Norway's Nel Q2 revenue misses expectations

Nel ASA

15/07/2026 06:08

Overview
Norway hydrogen technology firm's Q2 revenue fell yr/yr, missing analyst expectations
EBITDA loss widened, impacted by NOK 70 mln Iwatani settlement charge
Q2 order intake surged 224% yr/yr; order backlog up 9% from Q1

Outlook
Company did not provide specific financial guidance for the current or future quarters

Result Drivers
PEM SEGMENT DEMAND - Revenue in the PEM division was largely driven by small-scale, kW-type hydrogen electrolysers (Industrial Products)
ORDER INTAKE SURGE - Q2 order intake rose 224% yr/yr, with 96% related to the PEM segment
NEW PRODUCT LAUNCH - Commercial launch of pressurized alkaline PA-Series platform in Q2

Company press release: ID:nWkr7tbNXX

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Miss
NOK 182 mln
NOK 186.67 mln (3 Analysts)
Q2 Net Income
 
-NOK 189 mln
 
Q2 EBITDA
 
-NOK 155 mln
 
Q2 Order Backlog
 
NOK 1.21 bln
 
Q2 Orders
 
NOK 230 mln
 

Analyst Coverage
The current average analyst rating on the shares is "sell" and the breakdown of recommendations is 1 "strong buy" or "buy", 7 "hold" and 7 "sell" or "strong sell"
The average consensus recommendation for the renewable energy equipment & services peer group is "buy."
Wall Street's median 12-month price target for Nel ASA is NOK2.10, about 3.4% below its July 14 closing price of NOK2.18

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)