Nel (NEL) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was NOK 330 million, up 9% sequentially but down 20% year-over-year, with EBITDA at NOK -36 million and order intake of NOK 686 million.

• Full-year 2025 revenue was NOK 963 million, down from NOK 1,390 million in 2024, with a net loss of NOK -1,296 million and significant impairments of NOK 799–800 million mainly due to next-generation technology.

• Major PEM orders were received from HyFuel, Kaupanes, HYDS, and H2 Energy, valued at over USD 50 million, and the company was chosen as technology provider for GreenH projects.

• Ended 2025 with a cash balance of NOK 1,617 million, down from NOK 1,900 million at end of 2024.

• Temporary shutdown of Herøya facility and 15% workforce reduction implemented.

Financial highlights

• Q4 EBITDA was NOK -36 million, unchanged from Q4 2024; Q4 EBIT was NOK -920 million (including impairments).

• Full-year EBITDA loss: -NOK 10,275 million, mainly due to reduced revenue and impairments.

• Cash burn reduced by 41% in 2025 compared to 2024, with annual cash burn at NOK 543 million.

• Personnel expenses declined 12% year-over-year to NOK 569 million.

• Net cash flow from operating activities for 2025 was NOK -253 million.

Outlook and guidance

• Order intake increased 15% year-over-year in 2025, with strong Q4 performance and several promising PEM projects expected to reach final investment decisions in coming quarters.

• Commercial launch of next-generation pressurized alkaline technology set for H1 2026, with scale deliveries targeted for 2027.

• Market conditions remain challenging due to delays and cancellations of government incentives and higher costs for hydrogen facilities.