)

NEL (NEL) investor relations material
NEL Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
Next NEL earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage