Nel ASA Stock Turns Positive After Weak Figures: Revenue Declines - Losses Widen - Order Intake Rises Significantly

Oslo (Norway) - Norwegian hydrogen company Nel ASA has released its fourth-quarter and full-year 2025 results. Revenue declined in both periods, losses widened, but order intake increased sharply. The stock is trading in positive territory.

In Q4 2025, Nel ASA reported revenue of NOK 330 million, down approximately 21% from the same quarter last year (Q4 2024: NOK 416 million). EBITDA remained unchanged at -NOK 36 million compared to the prior-year quarter. The net loss increased significantly to -NOK 870 million (Q4 2024: -NOK 64 million). According to Nel ASA, the main reason for the loss was impairments of NOK 799 million, primarily related to Alkaline electrolyser production assets at the Herøya site and goodwill and intangible technology assets in the PEM segment. Cash at the end of the quarter stood at NOK 1.617 billion (Q4 2024: NOK 1.876 billion). Order intake in Q4 rose 364% to NOK 686 million, and the order backlog increased to NOK 1.319 billion, up 34% from the previous quarter.

For the full year 2025, Nel ASA reported a revenue decline of around 31% to NOK 963 million (2024: NOK 1.39 billion). Full-year EBITDA was -NOK 275 million (2024: -NOK 173 million), and the net loss widened to -NOK 1.27 billion (2024: -NOK 258 million).

Looking at the business performance, Nel highlights that alongside declining revenues, early cost reductions and targeted investments in commercializing new technologies helped manage operations. Prototype testing of the next-generation pressurized alkaline platform delivered promising results, and a final investment decision for a new production line was made with support from the EU Innovation Fund.

“2025 was a demanding year. Yet it was far from a lost year. In many respects it became a turning point. In Nel we saw steady progress where it mattered, closer collaboration with key partners, and technology advances that bring competitive clean hydrogen within reach,” said Nel ASA President and CEO Håkon Volldal.

With a solid cash position and growing order intake, Nel sees itself well-positioned to further strengthen its role in the global hydrogen industry.

The stock has barely reacted to the weak numbers in today’s trading and has even turned positive by the evening. Currently, the share is up 2.2% at €0.184 (18:18 CET, 26 February 2026, Stuttgart Stock Exchange).

Source: IWR Online, 26 Feb 2026