NEL ASA stock weighs a 12 percent revenue drop against new orders

Published on 09/28/2026 at 15:35 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NEL ASA stock was trading at NOK 2.05 on September 28, 2026, while Q2 orders reached NOK 230 million. Revenue fell 12 percent to NOK 153 million.

NEL ASA, NO0010081235, Illustration mit AI erstellt.

Nel ASA (ISIN NO0010081235) was trading at NOK 2.05 on Oslo Bors on September 28, 2026, down 0.49 percent from the previous close. The company is balancing a 12 percent revenue decline with a sharp increase in quarterly order intake.

Orders rise as revenue falls

In its second quarter of 2026, Nel generated NOK 153 million in revenue from customer contracts, down 12 percent from the same quarter of 2025, according to Yahoo Finance. Order intake reached NOK 230 million, while the order backlog stood at NOK 1.2 billion.

The operating gap was wider: negative EBITDA reached NOK 155 million in Q2 2026, compared with negative NOK 86 million in the year-earlier quarter. The result included a NOK 70 million settlement effect, while management said more volume is needed for both alkaline and PEM operations to reach profitability.

Hydrasun adds European capacity

On September 10, 2026, Nel announced a framework agreement with Hydrasun to establish European assembly and integration capabilities for its modular MC Series PEM platform, as PR Newswire reported. Nel will continue producing PEM stacks at its Wallingford, Connecticut facility, while Hydrasun will handle balance-of-plant integration in Europe.

The arrangement gives Nel a more distributed delivery model rather than moving core stack production. Hydrasun said the Aberdeen investment could create up to 12 new jobs and safeguard 11 existing roles, adding a concrete industrial component to the partnership.

Next report arrives October 21

Nel's next scheduled checkpoint is the Q3 2026 report on October 21, 2026, according to Boerse Express. That release should show whether the NOK 230 million quarterly order intake is translating into revenue while the company commercializes its new pressurized alkaline platform.

Stock remains below yearly high

Nel ASA stock had a 52-week range of NOK 1.92 to NOK 3.96 on September 28, 2026. Its market capitalization was NOK 3.8 billion and trading volume was 712,978 shares at 3:15 p.m. CEST.