Business Figures: Nel ASA Increases Sales In Q4 And Full Year, Losses Widened

Oslo, Norway - Nel ASA has reported figures for the fourth quarter of 2021. The Norwegian hydrogen company's revenue is 248.1 million Norwegian kroner (NOK) (USD 27.9 million), compared to NOK 229.1 million (USD 25.75 million) in the same quarter of 2020.

The operating loss in Q4 2021 was widened, with EBITDA of NOK -167.7 million (USD - 18.85 million), compared to NOK - 96.2 million (- USD 10.81 million) in the same quarter 2020. Nel attributes this development to the company's global scale-up strategy aimed at maintaining its leadership position in a fast-growing market. The company recorded an order intake of NOK 418 million (USD 47 million) in Q4 2021.

For the full year 2021, Nel ASA has achieved sales of NOK 798 million (USD 89.7 million.). Compared to 2020, this is a growth of 22 percent (2020: NOK 652 million, USD 73.3 million). Nel's operating loss has almost doubled with a negative EBIDTA of NOK - 475 million (USD - 53.4 million) (2020: NOK - 252 million / USD -28.3 million). On balance, Nel ASA's loss is NOK - 1.67 billion (USD - 188 million). In the previous year 2020, Nel ASA still posted a profit of NOK 1.26 billion (USD 142 million) due to special effects.

" The fourth quarter concluded a year characterised by our massive scale-up to maintain our leadership position in a market set to grow rapidly," said Nel ASA CEO Jon André Løkke. In 2021 alone, Nel ASA hired 114 employees and strategically expanded its cost base and investments to stay ahead of the demand curve, he said.

The pipeline of potential orders is reaching a record level of more than $12 billion, according to Nel. The pipeline includes more than 22 GW of installed electrolyzer capacity and more than1,000 projects. "The projects are getting significantly larger, the customers will be more diversified and the geographical market will broaden. Nel has scaled up to be ready to accommodate this unprecedented pipeline and is effectively addressing all growth segments with over 90 own employees developing the pipeline from leads to execution," Løkke added.

Nel ASA's shares are currently trading up 2.7 percent at 1.274 euros in today's trading (Feb. 17, 2022, 11:05 a.m., Stuttgart Stock Exchange). The previous high for the year was 1.675 euros (04.01.2022, Stuttgart Stock Exchange), while the low for the year was 1.051 euros (28.01.2022, Stuttgart Stock Exchange).

Source: IWR Online, 17 Feb 2022