Nel ASA reports surge in orders despite revenue decline

Nel ASA has reported a significant increase in order intake, which rose by 339 percent year-over-year to NOK 253 million in the third quarter of 2026. The company's total order backlog also grew by 34 percent, reaching NOK 1,314 million.

However, these gains in orders have not yet translated into revenue growth. Revenue from customer contracts fell by 63 percent compared to the previous year, dropping to NOK 112 million. The company continues to face financial pressure, reporting an EBITDA of NOK -93 million and a net loss of NOK -141 million.

A notable development includes a USD 12 million order received by Nel Hydrogen US from an undisclosed US technology corporation. This contract involves containerized PEM electrolyzers and related services, with deliveries expected to take place around 2027.