Nel ASA Q3 2026: PEM orders surge while group revenue falls
- PEM segment revenue NOK 89m, up 65% year‑on‑year; PEM order intake NOK 245m, up 473% year‑on‑year.
- Group order intake NOK 253m, up 339% year‑on‑year; order backlog NOK 1,314m, up 34% year‑on‑year.
- Group revenue from contracts with customers NOK 112m, down 63% year‑on‑-year; total revenue and income NOK 138m.
- EBITDA NOK -93m and net loss NOK -141m for the quarter; cash balance NOK 1,078m at quarter end.
Financial results
Group revenue from contracts with customers was NOK 112 million in Q3 2026, a 63% decline versus Q3 2025, and total revenue and income was NOK 138 million. EBITDA was NOK -93 million and net loss NOK -141 million, with the operating loss explaining the majority of the net loss. Cash at quarter end was NOK 1,078 million; a NOK 75 million settlement agreed in Q2 was paid in the quarter.
Orders and backlog
Order intake for the quarter was NOK 253 million, up 339% year‑on‑year, and the order backlog increased 34% year‑on‑year to NOK 1,314 million (up 8% from the prior quarter).
Segment performance
Nel PEM reported revenue of NOK 89 million, up 65% year‑on‑year, driven by containerized electrolyser contracts; PEM EBITDA improved by NOK 10 million year‑on‑year to NOK -24 million. Nel Alkaline reported revenue of NOK 23 million, down 91% year‑on‑year, with EBITDA decreasing by NOK 67 million to NOK -41 million. PEM accounted for 97% of Q3 order intake; PEM backlog was NOK 1,116 million (up NOK 126 million from Q2) and Alkaline backlog was NOK 198 million.
Strategy and operations
Nel highlights improved project execution and partnerships with EPCs including Reliance, SAMSUNG E&A and Saipem. The company is onboarding integration partners such as Hydrasun to expand European delivery capacity while continuing PEM stack production at Wallingford, Connecticut. The Q3 presentation will be CEO Håkon Volldal’s final quarterly presentation.
Source: Nel