NEL ASA stock holds near its yearly low as Q2 cash falls

Published on 09/22/2026 at 12:02 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NEL ASA stock closed at EUR 0.1940 on September 18, 2026, 47 percent below its 52-week high. Q2 revenue fell 15 percent year over year.

NEL ASA, NO0010081235, Illustration mit AI erstellt.

NEL ASA (NO0010081235) closed at EUR 0.1940 on September 18, 2026, leaving the shares 47 percent below the 52-week high of EUR 0.3655 and only EUR 0.0209 above the 52-week low of EUR 0.1731. The latest operating figures show why cash preservation has become central to the hydrogen equipment maker's investment case.

Cash falls as losses widen

According to Ad-hoc-news.de on September 21, 2026, NEL ASA reported second-quarter revenue including other income of NOK 182 million, down from NOK 215 million in the prior-year period. Contract revenue from customers fell 12 percent to NOK 153 million in Q2 2026.

The pressure reached the bottom line. Net loss widened to NOK 189 million from NOK 131 million a year earlier, while EBITDA was negative NOK 155 million compared with negative NOK 86 million in Q2 2025. The company held NOK 1.328 billion in cash at the end of Q2 2026, down from NOK 1.928 billion one year earlier.

PEM backlog offers a counterweight

The quarter was not uniformly weak. PEM electrolyser order intake accounted for 96 percent of the company total in Q2 2026, and the PEM backlog increased by NOK 147 million to NOK 990 million, according to Ad-hoc-news.de on September 21, 2026.

PEM revenue reached NOK 97 million in Q2 2026, up 31 percent from the previous quarter, while the segment operating result improved by NOK 12 million to negative NOK 35 million. That comparison points to a sharper split inside the group: demand and margins improved in PEM, but consolidated revenue and liquidity moved in the opposite direction.

Stock stays close to its floor

At EUR 0.1940 on September 18, 2026, the reference quote remains materially below the 52-week high of EUR 0.3655 and above the low of EUR 0.1731. The market data therefore place cash consumption and backlog conversion alongside the next reported operating figures as the key measurable variables.

NEL ASA stock closed at EUR 0.1940 on Oslo Bors on September 18, 2026. The same market snapshot shows a 52-week range of EUR 0.1731 to EUR 0.3655.