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NEL (NEL) investor relations material
NEL Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenue was NOK 303 million, down 17% year-over-year but up 74% sequentially, reflecting a challenging market and milestone revenue recognition.
EBITDA improved to NOK -37 million from NOK -90 million in Q3 2024, mainly due to cost control and better execution, with net loss narrowing to NOK -85 million.
Order intake was NOK 57 million, down 64% year-over-year, with a backlog of NOK 984 million, split between alkaline and PEM segments.
Cash balance at quarter end was NOK 1,757 million, with robust reserves despite negative operating cash flow and a decline from last year.
Personnel expenses year-to-date decreased by NOK 60 million, with headcount reduced and cost controls implemented.
Financial highlights
Revenue from contracts: NOK 303 million, down 17% year-over-year, up 74% quarter-on-quarter.
EBITDA loss narrowed to NOK -37 million from NOK -90 million last year.
Net loss for the quarter was NOK -85 million, compared to NOK -115 million in Q3 2024.
Net cash flow from operating activities was NOK -132 million, impacted by working capital changes.
Cash and cash equivalents at quarter-end were NOK 1,757 million.
Outlook and guidance
Pipeline remains large and growing, but final investment decisions for several projects are delayed due to market and regulatory uncertainties.
Several target projects in the 20-150 MW range are expected to take FID in the coming quarters, with order intake expected to remain volatile.
New pressurized alkaline system to be commercially launched in 2026, with deliveries at scale expected in 2027.
Investments expected to decrease by 50% in 2025 compared to 2024; cost base and capacity utilization adjusted.
Profitability expected once market conditions recover and growth resumes.
Quantify the impact of at-risk backlog on 2025/26
How does Herøya shutdown affect future capacity?
When will next-gen electrolysers be commercialized?
When will new alkaline tech impact order intake?
Quantify partner projects beyond 500MW FEED studies
What specific EU delegated act pillars need relaxing?
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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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