Nel ASA's Quarterly Report Paints a Portrait of Two Diverging Trajectories
Published on 08/08/2026 at 18:22 | Redaktion boerse-global.de
The hydrogen equipment maker's latest numbers tell a story of momentum and drag happening simultaneously. Nel ASA's second-quarter 2026 report, released on 15 July, showed new orders climbing at a blistering pace while the income statement continued to deteriorate — a split-screen snapshot that leaves investors weighing a promising pipeline against a balance sheet still in the red.
The Order Book Comes Alive
The headline figure that caught the market's attention: order intake jumped to 230 million Norwegian kroner, a 224 percent surge from the 71 million kroner booked in the same period a year earlier. Notably, 96 percent of those new orders were for PEM technology, underscoring where customer demand is currently concentrated. The total order backlog reached 1.213 billion kroner by quarter's end — down 3 percent year-over-year but up 9 percent from the first quarter of 2026, suggesting the new-business engine is beginning to turn.
That momentum, however, has yet to translate into revenue. Total revenue slipped to 182 million kroner from 215 million kroner in the prior-year quarter, with customer contract revenue falling 12 percent to 153 million kroner. The segment picture was equally lopsided: PEM revenue climbed 31 percent sequentially to 97 million kroner, though that still represented a 10 percent decline from the year-ago figure. The Alkaline division, meanwhile, saw revenue drop 14 percent year-over-year, with EBITDA holding roughly steady.
Losses Widen on Settlement Charge
The bottom line took a meaningful hit. EBITDA swung to minus 155 million kroner from minus 86 million kroner in the prior-year quarter, with a 70 million kroner settlement payment to Iwatani accounting for a substantial portion of the deterioration. The net loss widened to 189 million kroner from 131 million kroner a year earlier. On the segment level, PEM's operating result improved by 12 million kroner quarter-over-quarter to minus 35 million kroner, offering a sliver of encouragement amid the broader red ink.
Should investors sell immediately? Or is it worth buying Nel ASA?
Against that backdrop, the company's cash position of 1.328 billion kroner provides a measure of runway — a cushion that may matter more to investors right now than the revenue trajectory itself.
A Leadership Transition Adds Uncertainty
Compounding the operational challenges is a change at the top. CEO Håkon Volldal, who has led the company since 1 July 2022, announced his departure in June to pursue another professional opportunity. He remains in place during a six-month notice period while the board searches for his successor. The incoming chief will inherit the dual mandate of scaling production capacity while stabilizing the earnings picture — a demanding brief for any new leadership team.
The PA-Series Bet
The company's strategic hopes rest largely on its new pressurized alkaline platform, commercially launched on 6 May 2026. Management expects the first orders for the PA-Series in the coming months. The offering targets turnkey costs below $1,450 per kilowatt for a 25-megawatt project — a sharp contrast to the roughly $3,000 per kilowatt typical of current industrial installations. The modular, skid-based design cuts floor-space requirements by 80 percent and investment costs by 40 to 60 percent, according to the company.
Samsung E&A has already completed a 100-megawatt design package for the "Compass H2-A+" solution, enabling turnkey large-scale offerings with long-term service agreements. Nel aims to expand manufacturing capacity to 500 megawatts by the end of 2026 and up to 1 gigawatt in 2027, supported by a 135 million euro grant from the EU Innovation Fund. The first tranche of that funding flowed in during the second quarter, tied to the final investment decision for the 1-gigawatt production line at Herøya taken in December 2025.
Nel ASA at a turning point? This analysis reveals what investors need to know now.
Market Remains Cautious
The share price reflects the mixed signals. The stock closed Friday at €0.1994, sitting 9.77 percent below its 50-day moving average of €0.2210 and 6.95 percent below the 200-day average of €0.2143. Over the past 30 days, the shares have retreated 3.90 percent, though they remain in positive territory for the year. With a market capitalization of roughly €366 million, Nel trades well below its 52-week high.
The market's measured response to the order surge suggests investors are waiting for tangible proof that the pipeline converts into revenue and margin improvement — particularly with segment losses persisting and the leadership question still unresolved. Whether the PA-Series delivers the hoped-for inflection point will become clearer once those first platform orders actually land.
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