Hydrogen refuelling firm Cavendish reports 38% Q1 revenue drop
US market uncertainty has slowed hydrogen refuelling station orders, according to Cavendish Hydrogen, which reported Q1 2025 revenues of just €3.7m ($4.1m).
The Nel refuelling spin-off said fewer equipment deliveries and lower project activity resulted in a 38% decline in revenues from €9.7m ($10.8m) a year ago.
This resulted in a negative EBITDA of -€7.1m (-$7.9m), widening from -€4.8m (-$5.4m) in Q1 2024.
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