Nel ASA stock: Q3 orders jump as revenue falls 63 percent
Published on 11/01/2026 at 12:50 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSOrders Rise While Sales Fall
- Nel reported stronger PEM demand but lower group sales in the third quarter.
- The order backlog expanded as the company continued to post a quarterly loss.
- Morten Holum is set to become chief executive by May 1, 2027.
Nel ASA reported a sharp increase in third-quarter order intake alongside a steep decline in group revenue, highlighting the uneven recovery across its electrolyzer businesses. In its October 15, 2026 release, Nel Hydrogen said order intake reached NOK 253 million, up 339 percent from the comparable quarter.
PEM Demand Leads The Quarter
The PEM electrolyzer business provided the strongest operating signal. Revenue from the segment rose 65 percent year over year to NOK 89 million, while PEM order intake reached NOK 245 million. PEM accounted for 97 percent of total quarterly order intake, and its order backlog stood at NOK 1,116 million at quarter-end.
Group revenue from contracts with customers fell 63 percent to NOK 112 million. Nel attributed the decline to lower activity in its Alkaline segment, where revenue dropped 91 percent year over year to NOK 23 million. Total revenue and income came to NOK 138 million.
Losses And Cash Remain Central
EBITDA was negative NOK 93 million, compared with negative NOK 37 million a year earlier. Net loss widened to NOK 141 million from NOK 85 million. The operating loss was negative NOK 143 million, according to the company.
Nel ended the quarter with NOK 1.078 billion in cash. The company said a NOK 75 million settlement agreed in the second quarter had been paid during the period. The order backlog reached NOK 1.314 billion, 34 percent above the year-earlier level and 8 percent above the prior quarter.
Leadership Transition Sets Next Milestone
The quarterly presentation was the final one led by Håkon Volldal as Nel's president and chief executive. The company has appointed Morten Holum as his successor, with Holum expected to assume the role no later than May 1, 2027. Chief Financial Officer Kjell Christian Bjørnsen is serving as interim CEO from November 1, 2026.
Nel ASA stock traded at 0.19 euros on Lang & Schwarz at 13:04 CEST on Saturday, October 31, 2026. Investors can follow the real-time quote of Nel ASA stock.
Nel ASA at a glance
- Company: Nel ASA
- ISIN: NO0010081235
- Ticker: NEL
- Home exchange: Oslo Stock Exchange
- Lang & Schwarz price: 0.19 euros on October 31, 2026 at 13:04 CEST
- Q3 2026 order intake: NOK 253 million
- Q3 2026 group revenue from contracts with customers: NOK 112 million
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