Nel ASA shares fall following weak quarterly revenue

Nel ASA, the Norwegian electrolyser specialist, reported a significant decline in revenue for the third quarter of 2026, causing its share price to drop by 6.3%. Revenue from customer contracts fell by 63% year-on-year to NOK 112 million, driven largely by reduced activity in the alkaline segment.

Despite the revenue drop, the company saw a massive surge in new orders, which grew by 339% to NOK 253 million. This growth was primarily fueled by the PEM (Proton Exchange Membrane) business, which saw revenues increase by 65% to NOK 89 million. The total order backlog also rose by 34% to NOK 1,314 million.

However, the financial results remain pressured. The company reported an EBITDA of NOK -93 million and a net loss of NOK 141 million. While the increased order volume provides a foundation for future revenue, it has not yet offset current operational losses.