Nel shares fall as Q1 revenue disappoints

Nel ASA

17/04/2024 09:02

** Shares in Nel  NEL.OL  fall about 5% after the Norwegian
hydrogen company reported Q1 revenue 30% below expectations
    ** Nel's Q1 topline came in at NOK 387 million ($35.27
million) versus NOK 550 million seen in a company complied
consensus, while EBITDA loss was smaller than feared, driven by
a one-off contract renegotiation
    ** RBC notes, though, that EBITDA of NOK -16 million implies
an earnings  margin of -4% (vs consensus -11% and -20% last
quarter), but excluding a positive impact of NOK 96 million from
renegotiation of Nikola supply agreement it would be -29%
    ** Nel said that further developments are necessary to
increase its profitability
    ** It also said it continues to explore a potential spin-off
and separate listing of its Fueling division
    ** Nel sits at the bottom of the Oslo Exchange Benchmark
Index  .OSEBX 


($1 = 10.9713 Norwegian crowns)

 (Reporting by Elsa Ohlen)
 ((elsa.ohlen@thomsonreuters.com;))