Nel ASA reports 63 percent revenue drop. SB1 cuts Nel ASA stock target to NOK 0.30
Published on 10/15/2026 at 12:58 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSPEM growth offsets part of decline
- Third-quarter revenue from contracts with customers fell 63 percent on October 15, 2026.
- PEM revenue rose 65 percent to NOK 89 million in the third quarter of 2026.
- Nel ASA stock stood at EUR 0.20 at 11:13 a.m. CEST on Tradegate on October 15, 2026.
- SB1 Markets cut its target to NOK 0.30 on September 29, 2026.
Nel ASA (ISIN NO0010081235) reported a 63 percent year-over-year fall in third-quarter revenue from contracts with customers to NOK 112 million on October 15, 2026. At the same time, SB1 Markets had cut its target for Nel ASA stock from NOK 0.50 to NOK 0.30 on September 29, 2026, according to Boerse Express.
Revenue falls as orders improve
The quarterly figures show a sharp split between Nel's two main electrolyzer businesses. According to Nel Hydrogen, PEM revenue increased 65 percent year over year to NOK 89 million in the third quarter of 2026, while Alkaline revenue fell 91 percent to NOK 23 million. Group order intake rose 339 percent to NOK 253 million, with PEM accounting for NOK 245 million.
Three dates explain the setup
The recent chronology is clear: on September 29, 2026, SB1 Markets lowered its target to NOK 0.30; on October 12, 2026, Collins Aerospace orders discussed by Boerse Express brought the reported total to USD 20 million; and on October 15, 2026, Nel published third-quarter revenue of NOK 112 million and order intake of NOK 253 million.
What does PEM growth change?
The order data improve the demand picture but do not yet erase the earnings pressure. Nel reported third-quarter EBITDA of negative NOK 93 million and a net loss of NOK 141 million, compared with negative NOK 37 million and negative NOK 85 million in the third quarter of 2025. The backlog reached NOK 1,314 million, up 34 percent year over year, while cash stood at NOK 1,078 million at quarter-end.
Next reporting dates are set
Nel's investor-relations calendar lists the annual report for February 19, 2027, and the first-quarter report for April 21, 2027, on its Nel Hydrogen investor-relations page.
Stock price reflects the earnings pressure
The last available euro quote stood at EUR 0.20 on Tradegate on October 15, 2026 at 11:13 a.m. CEST. The official results put the market's attention on whether higher PEM orders can translate into revenue and narrower losses.
The further course of trading is shown by the continuously updated real-time quote of Nel ASA stock.
Nel ASA stock facts
- Company: Nel ASA
- ISIN: NO0010081235
- Ticker: NEL
- Primary exchange: Oslo Stock Exchange
- Price substitute Tradegate (as of October 15, 2026, 11:13 a.m. CEST): EUR 0.20
- Market capitalization: NOK 3.9 billion (as of October 15, 2026)
- Sector / Industry: Energy / Hydrogen technology
Market context: Latest market reports.
