Nel ASA's Cash Hoard Masks Deeper Troubles as Order Book Shrivels
28.06.2026 - 08:06:25 | boerse-global.de
The disconnect between Nel ASA's sizeable cash balance and its rapidly shrinking order book is becoming impossible to ignore. While the Norwegian hydrogen company sits on 1.4 billion Norwegian kroner in reserves, new orders in the first quarter collapsed to just 85 million kroner — a mere fraction of the 312 million kroner secured a year earlier. That 73% plunge in intake has sent a clear signal: the pipeline is drying up just as the company needs it most.
Over the past 30 days, the market has taken notice, punishing the stock with a 40% rout. By Friday's close, shares were trading at 0.20 euros, well below the 50-day moving average of 0.27 euros. The relative strength index has dipped to around 32, flashing oversold territory, though that has done little to stem the selling.
The operational strain was compounded in mid-June when CEO Håkon Volldal announced his resignation, leaving a leadership vacuum at a critical time. Investors now face uncertainty on two fronts: who will set the strategy going forward and whether new management can revive the project pipeline.
Should investors sell immediately? Or is it worth buying Nel ASA?
The 1.4 billion kroner in cash gives Nel a buffer to fund ongoing operations and its electrolyser production scale-up without immediately tapping capital markets. However, that cushion does not address the core issue: how to replenish the order book.
All eyes are now on the half-year report due July 15, which will reveal whether any large-scale contracts were secured in the second quarter. The report is also expected to provide an update on the CEO search. Until then, the stock remains vulnerable to wild swings — last month's volatility clocked in at 85% — with the 52-week low of 0.17 euros serving as the next critical floor should the selling continue.
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