Share Gains: Nel ASA Increases Sales Strongly - Business Picks up

Oslo, Norway - Norwegian hydrogen specialist and electrolyzer manufacturer, Nel ASA, has increased Q2 sales by 159 percent year-on-year. Overall, Nel ASA reported sales of NOK 475 million (Q2 2022: NOK 183 million).

Order intake was NOK 428 million, up 81 percent year-on-year, with a major order for 16 service stations in the US having an impact here. At the end of the second quarter, the order backlog increased to NOK 2,964 million, up 106 percent compared to Q2 2022, with deliveries of electrolysers accounting for 83 percent. The cash balance reached NOK 4 122 million at the end of the quarter.

All segments, refueling, PEM electrolyzers and alkaline electrolyzers recorded strong growth compared to the same quarter last year.

The EBITDA-based result of NOK -138 million (Q2 2022: NOK -197 million) was due to high losses in the tank sector, low margins on electrolyzer projects signed in 2020/2021, and higher personnel costs to prepare for the execution of large projects.

The net loss of NOK -342 million (Q2 2022: NOK -275 million) resulted from losses from operations on the one hand and a negative, unrealized, fair value adjustment of investments of NOK -198 million (Q2 2022 adjustment: NOK -97 million) on the other.

Nel-ASA shares are climbing in today's trading and are currently up 7.8 percent at a price of 1.231 euros (4:03 p.m., 07/18/2013, Stuttgart Stock Exchange).

Source: IWR Online, 18 Jul 2023