Nel ASA Earnings Due as Stock Tests Make-or-Break Support Amid Hydrogen Sector Shift
Published on 06/25/2026 at 10:05 | Redaktion boerse-global.de
The countdown to Nel ASA’s second-quarter report on July 15 has taken on added urgency, with the hydrogen specialist’s shares clinging to a critical technical floor. After shedding roughly 38% over the past month, the stock closed at €0.21 on Wednesday — exactly on its 200-day moving average — as investors weigh whether the sector’s recent profitabilty improvements can stem the bleeding.
Optimism within the broader hydrogen space provides a flicker of hope. Plug Power, a key peer, sharply narrowed its gross-margin loss to negative 13% from negative 55% a year earlier, signalling that cost discipline is beginning to take hold across the industry. Nel’s own first-quarter numbers painted a grimmer picture: a loss of 0.08 Norwegian krone per share on revenues of 148.1 million kroner, down almost 5% year on year. The market now wants to see whether the Norwegian group can match its rivals’ trajectory on margins and order intake.
Technicians are closely watching the €0.21 support level, which coincides with the 200-day line. The relative strength index has fallen to 34-35, flirting with oversold territory but not yet triggering the classic buy signal that typically attracts contrarian capital. A drop below 30 while the price stabilises would flash a more reliable reversal pattern. For now, the 50-day moving average at €0.27 sits more than 20% above the current price, underscoring the speed of the recent rout. Nel’s annualised volatility of around 85-88% highlights how violently the stock reacts to news.
Should investors sell immediately? Or is it worth buying Nel ASA?
Macroeconomic headwinds have compounded the sector’s woes. US Federal Reserve official Kevin Warsh’s signals of persistently high borrowing costs on June 23 sent a chill through capital-intensive clean-energy infrastructure projects. Investors have rotated into companies with positive cash flows, punishing loss-making growth names like Nel. The stock has plunged roughly 42% from its late-May peak of €0.37, leaving the 52-week low of €0.17 as a potential downside target if the €0.21 support gives way.
Despite the near-term pressure, several sector-level developments offer a counter-narrative. OMV secured €123 million in funding for a 140-MW green hydrogen plant in Austria, set to produce up to 23,000 tonnes annually by end-2027. Plug Power completed a 5-MW electrolyser facility in Denmark with around 550 tonnes of yearly capacity. Daimler Truck has confirmed plans to launch hydrogen combustion-engine vehicles in 2027. Inside Nel, discussions continue around the licensing agreement with Reliance and progress in the hydrogen-train segment — both viewed as long-term pillars of the company’s electrolyser strategy.
Nel currently carries a market capitalisation of roughly €394-412 million, with its 52-week high of €0.37 representing a 41% upside. The stock’s year-to-date performance remains marginally positive at around 11%, but the speed of the recent decline has shattered short-term momentum. If the €0.21 line holds, a bounce toward the €0.23 area looks plausible, but a failure to reclaim the €0.27 mark would confirm a bear-market phase.
The July 15 earnings release will be the next decisive catalyst. Investors want to see whether Nel has expanded its order backlog and begun to translate Europe’s growing hydrogen subsidies into tangible revenue. Concrete order-entry figures could set the tone for the second half of the year — and determine whether the stock’s current perch on the 200-day line proves to be a springboard or a trap.
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Nel ASA Stock: New Analysis - 25 June
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