(July 16, 2025 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) reported revenues from
contracts with customers of NOK 174 million in the second quarter of 2025, down
from NOK 332 million the same quarter last year. Total revenue and income was
NOK 215 million (Q2 2024: 356) and EBITDA in the quarter came in at NOK -86
million (Q2 2024: -79). While the financial result from the PEM division was
stable compared to the same quarter last year, the Alkaline division was
impacted by lack of project milestones in the quarter. Order intake for the
quarter was NOK 71 million, and at the end of the quarter the order backlog
stood at NOK 1 249 million. The company reported a healthy cash balance of NOK 1
928 million.
Quarterly highlights
· Revenue from contracts with customers in the second quarter 2025 was NOK 174
million, a 48% reduction compared to the second quarter 2024 (Q2 2024: 332).
· Total revenue and income in the second quarter 2025 was NOK 215 million (Q2
2024: 356
· EBITDA in the quarter was NOK -86 million (Q2 2024: -79).
· Net loss was NOK -131 million (Q2 2024: -118). The development was mainly
explained by decreased operating loss of NOK -27 million, offset by NOK 16
million increased net financial items.
· Order intake in the quarter amounted to NOK 71 million, a 74% decrease from
the corresponding quarter last year (Q2 2024: 270).
· Order backlog was NOK 1 249 million at the end of the quarter, down 40% from
the second quarter of 2024 and down 14% from the previous quarter.
· Cash balance was NOK 1 928 million at quarter end (Q2 2024: 2 228).
"I'm pleased with how the company has responded to a continued challenging
market. We maintain cash discipline, continue to advance our technology, and
stay focused on our strategic priorities," says Håkon Volldal, President and CEO
of Nel.
While still investing aggressively in development of next-generation
technologies, management implemented cost reduction and capacity adjustment
measures, including a temporary shut-down of the Herøya facility, earlier this
year. The measures reduced the cost base in the first half 2025 compared to
2024.
"This may appear to have been a quiet quarter, but the activity level has
remained high, and we are now seeing more positive signals." Volldal says. "The
fact that we are working on an increasing number of FEED studies with strong
industrial counterparties, coupled with a more favourable policy outlook in both
the EU and the US, suggests that the worst may be behind us, although the timing
of a market uptick remains difficult to predict."
The company is well positioned to maintain a leading role among electrolyser
manufacturers. A proven track record of delivering working electrolyser systems
over several decades, a diverse product portfolio covering both alkaline and PEM
solutions, and automated GW-scale production facilities are important
differentiating factors. Nel also continues to make significant investments in
improving the performance of current technology platforms and maturing next
generation technologies. Nel's industrial and technological development is
strengthened by its strategic collaborations with partners such as General
Motors, Reliance, Samsung E&A and Saipem.
Product development for the next-generation pressurized alkaline electrolyser
continues to progress well with full-size electrode testing ongoing at Nel's
test centre in Notodden, Norway, and a full-scale prototype plant under
construction at Herøya. Development of the next generation PEM stack is also
advancing according to plan as Nel has successfully passed a key design review,
initiated procurement of full-scale prototype components, and continues to
invest in test infrastructure.
Nel PEM Electrolyser reported revenues in line with the same quarter last year,
where revenues are largely driven by sale of containerized electrolysers. EBITDA
for PEM was NOK -38 million, up from NOK -43 million the same quarter last year.
The PEM segment reported an order backlog of NOK 423 million, up 11% from Q2'24.
Nel's Alkaline Electrolyser reported a 70% decrease in revenue compared to
second quarter last year. EBITDA of NOK -26 million was a NOK 23 million
decrease compared to the second quarter of 2024. Backlog for the division came
in at NOK 826 million.
The second quarter 2025 report and presentation are enclosed and available on
newsweb.no (http://www.newsweb.no) (Ticker: NEL) and
nelhydrogen.com (http://www.nelhydrogen.com). The presentation will be a virtual
event only, followed by a Q&A session, and can be accessed on the company's
website www.nelhydrogen.com/quarterly-presentation/ or by following this
link (https://events.teams.microsoft.com/event/b2636f3a-d692-403a-b954
-3b9daea990d0@76311e5d-2c31-404e-a148-a4c38d285e9e). A recording of the
presentation will be made publicly available following the event.
ENDS
For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02 097
Wilhelm Flinder, Head of IR, Communications & Marketing, +47 936 11 350
About Nel ASA | www.nelhydrogen.com
Nel has a history tracing back to 1927 and is today a leading pure play hydrogen
technology company with a global presence. The company specializes in PEM and
Alkaline electrolyser technology for production of renewable hydrogen. Nel's
product offerings are key enablers for a green hydrogen economy, making it
possible to decarbonize various industries such as transportation, refining,
steel, and ammonia.
This information is subject to a duty of disclosure pursuant to Section 5-12 of
the Norwegian Securities Trading Act. This information was issued as inside
information pursuant to the EU Market Abuse Regulation, and was published by
Wilhelm Flinder, Head of Investor Relations, at NEL ASA on the date and time
provided.