Nel ASA
OSE:NEL
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Nel ASA
OSE:NEL
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NO |
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Silicom Ltd
NASDAQ:SILC
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IL |
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P
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PGF Capital Bhd
KLSE:PGF
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MY |
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MAS Financial Services Ltd
NSE:MASFIN
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IN |
Nel ASA
NEL ASA operates as a hydrogen company, which provides solutions to produce, store and distribute hydrogen from renewable energy. The company is headquartered in Oslo, Oslo and currently employs 486 full-time employees. The company went IPO on 2004-08-27. The firm delivers solutions to produce, store and distribute hydrogen from renewable energy. Nel ASA serves industries, energy and gas companies with hydrogen technology. The Company’s hydrogen solutions cover the entire value chain from hydrogen production technologies to manufacturing of hydrogen fueling stations, providing fuel cell electric vehicles with the same fueling and long range as conventional vehicles. The Company’s subsidiaries are: H2 Logic A/S in Denmark; Hyme AS, Nel Fuel AS, New Nel Hydrogen Holding AS and RotoBoost H2 AS in Norway, as well as Proton Energy Systems Inc based in the United States.
NEL ASA operates as a hydrogen company, which provides solutions to produce, store and distribute hydrogen from renewable energy. The company is headquartered in Oslo, Oslo and currently employs 486 full-time employees. The company went IPO on 2004-08-27. The firm delivers solutions to produce, store and distribute hydrogen from renewable energy. Nel ASA serves industries, energy and gas companies with hydrogen technology. The Company’s hydrogen solutions cover the entire value chain from hydrogen production technologies to manufacturing of hydrogen fueling stations, providing fuel cell electric vehicles with the same fueling and long range as conventional vehicles. The Company’s subsidiaries are: H2 Logic A/S in Denmark; Hyme AS, Nel Fuel AS, New Nel Hydrogen Holding AS and RotoBoost H2 AS in Norway, as well as Proton Energy Systems Inc based in the United States.
Revenue: Q4 revenue was NOK 330 million, up 9% QoQ but down 20% YoY, reflecting weaker market conditions.
Profitability: EBITDA was minus NOK 36 million in Q4, flat both YoY and QoQ; full-year EBITDA loss was minus NOK 275 million due to reduced revenue.
Order Momentum: Q4 saw strong order intake of NOK 686 million, the second highest ever for Nel; backlog rose to NOK 1.3 billion, with 70% now PEM-related.
Cash Position: Nel ended 2025 with a solid cash balance of NOK 1.6 billion, down from NOK 1.9 billion last year, and cash burn rate reduced by 41%.
Impairment: Nel booked NOK 800 million in impairment charges due to the shift to new technology platforms, affecting legacy product valuations.
Tech Launch: Nel is set to launch a next-generation pressurized alkaline electrolyzer in May 2026, targeting 40-60% CapEx and 10-20% OpEx reductions.
Outlook: Management is optimistic about 2026, citing strong recent contract wins and the upcoming product launch, but acknowledges continued market uncertainty and inventory challenges.
