Nel (NEL) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was NOK 148 million, down 5% year-over-year, with EBITDA at NOK -100 million, an improvement of NOK 15 million from Q1 2025.

• Order intake was NOK 85 million, a 73% year-over-year decline, and order backlog ended at NOK 1,113 million.

• Cash balance at quarter end was NOK 1,443 million, with an additional EUR 11 million EU grant expected in Q2 2026.

• Korea's first off-grid green hydrogen facility was commissioned, validating large-scale off-grid hydrogen production.

• Launch of a new pressurized alkaline platform is set for May 6, 2026, with production line progress on track.

Financial highlights

• Revenue declined 5% year-over-year to NOK 148 million; EBITDA improved to NOK -100 million from NOK -115 million.

• Alkaline division revenue up 6% year-over-year; PEM division revenue down 14%.

• Net loss narrowed to NOK -144 million from NOK -179 million in Q1 2025.

• Personnel expenses reduced by 21% year-over-year due to a 19%–26% reduction in headcount.

• Net cash flow from operating activities was NOK -165 million.

Outlook and guidance

• Order intake expected to improve, with NOK 70 million already booked in Q2 and several promising projects in the pipeline.

• Optimism for more Final Investment Decisions in 2026 than 2025; momentum expected to build into 2027 and 2028.

• Cash balance and cost adjustments provide runway to fund operations and technology investments until market recovery.

• Profitability expected once market demand returns to robust growth.

• EUR 11 million EU grant to be received in Q2 2026.