Norway's Nel Q3 revenue drops on lower Alkaline segment activity

Nel ASA

15/10/2026 06:13

Overview
Norway hydrogen tech firm's Q3 revenue fell 63% yr/yr on lower Alkaline segment activity
Company's Q3 net loss widened, mainly due to higher operating loss
Order intake jumped 339% yr/yr, driven by strong PEM segment momentum

Outlook
Company says it is well-positioned to benefit as hydrogen market grows
Company expects profitability once hydrogen market enters robust growth phase
Company continues to develop next-generation electrolyser technology

Result Drivers
PEM SEGMENT MOMENTUM - Co said improved project execution and competitive product drove strong PEM segment revenue and order intake
CONTAINERIZED CONTRACTS - PEM segment revenue growth attributed to containerized electrolyser contracts
ALKALINE SEGMENT DECLINE - Co said lower activity in Alkaline segment led to reduced group revenue

Company press release: ID:nWkr7MBgQR

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Miss
NOK 138 mln
NOK 203.50 mln (2 Analysts)
Q3 Net Loss
 
NOK 141 mln
 
Q3 EBITDA
 
-NOK 93 mln
 
Q3 Order Backlog
 
NOK 1.31 bln
 
Q3 Orders
 
NOK 253 mln
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 7 "hold" and 4 "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 NOK2.00, about 7.6% below its October 14 closing price of NOK2.17

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(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.)