Nel ASA

Nel generated NOK 153 million in revenue from contracts with customers, down 12% year over year. Total revenue and income was NOK 182 million versus NOK 215 million last year. EBITDA was negative NOK 155 million versus NOK 86 million last year, with management saying NOK 70 million of that difference was driven by the Iwatani settlement; adjusted for that, EBITDA was flat versus Q2 2025. Order intake was NOK 230 million, backlog was NOK 1.2 billion, and cash balance was NOK 1.3 billion. Full-year or next-quarter quantitative guidance was not provided; management instead said the new PA-Series will take a few quarters for orders to materialize and that some delayed or canceled U.S. research grants are expected to have a positive effect in the second half of 2026.

Håkon Volldal framed the quarter as a transition period toward newer products and better commercial positioning rather than a pure near-term recovery story. He said the launch of the pressurized alkaline PA-Series is meant to revive alkaline order intake, improve competitiveness, and eventually bring the business back toward the 2024 level when it was EBITDA positive. He also emphasized that the strategic direction remains unchanged despite announcing he will step down as CEO, with commercialization of PA-Series and next-generation PEM still top priorities.

Kjell Christian Bjørnsen highlighted a solid cash position of NOK 1.3 billion and said there is no urgency to raise capital, though Nel will take actions if needed to remain in a strong position. He explained that the larger EBITDA loss was heavily affected by the NOK 70 million Iwatani settlement and noted that personnel costs were down after headcount was reduced from 430 to 313, mostly in production and project delivery. On receivables, he said one very large overdue item is tied to a German bankruptcy, with any net cash effect expected to be zero and the timing still uncertain.

Analysts pressed management on funding, overdue receivables, order momentum, competitive positioning, and the difference between Europe and the U.S. on policy support. Management said the balance sheet is currently solid, the overdue receivable relates to a German bankruptcy with a net zero cash effect, and alkaline order intake has been weak because Nel is moving from atmospheric to pressurized alkaline, which should take a few quarters to convert into orders. On competition, Volldal said Chinese suppliers may have a CapEx advantage, while Nel believes its edge is stack efficiency and reliability; he also said Europe is the more attractive market, while the U.S. remains difficult because projects must stand without much subsidy support.