Weak Quarterly Figures: Nel ASA Reports Revenue Decline and Higher Loss in Q2 2025 – Order Intake Plummets
Oslo, Norway – Norwegian electrolyzer specialist Nel ASA recorded a significant drop in revenue in the second quarter of 2025. Revenue from customer contracts fell to NOK 174 million (approx. EUR 14.6 million), representing a 48% decline compared to the same quarter last year (Q2 2024: NOK 332 million / approx. EUR 27.8 million).
EBITDA for the reporting period was-NOK -86 million (approx. -EUR 7.2 million), compared to NOK -79 million (approx. -EUR 6.6 million) in Q2 2024. The net loss increased to NOK -131 million (approx. -EUR -11.0 million) (Q2 2024: NOK -118 million / approx. -EUR 9.9 million).
Order intake for the quarter amounted to NOK 71 million (approx. EUR 6 million), marking a sharp 74% decline from the previous year. The order backlog stands at NOK 1,249 million (approx. EUR 104.7 million), while available liquidity is NOK 2,071 million (approx. EUR 173.6 million).
Despite the difficult market environment, CEO Håkon Volldal emphasized the company’s strategic direction: “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.”
"This may appear to have been a quiet quarter, but the activity level has remained high, and we are now seeing more positive signals. 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,” Volldal added.
Despite the weak quarter, Nel ASA believes it is well-positioned to maintain a leading role in the electrolyzer manufacturing market.
Source: IWR Online, 18 Jul 2025
