Nel ASA shares dip below €0.20 as order surge meets CEO exit and US tariff worries

Nel ASA’s share price traded around €0.197‑0.20 on 27 July 2026, hovering near its 52‑week low. The Norwegian hydrogen specialist reported a 224 % jump in Q2 order intake to NOK 230 million, driven largely (96 %) by PEM electrolyzer contracts. Despite the order boost, revenue fell 12 % to NOK 153 million and the company posted a net loss of NOK 189 million, with EBITDA of minus NOK 155 million.

Liquidity remains solid with cash of NOK 1.328 billion, but the firm faces heightened risk after CEO Håkon Volldal announced his planned departure. In addition, new US import duties of 10‑12.5 % on green‑technology products threaten the North‑American market, a key growth area for Nel. Analysts note that the strong order book may only provide a short‑term lift while profitability and cash‑flow expectations remain uncertain.