Reported Earnings • May 23
First quarter 2026 earnings released: €0.18 loss per share (vs €0.28 loss in 1Q 2025) First quarter 2026 results: €0.18 loss per share (improved from €0.28 loss in 1Q 2025). Revenue: €2.90m (down 24% from 1Q 2025). Net loss: €6.10m (loss narrowed 35% from 1Q 2025). Announcement • May 07
Cavendish Hydrogen ASA announced that it expects to receive NOK 51.862739 million in funding from Bohler Hochdrucktechnik GmbH Cavendish Hydrogen ASA announced a private placement to issue 5,940,749 new shares at an issue price of NOK 8.73 for the proceeds of NOK 51,862,738.77 on May 5, 2026. Transaction involves participation of Bohler Hochdrucktechnik GmbH as an investor. Transaction is approved by board of directors. New Risk • Apr 13
New major risk - Revenue and earnings growth Revenue has declined by 49% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€20m free cash flow). Revenue has declined by 49% over the past year. Minor Risk Market cap is less than US$100m (kr227.6m market cap, or US$23.9m). Reported Earnings • Mar 01
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: €0.79 loss per share (further deteriorated from €0.68 loss in FY 2024). Revenue: €16.0m (down 49% from FY 2024). Net loss: €26.6m (loss widened 17% from FY 2024). Revenue missed analyst estimates by 27%. Earnings per share (EPS) also missed analyst estimates by 8.2%. Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Electrical industry in Europe. Reported Earnings • Nov 14
Third quarter 2025 earnings released: €0.17 loss per share (vs €0.13 loss in 3Q 2024) Third quarter 2025 results: €0.17 loss per share (further deteriorated from €0.13 loss in 3Q 2024). Revenue: €4.30m (down 26% from 3Q 2024). Net loss: €5.80m (loss widened 32% from 3Q 2024). Revenue is forecast to grow 23% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Electrical industry in Europe. New Risk • Oct 16
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 2 years (€22m net loss in 2 years). Market cap is less than US$100m (kr359.7m market cap, or US$35.7m). Reported Earnings • Aug 28
Second quarter 2025 earnings released: €0.15 loss per share (vs €0.23 loss in 2Q 2024) Second quarter 2025 results: €0.15 loss per share (improved from €0.23 loss in 2Q 2024). Revenue: €6.00m (down 36% from 2Q 2024). Net loss: €5.00m (loss narrowed 37% from 2Q 2024). Revenue is forecast to grow 42% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Electrical industry in Europe. Announcement • Aug 28
Cavendish Hydrogen ASA Provides Revenue Guidance for the Second Half of 2025 Cavendish Hydrogen ASA provided revenue guidance for the second half of 2025. The company expected group revenue for the second half of this year to be somewhat lower than in the first half of the year. Announcement • Jul 10
Cavendish Hydrogen ASA Announces the Appointment of Nils Jacob Haaning as New Chief Commercial Officer, Effective August 1, 2025 Cavendish Hydrogen ASA announce the appointment of Nils Jacob Haaning as new Chief Commercial Officer, effective August 1, 2025. Mr. Haaning will be a member of the executive management team and report directly to the CEO in Cavendish Hydrogen, Robert Borin. Mr. Haaning has extensive senior leadership experience, most recently serving as CEO of Bactoforce since 2012. His background includes strong commercial, sales, and business development expertise from roles at Siemens Wind Power and Ørsted, where he played a key role in building up sales across Europe and the UK. New Risk • May 25
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€36m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-€36m free cash flow). Share price has been highly volatile over the past 3 months (25% average weekly change). Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable next year (€33m net loss next year). Market cap is less than US$100m (kr410.1m market cap, or US$40.6m). Reported Earnings • May 16
First quarter 2025 earnings released: €0.28 loss per share (vs €0.18 loss in 1Q 2024) First quarter 2025 results: €0.28 loss per share (further deteriorated from €0.18 loss in 1Q 2024). Revenue: €3.80m (down 61% from 1Q 2024). Net loss: €9.40m (loss widened 54% from 1Q 2024). Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 6.2% growth forecast for the Electrical industry in Europe. New Risk • May 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings are forecast to decline by an average of 20% per year for the foreseeable future. Minor Risks Less than 3 years of financial data is available. Currently unprofitable and not forecast to become profitable over next 2 years (€34m net loss in 2 years). Market cap is less than US$100m (kr487.5m market cap, or US$47.1m). New Risk • Mar 06
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (kr158.0m market cap, or US$14.5m). Announcement • Feb 07
Cavendish Hydrogen ASA Approves Board Appointments Cavendish Hydrogen ASA announced at extraordinary general meeting held on 7 February 2025, the nomination committees' proposal to elect new members to the Board of Directors was approved. Consequently, the board of directors of Cavendish comprises the following members: Jon Andre Løkke (chair of the board); Mimi Kristine Berdal (board member); Vibeke Strømme (board member); Allan Bødskov Andersen (board member); Kim Søgård Kristensen (board member). Announcement • Jan 17
Cavendish Hydrogen ASA Announces Board Resignations Cavendish Hydrogen ASA announced the Chair of the board of directors of the company, Lavrans Grjotheim, has sold all of his shares in the Company. As a result of the transaction, Lavrans Grjotheim and the other current members of the board of directors, Sheri Shaghayegh Shamlou and Anders Gravir Imenes, will resign from the board with effect from the time a new board has been elected by the Company's general meeting. Announcement • Dec 31
Cavendish Hydrogen ASA to Report Q1, 2025 Results on May 15, 2025 Cavendish Hydrogen ASA announced that they will report Q1, 2025 results on May 15, 2025 Announcement • Dec 06
Cavendish Hydrogen ASA Approves Board Appointments Cavendish Hydrogen ASA announced that at its EGM held on December 6, 2024, shareholders' proposal to elect new members to Cavendish's board of directors was approved. Consequently, the board of directors of Cavendish comprises the following members: Lavrans Grjotheim (chair of the board). Sheri Shaghayegh Shamlou (board member). Anders Gravir Imenes (board member). Recent Insider Transactions • Dec 06
Chair of the Board recently bought kr284k worth of stock On the 2nd of December, Jon Lokke bought around 32k shares on-market at roughly kr8.89 per share. This transaction increased Jon's direct individual holding by 16x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jon's only on-market trade for the last 12 months. Announcement • Nov 21
Cavendish Hydrogen ASA to Report Q3, 2024 Results on Nov 28, 2024 Cavendish Hydrogen ASA announced that they will report Q3, 2024 results at 7:00 AM, Central European Standard Time on Nov 28, 2024 Announcement • Sep 24
Cavendish Hydrogen ASA(OB:CAVEN) dropped from Oslo OBX Total Return Index Cavendish Hydrogen ASA has been dropped from the Oslo OBX Total Return Index. Announcement • Sep 23
Cavendish Hydrogen ASA(OB:CAVEN) dropped from S&P Global BMI Index Cavendish Hydrogen ASA(OB:CAVEN) dropped from S&P Global BMI Index Announcement • Jul 17
Cavendish Hydrogen ASA to Report Q2, 2024 Results on Aug 29, 2024 Cavendish Hydrogen ASA announced that they will report Q2, 2024 results on Aug 29, 2024 
