While sales in Accelera rose 10% year-on-year to $121m, the division posted an EBITDA loss of $336m.

The $240m non-cash charge, equal to $1.73 per diluted share, contributed to a fall in company-wide net income to $536m, down from $809m in 2024.

The American engine manufacturer said the Accelera non-cash charges reflected “policy-driven shifts in hydrogen adoption expectations.”

It added in its Q3 2025 earnings statement, “Due to the significantly weaker prospects for demand, we are undertaking a strategic review of the electrolyser business.”

Chair and CEO Jennifer Rumsey said that while “uncertainty in a number of our end markets persists,” the quarter’s results highlighted Cummins’ “diversified portfolio, effective cost discipline and commitment to delivering for our customers.”

Cummins had already undertaken a major restructuring of its Accelera business in 2025, following a $312m write-down in Q4 2024.

The company said it would “streamline operations and refocus investments.” The upcoming “strategic review” is expected to narrow the process further, targeting the electrolyser division specifically.

The announcement underscores the continuing challenges facing Cummins’ hydrogen operations, aligning with wider industry concerns.

The Hydrogen Council’s Global Hydrogen Compass report recently warned that demand is clean hydrogen’s “next great test”, despite more than $110bn in global investment commitments.