Nel ASA's Backlog Tops NOK 1.3 Billion While Quarterly Revenue Falls 63%
Published on 10/26/2026 at 21:10 | Editorial boerse-global.de
Nel ASA enters its leadership transition with a widening gap between what it has sold and what it has booked. The Norwegian hydrogen specialist's third-quarter 2026 report, released roughly two weeks ago, showed revenue from customer contracts tumbling 63% year on year to NOK 112 million, alongside an EBITDA loss of NOK 93 million and a bottom-line deficit of NOK 141 million.
The revenue weakness traces back to industrial customers sitting on their hands. Many are deferring final investment decisions on large electrolyser projects, which in turn slows the billing of contracts already on the books. Until that logjam clears, management's task is to keep the cost base tight and wait for project activity to pick up.
Orders, by contrast, moved sharply in the opposite direction. Intake during the quarter jumped 339% to NOK 253 million, lifting the total backlog to NOK 1,314 million by period end. That figure dwarfs quarterly revenue, but it is not revenue — new orders lay the groundwork for future business without proving that profitability has improved. The backlog offers no substitute for evidence of stronger earnings power.
Firm contracts versus exploratory talks
Not every announcement carries the same weight. Roughly two weeks ago, Nel disclosed an order worth an estimated USD 12 million from an unnamed US-based global technology company for containerised PEM electrolysers and associated services, with delivery slated for 2027. That is a firm commitment.
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A separate agreement with Rheinmetall, signed around the same time, sits in a different category. The non-binding letter of intent covers a joint review of concepts for decentralised production of renewable hydrogen and synthetic fuels. It contains neither a fixed order nor a binding project commitment, placing it among possible opportunities rather than secured business.
A handover at the top
The leadership reshuffle lands squarely in this operational transition. Håkon Volldal is to step back from his operational duties at the end of October 2026. Chief financial officer Kjell Christian Bjørnsen takes over as interim CEO from 1 November 2026, while Torbjørn Berg, previously VP Finance, assumes temporary charge of the finance function. Morten Holum is lined up as the next chairman, with a start date no later than 1 May 2027.
On the analyst side, AlphaValue/Baader Europe trimmed its rating on the stock from Buy to Add about two weeks ago, a reflection of the market's wait-and-see mood amid the subdued revenue trend.
Shares hold above their floor
The equity has found some footing despite the mixed picture. At a current price of EUR 0.1928, the shares trade 11% above their 52-week low of EUR 0.1731.
Whether the management overhaul and the new supply contracts mark a genuine turning point rests chiefly on execution. Nel has to convert its fuller order book into revenue while narrowing its losses — and that, rather than either metric on its own, is the test investors will be watching.
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