Nel ASA's 7% Drop Deepens Weekly Decline as Order Book Shrinks and Inflation Looms
10.06.2026 - 15:05:12 | boerse-global.de
Nel ASA’s share price extended its losing streak on Wednesday, sliding another 7% to €0.24, as a dire first-quarter order intake and looming inflation data heaped pressure on the hydrogen specialist. The decline compounds an already painful week: the stock has shed 18% over the past seven trading days, wiping out a chunk of its year-to-date gain of roughly 34%.
The company’s Q1 figures, released in April, revealed a stark deterioration in customer demand. Revenue from customer contracts slipped 5% to approximately 148 million Norwegian kroner, while the EBITDA loss narrowed to minus 100 million kroner — an improvement of 15 million kroner from the prior year. The real shock, however, came from order intake, which plummeted 73% year-on-year to just 85 million kroner. The order backlog consequently shrank 24% to 1.1 billion kroner. Nel still holds a comfortable cash position of around 1.4 billion kroner, but that has done little to soothe investor unease.
Management had hoped to shift the narrative with the commercial launch of its new electrolyzer platform in early May. Developed over eight years and tested at the Herøya facility in Norway, the system promises total costs below $1,450 per kilowatt for a 25-megawatt plant delivering hydrogen at 30 bar. Yet the technology remains a promise without a contract: the company has not announced any signed deals tied to the platform. Until the order book starts to expand, the platform’s market impact will stay theoretical.
Should investors sell immediately? Or is it worth buying Nel ASA?
Technically, the stock’s near-term picture has worsened. On Tuesday, Nel closed at €0.26, right on its 50-day moving average, but Wednesday’s break below that level leaves the 200-day moving average at €0.21 as the next potential floor. The relative strength index has dropped to around 38 — nearing oversold territory, but not quite there yet. From the 52-week high of €0.37, set as recently as late May, the stock has retreated over 34%. The annualized 30-day volatility stands at a jittery 109%, underscoring how sensitive the shares are to incoming news.
Macroeconomic forces are adding to the strain. For capital-intensive growth names like Nel, stubborn inflation translates directly into higher financing costs, which weigh on valuations. The release of US and Norwegian inflation data this week is therefore a critical external catalyst. With the company having no investor events scheduled for the rest of the week, these figures represent one of the last major market-moving inputs before the summer lull.
The next hard catalyst on Nel’s corporate calendar is the half-year report due on July 15, 2026. A two-week quiet period will begin around early July, during which management refrains from commenting on financial performance. Until then, the market’s attention will remain glued to any signs of a rebound in order flow. If the current trajectory continues, the sell-off may have further to run.
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Nel ASA Stock: New Analysis - 10 June
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