Nel ASA's PEM Order Surge Can't Mask a Widening Q3 Loss
Published on 10/15/2026 at 15:21 | Editorial boerse-global.de
Nel ASA closed the third quarter of 2026 with a sharply improved order picture and a considerably worse bottom line — a pairing that leaves investors weighing whether a PEM-driven bookings recovery can eventually translate into financial relief.
New orders reached 253 million NOK in the quarter, up 339 percent year over year, according to figures released today. The backlog stood at 1,314 million NOK at period-end. Yet the operating loss on an EBITDA basis deepened to 93 million NOK, compared with a loss of 37 million NOK in the same quarter a year earlier, and came in well above the roughly 71 million NOK shortfall analysts had anticipated. The net loss widened to 140.68 million NOK from 84.7 million NOK.
PEM takes nearly the entire order book
The composition of incoming business is as striking as its volume. PEM electrolysers accounted for 245 million NOK of the 253 million NOK total, leaving just 8 million NOK from the alkaline segment. In percentage terms, PEM represented 97 percent of orders received. PEM bookings climbed 473 percent from the year-earlier quarter, and the segment's order backlog ended the period at 1,116 million NOK.
That concentration cuts both ways. It gives the PEM business a clear runway for future activity, but it also exposes how narrow demand remains elsewhere. A backlog is not booked revenue, let alone profit — a distinction that matters when the headline order figure looks this strong.
Should investors sell immediately? Or is it worth buying Nel ASA?
CEO Håkon Volldal pointed to improved project execution and competitiveness. His assessment fits the PEM trajectory, though it does not extend across the whole company.
Alkaline drags on revenue and earnings
The alkaline business remains the weak link. Revenue from alkaline electrolysers collapsed 91 percent to 23 million NOK, with a backlog of 198 million NOK at quarter-end and an EBITDA loss of 41 million NOK for the segment. Low new orders there offer no signal of a broader demand revival.
PEM revenue, by contrast, rose 65 percent to 89 million NOK. Growth clearly exists inside the company — it simply isn't large enough yet to offset the decline on the other side of the business.
Group revenue from customer contracts fell 63 percent to 111.65 million NOK, while total revenue and income came to 138.12 million NOK.
Nel is testing a new pressurized alkaline technology and plans a production line at Herøya. Those initiatives are separate from the reported performance: testing and expansion plans do not by themselves demonstrate an economic turnaround in the segment.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
Cash reserves versus a loss-making operation
The company held liquid funds of 1,078 million NOK at the end of the quarter, down from 1,757 million NOK a year earlier. The lower cash balance alone doesn't fully explain how the funds were used, but it underscores the weight of operational improvement. Order momentum is not yet easing pressure on the group result.
For investors, the central question is no longer simply whether Nel keeps winning orders. The stronger PEM demand provides a starting point; the earnings figures have yet to confirm that it can be converted into a more durable outcome. Until Nel turns that demand into revenue and reins in its losses, the gap between its order recovery and its financial performance will define the story.
Ad
Nel ASA Stock: New Analysis - 15 October
Fresh Nel ASA information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
