Nel, the Norway-based hydrogen technology developer, reported second-quarter revenue of NOK 182 million, falling short of the consensus estimate of NOK 186.67 million supplied by three analysts. The topline figure also represented a decline from the same period a year earlier.
On the profit front, Nel recorded a net loss of NOK 189 million for the quarter. EBITDA showed a deeper loss of NOK 155 million, a result the company said was affected by a NOK 70 million settlement charge related to Iwatani.
Operationally, the company reported a pronounced increase in commercial activity. Order intake in the second quarter rose 224% year-over-year to NOK 230 million. At the end of the period, Nel's order backlog stood at NOK 1.21 billion, reflecting a 9% increase compared with the first quarter.
Revenue within Nel's PEM division was driven mainly by small-scale, kilowatt-class hydrogen electrolysers categorized as Industrial Products. The PEM segment accounted for 96% of the quarter's surge in order intake, indicating concentration of recent demand within that technology and product scale.
Nel also announced the commercial launch of its pressurized alkaline PA-Series platform during the second quarter. The company did not provide explicit financial guidance for the current or upcoming quarters.
Below is a concise summary of the quarter and the items that shaped results:
- Revenue: NOK 182 million, below the NOK 186.67 million consensus and down year-over-year.
- Net loss: NOK 189 million for the quarter.
- EBITDA: Loss widened to NOK 155 million, impacted by a NOK 70 million settlement charge related to Iwatani.
- Order intake: NOK 230 million, up 224% year-over-year.
- Order backlog: NOK 1.21 billion, a 9% increase from Q1.
- PEM division: Revenue mainly from small-scale, kilowatt-type electrolysers; PEM accounted for 96% of the order intake increase.
- Product launch: Commercial introduction of the pressurized alkaline PA-Series in Q2.
- Guidance: No specific financial guidance issued for current or upcoming quarters.
This set of results highlights a mixed picture: a shortfall on revenue and wider reported losses on one hand, and strong order momentum and a growing backlog on the other. The company's decision not to issue forward guidance leaves the near-term financial trajectory unspecified.