimistic about the long-term potential for hydrogen fuelling, especially within heavy-duty transportation,” the firm stated.

Cavendish was listed on the Oslo Stock Exchange last June after spinning out of electrolyser maker Nel. Quickly, it began facing the tough financial realities in the hydrogen sector.

Following administration changes in the US, Cavendish said it was eyeing momentum in Europe, which already has mandates for hydrogen refuelling deployments.