Demand for Cummins’ electrolyser products has “dried up,” with the decline felt most sharply in the US market, Chief Financial Officer (CFO) Mark Smith revealed during the company’s Q3 2025 earnings call.

Smith told investors weaker order volumes created a “hole” in projections for the next couple of years, describing the downturn as a surprise.

Cummins announced on Thursday (6 November) it had recorded $240m in non-cash charges within its Accelera segment, leading to a “strategic review” of its electrolyser business amid “policy-driven shifts in hydrogen adoption expectations.”

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