Hydrogen: Nel ASA Doubles Turnover and Cuts Losses by Half
Oslo, Norway - Norwegian hydrogen specialist Nel ASA continued on its growth path in the third quarter of 2023. Quarterly revenue climbed to NOK 405 million, up 121 per cent year-on-year (Q3 2022: NOK 183 million).
Nel ASA halved the loss (Q3 result based on EBITDA) of NOK -109 million compared to the same quarter last year (Q3 2022: NOK -214 million). EBITDA improved due to increasing sales in large electrolyser contracts and improved cost control in Nel Fueling, according to the company.
The EBITDA margin of the important electrolyser business area is improving quarter by quarter thereafter. It was -10 per cent in Q3 2023, compared to -12 per cent in Q2 23 and -64 per cent in Q3 2022.
Q3 order intake was NOK 352 million (Q3 2022: NOK 775 million), of which 96 per cent was in the Electrolysers segment. At the end of Q3 2023, the order book reached NOK 2 854 million, an increase of 36 per cent compared to Q3 2022 and in line with the previous two quarters. The cash balance at the end of the quarter was NOK 3 799 million.
The net loss of NOK -226 million year-on-year (Q3 2022: -260) is mainly composed of operations and a negative unrealised fair value adjustment of investments of NOK -90 million.
Source: IWR Online, 27 Oct 2023
