Nel ASA: A CEO Exit and a Shrinking Cash Pile Overshadow a 224% Order Surge
Published on 08/06/2026 at 15:01 | Redaktion boerse-global.de
The tension at Nel ASA has rarely been more visible. The Norwegian hydrogen specialist is simultaneously booking orders at a record pace and burning through cash at a rate that has analysts reaching for their red pens. JPMorgan was the latest to recalibrate, trimming its price target on the stock from NOK 2.90 to NOK 1.80 while keeping a "Hold" rating — a move that reflects the widening gap between the company's operational momentum and its financial reality.
That disconnect was on full display in the second-quarter figures released on July 15. Revenue from customer contracts slipped 12% year-on-year to NOK 153 million, while EBITDA landed at minus NOK 155 million, a shortfall that includes a NOK 70 million one-time charge tied to a legal settlement with Iwatani Corporation of America reached in early June. The cash position, meanwhile, stood at NOK 1.328 billion at the end of June — down roughly NOK 600 million from NOK 1.928 billion a year earlier, a drain that underscores just how much the ongoing losses and the litigation have eaten into the company's reserves.
Yet the order book tells an entirely different story. Incoming orders surged 224% year-on-year to NOK 230 million, with PEM electrolyzers accounting for 96% of the new bookings. That pushed the PEM-specific backlog to NOK 990 million, against a total backlog of NOK 1.213 billion. It is precisely this split-screen dynamic — a shrinking income statement alongside a swelling pipeline — that has kept Nel's equity in a holding pattern.
The shares are trading around EUR 0.1946 to EUR 0.1966 on the German market, down roughly 0.6% to 1.6% on the day depending on the session, and sit nearly 47% below the 52-week high of EUR 0.3655 reached on May 25. The relative strength index of 38.9 points to persistent weakness rather than any oversold bounce in the making.
Should investors sell immediately? Or is it worth buying Nel ASA?
Adding to the uncertainty is a leadership transition. CEO Håkon Volldal announced his resignation in June to pursue another opportunity and will remain at the helm during a six-month notice period while the board searches for a successor. The next chief executive will inherit a company that is growing operationally but has yet to demonstrate a credible path to profitability — a challenge compounded by the fact that Samsung E&A remains the second-largest shareholder with a 9.09% stake and 167,155,785 shares.
There are, however, bright spots beyond the headline order numbers. Nel Hydrogen US secured a firm order from H2 Energy in October 2025 for a containerized 2.5-megawatt PEM electrolyzer system of the MC500 type, destined for a turnkey hydrogen production and refueling facility in Buchs, Switzerland. In April, the Douglas County Public Utility District in Washington placed an order worth around USD 7 million for PEM electrolyzer equipment. And in May, the company unveiled its "PA-Series," a new pressurized alkaline electrolyzer platform targeting a turnkey cost of under USD 1,450 per kilowatt for a 25-megawatt installation — a cost strategy aimed squarely at improving long-term competitiveness.
Board chairman Arvid Moss has signaled some confidence of his own, purchasing 100,000 shares in April at an average price of NOK 2.2547.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
Two dates now dominate the calendar. The EU Commission is expected to announce results from its "HORIZON-JU-CLEANH2-2026" funding program in early August, in which Nel or its partners are among 170 applicants seeking support for green hydrogen production and storage projects — a potential catalyst for further order momentum. Then comes the third-quarter interim report on October 21, which will show whether the PEM order surge is finally translating into revenue. Until then, the market is left weighing a simple question: can Nel stabilize its earnings before a new CEO takes the wheel?
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