Nel ASA's Order Book Is Filling Faster Than Its Income Statement
Published on 10/24/2026 at 12:51 | Editorial boerse-global.de
Nel ASA has a demand story and a delivery problem, and the two are moving in opposite directions. Fresh orders are pouring in, but the cash they represent has yet to reach the revenue line — a gap that will define the agenda for whoever ends up running the Norwegian hydrogen group.
The third-quarter 2026 figures, released a little over a week ago, lay out that divergence in stark terms. Revenue from customer contracts fell 63% year on year to NOK 112 million. Over the same three months, order intake climbed 339% to NOK 253 million, while the order backlog stood at NOK 1.314 million — itself up 34% on the prior year.
Those two data points are not in conflict. Order intake measures new business won; revenue records work already delivered. A swelling order book is a demand signal, not proof that a turnaround has arrived. Investors who read the 339% headline as evidence of recovery are looking at the wrong half of the ledger.
Losses Persist Despite the Order Flow
The bottom line offers no relief. Nel reported an EBITDA loss of NOK 93 million and a net loss of NOK 141 million for the quarter, so the stronger order book has yet to translate into a corresponding improvement in reported results.
Should investors sell immediately? Or is it worth buying Nel ASA?
Behind the group numbers sit two divisions pulling in opposite directions. PEM revenue rose 65% to NOK 89 million, while Alkaline revenue collapsed 91% to NOK 23 million. The PEM advance was not enough to offset the group-wide decline — which means looking at either division in isolation, or at orders alone, gives an incomplete picture of where Nel actually stands.
One Signed Contract, One Open Question
Two announcements from roughly a fortnight ago illustrate why investors need to separate firm business from exploratory talks. Nel Hydrogen US secured an order worth about USD 12 million from an unnamed US-based global technology company. The contract covers several containerised PEM electrolysers from the MC series along with related services, with delivery expected in 2027. It is a concrete order and fits the stronger momentum in the PEM business — but it is a future revenue stream, not cash already booked.
The agreement with Rheinmetall carries a different weight entirely. The two companies signed a non-binding letter of intent to examine decentralised production of synthetic fuels from renewable hydrogen, with a feasibility study set to assess applications for defence and critical infrastructure. No binding project commitment was announced. It is neither a confirmed order nor an investment, and it should not be lumped together with the US contract.
A New Chief Executive, an Unfinished Job
Into this operating picture comes a leadership change announced this week. Morten Holum is to succeed Håkon Volldal as CEO, taking up the role no later than 1 May 2027. CFO Kjell Christian Bjørnsen will hold the top job on an interim basis from 1 November 2026, with Torbjørn Berg serving as interim finance chief during that stretch. Volldal, according to the company's statement, will be released from his leadership duties at the end of the month.
The handover does not alter the underlying task. What matters for shareholders is whether Nel can convert its fuller pipeline into realised revenue and rein in losses. The larger backlog and the US order support the outlook; the revenue slide and the red ink cap how much credit those gains can claim until they show up in the numbers.
Ad
Nel ASA Stock: New Analysis - 24 October
Fresh Nel ASA information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
