Nel (NEL) Q3 2026 earnings summary

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.