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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Nel
Nel (NEL) investor relations material
Nel Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary15 Oct, 2026
Executive summary
Q3 revenue from customer contracts fell 63% YoY to NOK 112m; total revenue and income was NOK 138m, EBITDA was NOK -93m and net loss was NOK 141m.
Order intake was NOK 253m, up 339% YoY; backlog reached NOK 1,314m, up 34% YoY, and quarter-end cash was NOK 1,078m.
Financial highlights
Total revenue and income was NOK 138m versus NOK 349m in Q3 2025; revenue from customer contracts was NOK 112m versus NOK 303m.
EBITDA was NOK -93m versus NOK -37m; EBIT was NOK -143m versus NOK -105m, and net loss was NOK 141m versus NOK 85m.
Operating cash flow was NOK -197m versus NOK -132m; cash and cash equivalents were NOK 1,078m versus NOK 1,757m at Q3 2025-end.
YTD 2026 revenue was NOK 413m, down 35% YoY; operating loss was NOK 499m and net loss was NOK 473m.
Outlook and guidance
Several smaller projects and larger 50–150 MW projects are progressing toward FID over the next quarters; order intake may vary as project sizes increase.
Profitability depends on higher revenue and capacity utilization; fixed costs will continue to weigh on Alkaline results until volumes recover.
Full-scale testing of the next-generation PEM stack is expected to begin in 2027; Collins Aerospace deliveries are scheduled for 2027–2028.
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Latest events from Nel
- Most AGM proposals passed; shareholders sought clearer management KPI disclosure.NEL
AGM 2023 - Revenue grew 8% YoY as hydrogen orders expanded, while near-term EBITDA remained under pressure.NELQ4 2018
- Record backlog and mega-scale hydrogen projects put capacity expansion in focus.NELQ4 2017
- Q4 revenue rose as hydrogen contracts and renewable projects expanded.NELQ4 2016
- Order intake soared 224% as new technology launched, despite revenue and EBITDA declines.NELQ2 2026
- Revenue and orders fell, but EBITDA loss narrowed and new technology launches are underway.NELQ1 2026
- Order intake surged and new tech launch is set for 2026 despite heavy impairments and losses.NELQ4 2025
- Revenue fell 44% but record PEM order intake and cost cuts support strong cash reserves.NELQ1 2025
- Q4 2024 saw improved EBITDA, strong cash, and tech advances amid order and backlog shifts.NELQ4 2024
Next Nel earnings date
Q4 202619 Feb, 2027
Nel
Next Nel earnings date
Q4 202619 Feb, 2027
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Frequently asked questions
Nel ASA, a hydrogen company, delivers various solutions to produce, store, and distribute hydrogen from renewable energy in Norway, the United States, Denmark, and South Korea. The company's production of hydrogen solutions comprises electrolyzers for clean onsite hydrogen production; compact hydrogen generators; and fish farm applications. Its Hydrogen refuelling station offers mobile and onsite solution for the transport industry. The company also provides methanol reformers that converts methanol into hydrogen in the fuel cell vehicles; and water electrolysis systems to provide sustainability or zero emission energy generation, as well as liquid natural gas to pre-methanol reforming LNG. Nel ASA was founded in 1927 and is headquartered in Oslo, Norway.