Nel ASA's Revenue Collapse Exposes the Gap Between Its Order Book and Its P&L
Published on 10/31/2026 at 13:12 | Editorial boerse-global.de
Nel ASA enters its leadership transition with a widening gap between what it sells and what it books. Third-quarter 2026 figures, released roughly two weeks ago, show revenue from customer contracts tumbling 63% year on year to NOK 112 million, while order intake over the same period surged 339% to NOK 253 million. The order backlog stood at NOK 1.314 billion at quarter-end.
The divergence has a clear source. Nel attributed the revenue decline to lower activity in its alkaline segment, where sales collapsed 91% to NOK 23 million. Stronger PEM revenue softened the blow but came nowhere near closing the shortfall, leaving the group's top line sharply lower even as one part of the business gained ground.
Profitability followed revenue downward. Group EBITDA came in at NOK -93 million, and the net loss reached NOK -141 million. Those figures frame the test against which any further operational progress will be measured: a single segment's improvement does not amount to a company-wide recovery, and a healthier order book does not yet prove that revenue has turned.
Should investors sell immediately? Or is it worth buying Nel ASA?
Two Interim Appointments, One Pending CEO
The leadership handover announced about a week ago lands squarely in that weak operating environment. Morten Holum has been named to succeed Håkon Volldal as chief executive, with a start date no later than 1 May 2027. Until then, CFO Kjell Christian Bjørnsen takes over as interim CEO from 1 November 2026. Torbjørn Berg, previously responsible for finance at vice-president level, will serve as interim CFO during the same period.
The arrangement covers both the executive suite and the finance function on a temporary basis. For investors, the succession and the business trend deserve separate assessments: a settled leadership question says nothing about how Nel will lift activity in its alkaline segment or stem its losses.
A Firm Order and a Feasibility Study
Broader context comes from agreements reported about three weeks ago, which carry very different weight. Nel Hydrogen US secured an order worth roughly USD 12 million for several containerised PEM electrolysers and associated services, with delivery expected in 2027. Separately, Nel and Rheinmetall intend to explore decentralised solutions for producing renewable synthetic fuels, pairing Nel's electrolyser technology with Rheinmetall's Giga-PtX concept.
The distinction matters for valuation. The US contract is a confirmed order; the Rheinmetall arrangement is a review of possible solutions. Nel's operational proving ground remains converting confirmed demand into revenue — and cooperation plans do not substitute for that evidence.
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