Nel ASA: A Leadership Vacancy and a 224% Order Surge Collide at a Pivotal Moment
Published on 08/08/2026 at 13:01 | Redaktion boerse-global.de
The Norwegian hydrogen equipment maker finds itself at an unusual crossroads. Its order intake just tripled year-over-year, Brussels has pledged €135 million in support, and yet the company's chief executive is heading for the exit. For investors, the second-quarter 2026 report card delivered on July 15 offered a study in contrasts: momentum in the pipeline, but a bottom line that keeps bleeding.
The Numbers: Orders Soar While Losses Deepen
Revenue from customer contracts slipped 12 percent to 153 million Norwegian kroner in the second quarter, while total revenue fell to 182 million kroner from 215 million in the same period last year. The EBITDA loss widened to minus 155 million kroner, and the net loss came in at 189 million kroner — worse than the 131 million kroner deficit a year earlier. Buried in that figure was a one-off: a 70 million kroner settlement payment to Iwatani.
The order book tells a far more encouraging story. New orders reached 230 million kroner, a 224 percent jump from the 71 million kroner booked in the prior-year quarter, with 96 percent of that total tied to PEM technology. The backlog now stands at 1.213 billion kroner, and the company holds 1.328 billion kroner in cash — a cushion that matters more than top-line growth while losses persist.
A Tale of Two Divisions
Segment performance diverged sharply. The PEM unit grew revenue 31 percent quarter-over-quarter to 97 million kroner, though that still lagged the year-ago figure by 10 percent. Its operating result improved by 12 million kroner sequentially to minus 35 million kroner. The Alkaline division, by contrast, saw revenue fall 14 percent year-over-year, with EBITDA roughly flat.
The CEO Question
The leadership shakeup adds a layer of uncertainty to an already fragile recovery. Håkon Volldal, who has led Nel since July 1, 2022, announced his departure on June 15 to pursue another opportunity. He remains in place under a six-month notice period while the board searches for a successor. That timeline creates an awkward overlap: operational recovery efforts are proceeding just as strategic decisions may be deferred until a new chief takes the helm.
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The PA-Series Bet
The company's turnaround hopes rest largely on the Pressurized-Alkaline platform, or PA-Series, commercially launched on May 6. Management expects initial orders in the coming months. The system is pitched at under $1,450 per kilowatt for a 25-megawatt project — roughly half the $3,000 per kilowatt typical of current industrial installations. The modular, skid-based design cuts floor space requirements by 80 percent and capital costs by 40 to 60 percent.
Production capacity is slated to reach 500 megawatts by the end of 2026, expanding to as much as 1 gigawatt in 2027. The EU Innovation Fund has thrown its weight behind the effort: the first tranche of a €135 million grant for industrializing PA-Series manufacturing arrived in the second quarter, tied to the board's December 2025 final investment decision on the 1-gigawatt production line at Herøya.
Market Skepticism Persists
The share price reflects the tension between operational progress and persistent losses. At Friday's close of €0.1994, the stock sits 45.44 percent below its 52-week high of €0.3655 reached in May. It trades 9.77 percent under its 50-day average of €0.2210 and 6.95 percent below the 200-day average of €0.2143, with annualized volatility around 24 percent.
The gap between order intake and recognized revenue remains the central challenge. A swelling backlog signals future demand but does little for current cash flow. Whether the EU grant and the PA-Series can bridge that divide before the cash buffer erodes is the question that will define the next few quarters. The third-quarter results will offer the first concrete test of whether the order surge translates into billed revenue — and whether a new CEO is in place by then.
