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Visual24 Oct 2025
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NEL (NEL) investor relations material
NEL Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary16 Jul, 2025
Executive summary
Revenue for Q2 2025 was NOK174 million, down 48% year-over-year due to lower project activity and contract cancellations.
EBITDA was negative NOK86 million, in line with last year, supported by improved gross margins and cost reductions.
Order intake dropped 74% year-over-year to NOK71 million; order backlog decreased 40% to NOK1,249 million after removing canceled contracts.
Cash balance stood at NOK1.9 billion at quarter end, supporting ongoing technology investments and operational adjustments.
Statkraft canceled a 40 MW alkaline electrolyser contract; MoUs signed for modular hydrogen systems.
Financial highlights
Net loss for Q2 2025 was NOK -131 million, compared to NOK -118 million in Q2 2024.
Cash flow from operating activities was negative NOK53 million.
Cash burn rate reduced to NOK120 million per quarter, down from historical NOK500 million.
Year-to-date revenue was NOK329 million, down from NOK608 million in the same period last year.
EBITDA margin remains negative due to underutilized capacity and weak order intake.
Outlook and guidance
Market pipeline is growing, but FIDs are delayed; order intake expected to pick up in future quarters, especially in Europe and the Middle East.
US hydrogen tax credits (45B/45V) secured through 2027, expected to support future demand but not immediate order intake.
Costs are expected to continue declining in H2 2025 due to workforce and expense reductions.
Near- to mid-term projects anticipated to be smaller, but company is positioned to capture these opportunities and scale as market recovers.
Profitability expected once market demand and capacity utilization improve.
Assess impact of Herøya shutdown on profitability.
Explain drivers behind PEM electrolyser margin increase.
How will trade barriers affect green hydrogen plant costs?
Pressurized alkaline: stack cost vs. system CapEx?
45V impact on short-term order intake?
Strategy for market consolidation?
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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.
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