Nel ASA: Legal Settlement and Leadership Exit Overshadow a Sharp Rebound in Order Intake
Published on 07/25/2026 at 18:13 | Redaktion boerse-global.de
Nel ASA’s second-quarter results have laid bare a stark disconnect between surging demand and deepening losses, leaving investors to weigh a promising pipeline against a costly legal settlement and a looming leadership vacuum. The Norwegian hydrogen specialist’s shares closed at €0.1968 on Friday, down 2.09% on the day, though the stock eked out a 2.18% gain for the week. Over the past month, however, the trend remains firmly negative, with a 7.17% decline.
The headline numbers from the quarter ending June 2026 tell a tale of two trajectories. Order intake rocketed to 230 million Norwegian kroner, a staggering 224% jump from the 71 million kroner recorded in the same period last year. That surge suggests robust appetite for Nel’s electrolyser technology, particularly as the company pushes its new PA-Series platform for pressurised alkaline electrolysis, which launched in May. Yet revenue from customer contracts tells a far more subdued story, slipping 12% to 153 million kroner from 174 million kroner a year earlier. Total revenue fell to 182 million kroner from 215 million kroner. The gap between orders and billings is widening, raising questions about how quickly Nel can convert its swelling backlog into recognised income.
The bottom line took a heavier hit. EBITDA swung to a loss of 155 million kroner, compared with a loss of 86 million kroner in the prior-year quarter. A significant chunk of that deterioration stems from a one-off charge: a $7.5 million settlement — roughly 70 million kroner — with Iwatani Corporation of America, resolving a long-running dispute over hydrogen refuelling stations in California. Without that legal cost, the operating loss would have been substantially narrower, though still negative. The company’s total order backlog stood at 1.213 billion kroner at the end of June, providing some visibility into future revenue.
Should investors sell immediately? Or is it worth buying Nel ASA?
On the balance sheet, Nel retains a liquidity cushion. Cash and cash equivalents totalled 1.328 billion kroner at quarter-end, down from 1.928 billion kroner a year earlier as the company continues to invest in expanding manufacturing capacity at its Herøya facility. That cash pile offers breathing room, but the burn rate is accelerating.
Adding to the uncertainty, CEO HĂĄkon Volldal announced his departure in mid-June to join packaging group Elopak. He will remain in post during a six-month notice period while the board searches for a successor. The leadership transition comes at a critical juncture: the next chief executive will need to demonstrate the commercial viability of the PA-Series platform while restoring investor confidence in a stock that has been under sustained pressure.
Technically, the shares are trading 8.34% below their 200-day moving average of €0.2147, a classic signal of a prolonged downtrend. The relative strength index stands at 36.5, approaching oversold territory but not yet flashing a definitive buy signal. With annualised 30-day volatility hovering near 42%, Nel remains highly sensitive to shifts in interest rate expectations and broader macroeconomic sentiment.
Nel is scheduled to report third-quarter results on 21 October 2026. That update will be the first real test of whether the order boom can finally translate into top-line growth — or whether the chasm between bookings and revenue will continue to widen.
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