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Nel ASA financial performance and stock volatility

Updated 2 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-20 03:34 UTC → 2026-10-23 11:52 UTC · added removed

Nel ASA shares initially experienced a technical recovery attempt, gaining over 8% during Tradegate trading despite a long-term downward trend and a previous quarterly loss. Following the release of third-quarter 2026 results, the share price dropped by 6.3%. The company reported a 63% year-on-year decline in revenue from customer contracts to NOK 112 million, largely due to reduced activity in the alkaline segment. While the company reported a net loss of NOK 141 million and a negative EBITDA of NOK -93 million, there was a 339% surge in new orders to NOK 253 million, driven by the PEM business. This contributed to a 34% increase in the total order backlog to NOK 1,314 million. Further details regarding the third-quarter performance highlight that the PEM (Proton Exchange Membrane) business saw revenues increase by 65% to NOK 89 million. Despite the increased order volume providing a foundation for future revenue, it has not yet offset current operational losses. Recent developments indicate that the reported revenue of NOK 112 million missed the average market expectation of NOK 202.2 million. Although order intake increased, a substantial portion of the existing order backlog is now considered at risk of delay or cancellation. Additionally, investors have reacted negatively to a lack of concrete contracts, volumes, or specific timelines regarding a previous Memorandum of Understanding with Rheinmetall concerning synthetic renewable fuels. Additionally, Nel Hydrogen US secured a USD 12 million order from an undisclosed US technology corporation. This contract involves containerized PEM electrolyzers and related services, with deliveries expected to occur around 2027.

Versions

  1. 2026-10-23 11:52 UTC Nel ASA financial performance and stock volatility
  2. 2026-10-20 03:34 UTC Nel ASA financial performance and stock volatility
  3. 2026-10-15 23:10 UTC Nel ASA financial performance and stock volatility

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