{"success":true,"data":{"pressRelease":{"id":"169711","rtpr_id":"nWkr7MBgQR-20261015","ticker":"NEL","exchange":"Oslo Børs","all_tickers":["NEL"],"title":"Nel ASA: Third quarter 2026 financial results","author":"Cision","published_at":"2026-10-15T05:00:05.856Z","article_body":"NEL ASA\n(October 15, 2026 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) reported strong\nmomentum in its PEM segment in the third quarter of 2026, with revenue\nincreasing 65% year-on-year to NOK 89 million and order intake rising 473% to\nNOK 245 million. For the group, order intake was NOK 253 million, up 339%\nyear-on-year, while the order backlog increased 34% to NOK 1,314 million.\nGroup revenue from contracts with customers was NOK 112 million, down 63% from\nthe same quarter last year, reflecting lower activity in the Alkaline segment.\nTotal revenue and income was NOK 138 million, EBITDA was NOK -93 million and\nnet loss was NOK -141 million. The cash balance was NOK 1,078 million at\nquarter end.\n\nQuarterly highlights\n* Revenue from contracts with customers in the third quarter 2026 was NOK 112\nmillion, a 63% reduction compared to the third quarter 2025 (Q3 2025: 303)\n* Total revenue and income in the third quarter 2026 was NOK 138 million (Q3\n2025: 349)\n* EBITDA in the quarter was NOK -93 million (Q3 2025: -37).\n* Net loss was NOK -141 million (Q3 2025: -85). The loss was mainly explained\nby the operating loss of NOK -143 million.\n* Order intake in the quarter amounted to NOK 253 million, a 339% increase\nfrom the corresponding quarter last year (Q3 2025: 57)\n* Order backlog was NOK 1 314 million at the end of the quarter, up 34% from\nthe third quarter of 2025 and up 8% from the previous quarter\n* Cash balance was NOK 1 078 million at quarter end (Q3 2025: 1 757), in the\nquarter the settlement of 75 MNOK agreed in Q2 2006 was paid.\n“Strong growth in PEM revenue and order intake in the quarter, continuing\ninto Q4, reflects improved project execution and a competitive product,”\nsays Håkon Volldal, President and CEO of Nel. “The quarter demonstrates\nthat we are making progress on the factors we can control, while maintaining\nfinancial discipline and investing for future growth.”\n\nSeveral high-quality projects with reputable clients continue to mature and\nget closer to final investment decisions. Nel is well-positioned to capture\nopportunities and scale with the market as it grows. The company has for years\nserved various applications for local hydrogen production, defence and other\nspecialty segments, and these remain viable segments. Nel has demonstrated\nsegment profitability in quarters with solid capacity utilisation, and expects\nto achieve profitability for the whole business once the market develops into\nrobust growth.\n\nNel continues to improve the performance of its commercial technology while\nmaturing next-generation solutions. The company’s strategy is to deliver\nreliable, energy-efficient electrolyser systems to customer projects globally,\nsupported by partnerships with world-class EPC companies. Strategic\ncollaborations with companies such as Reliance, SAMSUNG E&A and Saipem further\nstrengthen Nel’s industrial and technological development.\n\nTo strengthen its delivery capabilities, Nel is onboarding additional\nintegration partners for its standardised modular solutions, including\nHydrasun. Hydrasun brings integration experience in Europe, complementing\nNel’s existing integration setup in the US and expanding its delivery\ncapabilities in the European market. These partnerships expand Nel’s\nmanufacturing flexibility, strengthen supply chain resilience and bring\nproduction capabilities closer to key growth markets. Nel’s PEM stacks will\ncontinue to be produced at its facility in Wallingford, Connecticut, US.\n\nNel PEM Electrolyser reported revenue of NOK 89 million in the quarter, up 65%\nfrom the third quarter last year. Revenue was driven by containerized\nelectrolyser contracts. EBITDA improved by NOK 10 million year-on-year to NOK\n-24 million, supported by better project execution and generally higher\nproduct and project margins.\n\nNel Alkaline Electrolyser reported revenue of NOK 23 million, down 91% from\nthe third quarter last year. EBITDA decreased by NOK 67 million year-on-year\nto NOK -41 million. Testing of the next-generation pressurised alkaline\nelectrolyser continues to show encouraging results, and work is progressing on\nthe planned 1 GW production line at Herøya following the commercial launch in\nMay 2026.\n\nIn Q3 2026, Nel reported order intake of NOK 253 million, of which 97% related\nto the PEM segment. PEM order intake was NOK 245 million and the segment's\norder backlog was NOK 1 116 million, up NOK 126 million from the end of Q2\n2026. Alkaline order intake was NOK 8 million and its order backlog was NOK\n198 million at quarter end.\n\nThe third quarter 2026 report and presentation are enclosed and available on\nnewsweb.no (http://www.newsweb.no) (Ticker: NEL) and nelhydrogen.com\n(http://www.nelhydrogen.com). The presentation will be Håkon Volldal’s\nfinal quarterly presentation as President and CEO of Nel.\n\nENDS\n \n\nFor additional information, please contact:\nKjell Christian Bjørnsen, CFO, +47 917 02 097\nWilhelm Flinder, Head of IR, Communications & Marketing, +47 936 11 350\n\nAbout Nel ASA | www.nelhydrogen.com\nNel has a history tracing back to 1927 and is today a leading pure play\nhydrogen technology company with a global presence. The company specializes in\nPEM and Alkaline electrolyser technology for production of renewable hydrogen.\nNel’s product offerings are key enablers for a green hydrogen economy,\nmaking it possible to decarbonize various industries such as transportation,\nrefining, steel, and ammonia.\n\nThis information is subject to a duty of disclosure pursuant to Section 5-12\nof the Norwegian Securities Trading Act. This information was issued as inside\ninformation pursuant to the EU Market Abuse Regulation, and was published by\nWilhelm Flinder, Head of Investor Relations, Communications and Marketing, at\nNel ASA.\n\nhttps://news.cision.com/nel-asa/r/nel-asa--third-quarter-2026-financial-results%2Cc4408710\n\nRelease (https://mb.cision.com/Main/115/4408710/4318963.pdf)\n\nQ3 report 2026 (https://mb.cision.com/Public/115/4408710/8116e8027381f514.pdf)\n\nQ3 presentation 2026\n(https://mb.cision.com/Public/115/4408710/86aeb943f1d457de.pdf)\n\n\n\n(c) Cision 2026","article_body_html":"","raw_payload":{"data":{"id":"nWkr7MBgQR-20261015","title":"Nel ASA: Third quarter 2026 financial results","author":"Cision","ticker":"NEL","created":"2026-10-15T05:00:05.856Z","tickers":["NEL"],"exchange":"Oslo Børs","article_body":"NEL ASA\n(October 15, 2026 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) reported strong\nmomentum in its PEM segment in the third quarter of 2026, with revenue\nincreasing 65% year-on-year to NOK 89 million and order intake rising 473% to\nNOK 245 million. For the group, order intake was NOK 253 million, up 339%\nyear-on-year, while the order backlog increased 34% to NOK 1,314 million.\nGroup revenue from contracts with customers was NOK 112 million, down 63% from\nthe same quarter last year, reflecting lower activity in the Alkaline segment.\nTotal revenue and income was NOK 138 million, EBITDA was NOK -93 million and\nnet loss was NOK -141 million. The cash balance was NOK 1,078 million at\nquarter end.\n\nQuarterly highlights\n* Revenue from contracts with customers in the third quarter 2026 was NOK 112\nmillion, a 63% reduction compared to the third quarter 2025 (Q3 2025: 303)\n* Total revenue and income in the third quarter 2026 was NOK 138 million (Q3\n2025: 349)\n* EBITDA in the quarter was NOK -93 million (Q3 2025: -37).\n* Net loss was NOK -141 million (Q3 2025: -85). The loss was mainly explained\nby the operating loss of NOK -143 million.\n* Order intake in the quarter amounted to NOK 253 million, a 339% increase\nfrom the corresponding quarter last year (Q3 2025: 57)\n* Order backlog was NOK 1 314 million at the end of the quarter, up 34% from\nthe third quarter of 2025 and up 8% from the previous quarter\n* Cash balance was NOK 1 078 million at quarter end (Q3 2025: 1 757), in the\nquarter the settlement of 75 MNOK agreed in Q2 2006 was paid.\n“Strong growth in PEM revenue and order intake in the quarter, continuing\ninto Q4, reflects improved project execution and a competitive product,”\nsays Håkon Volldal, President and CEO of Nel. “The quarter demonstrates\nthat we are making progress on the factors we can control, while maintaining\nfinancial discipline and investing for future growth.”\n\nSeveral high-quality projects with reputable clients continue to mature and\nget closer to final investment decisions. Nel is well-positioned to capture\nopportunities and scale with the market as it grows. The company has for years\nserved various applications for local hydrogen production, defence and other\nspecialty segments, and these remain viable segments. Nel has demonstrated\nsegment profitability in quarters with solid capacity utilisation, and expects\nto achieve profitability for the whole business once the market develops into\nrobust growth.\n\nNel continues to improve the performance of its commercial technology while\nmaturing next-generation solutions. The company’s strategy is to deliver\nreliable, energy-efficient electrolyser systems to customer projects globally,\nsupported by partnerships with world-class EPC companies. Strategic\ncollaborations with companies such as Reliance, SAMSUNG E&A and Saipem further\nstrengthen Nel’s industrial and technological development.\n\nTo strengthen its delivery capabilities, Nel is onboarding additional\nintegration partners for its standardised modular solutions, including\nHydrasun. Hydrasun brings integration experience in Europe, complementing\nNel’s existing integration setup in the US and expanding its delivery\ncapabilities in the European market. These partnerships expand Nel’s\nmanufacturing flexibility, strengthen supply chain resilience and bring\nproduction capabilities closer to key growth markets. Nel’s PEM stacks will\ncontinue to be produced at its facility in Wallingford, Connecticut, US.\n\nNel PEM Electrolyser reported revenue of NOK 89 million in the quarter, up 65%\nfrom the third quarter last year. Revenue was driven by containerized\nelectrolyser contracts. EBITDA improved by NOK 10 million year-on-year to NOK\n-24 million, supported by better project execution and generally higher\nproduct and project margins.\n\nNel Alkaline Electrolyser reported revenue of NOK 23 million, down 91% from\nthe third quarter last year. EBITDA decreased by NOK 67 million year-on-year\nto NOK -41 million. Testing of the next-generation pressurised alkaline\nelectrolyser continues to show encouraging results, and work is progressing on\nthe planned 1 GW production line at Herøya following the commercial launch in\nMay 2026.\n\nIn Q3 2026, Nel reported order intake of NOK 253 million, of which 97% related\nto the PEM segment. PEM order intake was NOK 245 million and the segment's\norder backlog was NOK 1 116 million, up NOK 126 million from the end of Q2\n2026. Alkaline order intake was NOK 8 million and its order backlog was NOK\n198 million at quarter end.\n\nThe third quarter 2026 report and presentation are enclosed and available on\nnewsweb.no (http://www.newsweb.no) (Ticker: NEL) and nelhydrogen.com\n(http://www.nelhydrogen.com). The presentation will be Håkon Volldal’s\nfinal quarterly presentation as President and CEO of Nel.\n\nENDS\n \n\nFor additional information, please contact:\nKjell Christian Bjørnsen, CFO, +47 917 02 097\nWilhelm Flinder, Head of IR, Communications & Marketing, +47 936 11 350\n\nAbout Nel ASA | www.nelhydrogen.com\nNel has a history tracing back to 1927 and is today a leading pure play\nhydrogen technology company with a global presence. The company specializes in\nPEM and Alkaline electrolyser technology for production of renewable hydrogen.\nNel’s product offerings are key enablers for a green hydrogen economy,\nmaking it possible to decarbonize various industries such as transportation,\nrefining, steel, and ammonia.\n\nThis information is subject to a duty of disclosure pursuant to Section 5-12\nof the Norwegian Securities Trading Act. This information was issued as inside\ninformation pursuant to the EU Market Abuse Regulation, and was published by\nWilhelm Flinder, Head of Investor Relations, Communications and Marketing, at\nNel ASA.\n\nhttps://news.cision.com/nel-asa/r/nel-asa--third-quarter-2026-financial-results%2Cc4408710\n\nRelease (https://mb.cision.com/Main/115/4408710/4318963.pdf)\n\nQ3 report 2026 (https://mb.cision.com/Public/115/4408710/8116e8027381f514.pdf)\n\nQ3 presentation 2026\n(https://mb.cision.com/Public/115/4408710/86aeb943f1d457de.pdf)\n\n\n\n(c) Cision 2026"},"type":"article","timestamp":"2026-10-15T05:00:05.965614074Z","server_sent_at_ms":1792040405965},"received_at":"2026-10-15T05:00:06.018Z","source_url":"https://news.cision.com/nel-asa/r/nel-asa--third-quarter-2026-financial-results%2Cc4408710"},"analysis":{"id":"157938","press_release_id":"169711","analysis_json":{"industry":{"label":"Machinery","sector":"Industrials"},"redFlags":["Group revenue down 63% YoY with net loss widening to NOK -141 million","Cash balance down sharply YoY to NOK 1,078 million from NOK 1,757 million; ongoing EBITDA burn","CEO Håkon Volldal's final quarterly presentation -- leadership transition announced without named successor in this release","Alkaline segment revenue down 91% YoY with materially worse EBITDA"],"eventType":"earnings","narrative":"Nel ASA's Q3 2026 group revenue from contracts with customers fell 63% year-on-year to NOK 112 million, with a net loss of NOK -141 million and cash declining to NOK 1,078 million.\n\nOffsetting the revenue decline, PEM segment revenue rose 65% to NOK 89 million, group order intake jumped 339% to NOK 253 million, and the order backlog grew 34% to NOK 1,314 million.\n\nThe Alkaline segment remained the weak spot, with revenue down 91% to NOK 23 million and EBITDA deterioration of NOK 67 million year-on-year.\n\nThe release also notes this was Håkon Volldal's final quarterly presentation as President and CEO, signaling an imminent leadership transition.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Nel's PEM order boom (+473%) masks a 63% revenue collapse and cash burn, with a CEO exit layered on top."},"keyFigures":{"revenue":"NOK 112 million","revenueYoy":"-63%","customDimensions":{"ebitda":"NOK -93 million","net_loss":"NOK -141 million","pem_backlog":"NOK 1,116 million","pem_revenue":"NOK 89 million","cash_balance":"NOK 1,078 million","order_intake":"NOK 253 million","order_backlog":"NOK 1,314 million","pem_revenue_yoy":"+65%","alkaline_revenue":"NOK 23 million","order_intake_yoy":"+339%","pem_order_intake":"NOK 245 million","order_backlog_yoy":"+34%","alkaline_revenue_yoy":"-91%","pem_order_intake_yoy":"+473%","total_revenue_and_income":"NOK 138 million"}},"quotedText":"Strong growth in PEM revenue and order intake in the quarter, continuing into Q4, reflects improved project execution and a competitive product","namedEntities":{"people":[{"name":"Håkon Volldal","role":"President and CEO"},{"name":"Kjell Christian Bjørnsen","role":"CFO"},{"name":"Wilhelm Flinder","role":"Head of IR, Communications & Marketing"}],"products":["PEM electrolyser","Alkaline electrolyser","next-generation pressurised alkaline electrolyser"],"companies":[{"name":"Nel ASA","ticker":"NEL","relationship":"filer"},{"name":"Reliance","relationship":"strategic partner"},{"name":"SAMSUNG E&A","relationship":"strategic partner"},{"name":"Saipem","relationship":"strategic partner"},{"name":"Hydrasun","relationship":"integration partner"}],"dollarAmounts":[{"amount":"NOK 89 million","context":"PEM segment revenue, up 65% YoY"},{"amount":"NOK 245 million","context":"PEM order intake, up 473% YoY"},{"amount":"NOK 253 million","context":"group order intake, up 339% YoY"},{"amount":"NOK 1,314 million","context":"order backlog, up 34% YoY"},{"amount":"NOK 112 million","context":"group revenue from contracts with customers, down 63% YoY"},{"amount":"NOK 138 million","context":"total revenue and income"},{"amount":"NOK -93 million","context":"EBITDA"},{"amount":"NOK -141 million","context":"net loss"},{"amount":"NOK 1,078 million","context":"cash balance at quarter end"},{"amount":"75 MNOK","context":"settlement payment made during the quarter"},{"amount":"NOK 23 million","context":"Alkaline segment revenue, down 91% YoY"}]},"materialImpact":{"score":4,"reasoning":"Quarterly results show a stark divergence: group revenue down 63% YoY with a widening net loss, but PEM order intake up 473% and backlog up 34%, plus the announcement that this is CEO Håkon Volldal's final quarterly presentation -- a leadership transition signal embedded in the earnings."},"tickerRelevance":{"others":[],"primary":"NEL"},"globalImportance":35,"audienceRelevance":35,"eventTypeSecondary":["executive_change"],"importanceComponents":{"tickerTier":"mid-cap international (Oslo-listed)","eventGravity":"earnings with mixed signals plus CEO transition","sectorWeight":"clean energy / hydrogen, retail-followed","marketCapAdjustment":"mid-cap, not S&P 500","retailFavoriteBoost":"moderate -- NEL is a hydrogen retail favorite"}},"event_type":"earnings","event_type_secondary":["executive_change"],"sentiment":"mixed","material_impact_score":4,"narrative":"Nel ASA's Q3 2026 group revenue from contracts with customers fell 63% year-on-year to NOK 112 million, with a net loss of NOK -141 million and cash declining to NOK 1,078 million.\n\nOffsetting the revenue decline, PEM segment revenue rose 65% to NOK 89 million, group order intake jumped 339% to NOK 253 million, and the order backlog grew 34% to NOK 1,314 million.\n\nThe Alkaline segment remained the weak spot, with revenue down 91% to NOK 23 million and EBITDA deterioration of NOK 67 million year-on-year.\n\nThe release also notes this was Håkon Volldal's final quarterly presentation as President and CEO, signaling an imminent leadership transition.","key_figures":{"revenue":"NOK 112 million","revenueYoy":"-63%","customDimensions":{"ebitda":"NOK -93 million","net_loss":"NOK -141 million","pem_backlog":"NOK 1,116 million","pem_revenue":"NOK 89 million","cash_balance":"NOK 1,078 million","order_intake":"NOK 253 million","order_backlog":"NOK 1,314 million","pem_revenue_yoy":"+65%","alkaline_revenue":"NOK 23 million","order_intake_yoy":"+339%","pem_order_intake":"NOK 245 million","order_backlog_yoy":"+34%","alkaline_revenue_yoy":"-91%","pem_order_intake_yoy":"+473%","total_revenue_and_income":"NOK 138 million"}},"named_entities":{"people":[{"name":"Håkon Volldal","role":"President and CEO"},{"name":"Kjell Christian Bjørnsen","role":"CFO"},{"name":"Wilhelm Flinder","role":"Head of IR, Communications & Marketing"}],"products":["PEM electrolyser","Alkaline electrolyser","next-generation pressurised alkaline electrolyser"],"companies":[{"name":"Nel ASA","ticker":"NEL","relationship":"filer"},{"name":"Reliance","relationship":"strategic partner"},{"name":"SAMSUNG E&A","relationship":"strategic partner"},{"name":"Saipem","relationship":"strategic partner"},{"name":"Hydrasun","relationship":"integration partner"}],"dollarAmounts":[{"amount":"NOK 89 million","context":"PEM segment revenue, up 65% YoY"},{"amount":"NOK 245 million","context":"PEM order intake, up 473% YoY"},{"amount":"NOK 253 million","context":"group order intake, up 339% YoY"},{"amount":"NOK 1,314 million","context":"order backlog, up 34% YoY"},{"amount":"NOK 112 million","context":"group revenue from contracts with customers, down 63% YoY"},{"amount":"NOK 138 million","context":"total revenue and income"},{"amount":"NOK -93 million","context":"EBITDA"},{"amount":"NOK -141 million","context":"net loss"},{"amount":"NOK 1,078 million","context":"cash balance at quarter end"},{"amount":"75 MNOK","context":"settlement payment made during the quarter"},{"amount":"NOK 23 million","context":"Alkaline segment revenue, down 91% YoY"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-15T05:00:14.681Z","global_importance":35,"audience_relevance":35,"importance_components":{"tickerTier":"mid-cap international (Oslo-listed)","eventGravity":"earnings with mixed signals plus CEO transition","sectorWeight":"clean energy / hydrogen, retail-followed","marketCapAdjustment":"mid-cap, not S&P 500","retailFavoriteBoost":"moderate -- NEL is a hydrogen retail favorite"}},"durationMs":8623,"modelName":"glm-5.3-flashx"}}