Cavendish Hydrogen Asa · OSL:CAVEN
Cavendish Hydrogen Asa — Q2 2024 Earnings Presentation
22 slides from Cavendish Hydrogen Asa's earnings presentation, Aug 29, 2024
Slide 1: Q2 2024 Presentation
Q2 2024 Presentation August 29, 2024
Slide 2: Forward-looking information
Forward-looking information This Presentation includes and is based, inter alia, on forward-looking Although Cavendish believes that its expectations, estimates and information and statements relating to the business, financial performance projections are based upon reasonable assumptions, it can gi
Slide 3: Agenda
Agenda 1. Cavendish in brief 2. Q2 2024 highlights 3. Commercial update 4. Financials 5. Summary 6. Q&A 3
Slide 4: This is Cavendish Hydrogen
CAV ENDISH HY DROGEN IN BRIEF This is Cavendish Hydrogen Uniquely positioned to capture the hydrogen opportunity Geographical presence in key markets +20 +145 Years of experience H2StationTM One of the largest within hydrogen units sold hydrogen station fueling factories globally +250 30 Local servi
Slide 5: Agenda
Agenda 1. Cavendish in brief 2. Q2 2024 highlights 3. Commercial update 4. Financials 5. Summary 6. Q&A 5
Slide 6: Quarterly highlights
Q2 2024 - HIGHLIGHTS Quarterly highlights Key financial figures Key Developments in Q2 2024 Revenues Q2 2024 • Listed on the Oslo Stock Exchange June 12, 2024 EUR 9.2 million Q2 2023: 6.7m • Improved revenue & EBITDA compared to Q2 2023 EBITDA Q2 2024 EUR -6.6 million Q2 2023: -6.7m • Record-high 7
Slide 7: Agenda
Agenda 1. Cavendish in brief 2. Q2 2024 highlights 3. Commercial update 4. Financials 5. Summary 6. Q&A 7
Slide 8: Record-high number of new installations during first half 2024
CAV ENDISH Q2 2024 PRES ENTATION Record-high number of new installations during first half 2024 Cavendish was responsible for approx. 50% of all European installations first half 2024 Improved process and product performance Country City Type Date • Stability and performance significantly France Par
Slide 9: Filling the official Olympic cars in Paris
COMMERCIAL U PDATE – INS TALLATION AND COMMISSIONING PROJECT Filling the official Olympic cars in Paris • Location: Paris, France • Installation: Spring 2024 • Customer: Hysetco 9
Slide 10: 428 high-capacity Hydrogen Refueling Stations supported by 1.5BEUR in subsidies
COMMERCIAL U PDATE – REGU LATORY STATUS 428 high-capacity Hydrogen Refueling Stations supported by 1.5BEUR in subsidies until the end of 2030 Hydrogen Europe analysis based on AFIR* Map indicating needed high-capacity stations 428 stations in scope for 1.5BEUR AFIR Funding • 330 HRS in urban nodes •
Slide 11: Alternative Fuels Infrastructure Regulation (AFIR) timeline
COMMERCIAL U PDATE – REGU LATORY STATUS Alternative Fuels Infrastructure Regulation (AFIR) timeline 22 September 2023 13 April 2024 31 December 2025 December 2030 Publication in Official Application date Deadline for Final HRS Journal (The Regulation becomes submission of final deployment target bin
Slide 12: Our answer to AFIR
COMMERCIAL U PDATE – HIGH CAPACITY FU ELING STATION Our answer to AFIR EU CAR/BUS US CAR/TRUCK EU BUS New HS-HC • End-users expect same performance as internal combustion engines (ICE) Region addressed • Today, vehicles are fueled with 1.5-3 kg H2/min • Heavy-duty vehicles will require 6.5 Targeted
Slide 13: Test site for high-capacity pilot station acquired
COMMERCIAL U PDATE – S ITE FOR PILOT TEST Test site for high-capacity pilot station acquired • Continued full focus on high- capacity product development • Cavendish has acquired a site for testing the high-capacity pilot station • Located close to our factory and technology development centre in He
Slide 14: Agenda
Agenda 1. Cavendish in brief 2. Q2 2024 highlights 3. Commercial update 4. Financials 5. Summary 6. Q&A 15
Slide 15: Financial highlights
Q2 2024 - FINANCIALS Financial highlights Revenues Q2 2024 38% YoY revenue increase EUR 9.2 million • Increased revenue from equipment deliveries • Successful hand-over of seven stations in Q2 and nine stations in H1 Q2 2023: 6.7m EBITDA Q2 2024 Underlying EBITDA improvement of 39% EUR -6.6 million
Slide 16: Revenue and EBITDA - development
Q2 2024 - FINANCIALS Revenue and EBITDA - development • Revenue from core equipment deliveries stable but slightly growing trend REVENUE AND EBITDA (EUR million) • The installation and commissioning projects Revenue have developed positively with record high +38% number of H2 stations handed over to
Slide 17: Order intake and backlog
Q2 2024 - FINANCIALS Order intake and backlog ORDER INTAKE ORDER BACKLOG (EUR million) (EUR million) -70% -39% 16,8 42,0 36,4 32,7 27,7 25,7 4,5 5,4 5,1 1,2 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Order intake 2024: EUR 5.1 million -70% y/y Order backlog Q2 2024: EUR 25.7 million
Slide 18: Financial highlights - details
Q2 2024 - FINANCIALS Financial highlights - details EUR million Q2 2024 Q2 2023 H1 2024 H1 2023 Revenue 9.2 6.7 18.9 13.6 EBITDA -6.6 -6.7 -11.4 -12.5 Operating loss -7.8 -7.8 -13.8 -14.8 Pre-tax income (loss) -8.1 -10.5 -14.4 -18.7 Net income (loss) -7.9 -10.3 -14.0 -18.3 Net cash flow from operati
Slide 19: Agenda
Agenda 1. Cavendish in brief 2. Q2 2024 highlights 3. Commercial update 4. Financials 5. Summary 6. Q&A 20
Slide 20: Summary Q2
Q2 2024 Summary Q2 Listed on the Oslo Stock Record-high 7 installations Acquired a strategically Cavendish is well funded and Exchange June 12, 2024 during Q2 2024 (9 in H1) located site for the high- ready to conquer the heavy- capacity pilot station testing duty fueling market 21 *AFIR = Alternati
Slide 21: Agenda
Agenda 1. Cavendish in brief 2. Q2 2024 highlights 3. Commercial update 4. Financials 5. Summary 6. Q&A 22
Slide 22: Q&A to be hosted as live-session
Q&A Q&A to be hosted as live-session 13:00-13:30 CET, Thursday Aug. 29th Please use the below link to join the event: Q&A Cavendish Q2 Presentation 23