Nel ASA: Third quarter 2023 financial results
- Nel reported a 121% increase in quarterly revenues compared to the same quarter last year.
- Nel Hydrogen Electrolyser experienced a 116% increase in revenue.
- Nel signed two significant electrolyser contracts this quarter.
- Plymouth Charter Township was selected as the location for Nel's new electrolyser Gigafactory.
- The Fueling division is shifting focus towards high-capacity systems for heavy-duty transportation.
- EBITDA came in at NOK -109 million.
- Order intake was down 55% compared to the same quarter last year.
Quarterly highlights
- Nel ASA (Nel) reported revenue and income in the third quarter 2023 of
NOK 405 million , up121% from the third quarter 2022 (Q3 2022: 183). All segments, Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth compared to the same quarter last year.
- EBITDA in the quarter was
NOK -109 million (Q3 2022: -214). The EBITDA is improving with increasing revenues on large-scale electrolyser contracts and improving cost control in Nel Fueling.
- Net loss of
NOK -226 million (Q3 2022: -260), mainly related to loss from operations and a net negative unrealised fair value adjustment from shareholdings ofNOK -90 million . The same quarter last year had a net negative unrealised fair value adjustment from shareholdings ofNOK -99 million .
- Order intake in the quarter amounted to
NOK 352 million (96% from electrolyser), down55% from the same quarter last year (Q3 2022: 775).
- At quarter end, Nel had an order backlog of
NOK 2 854 million (86% related to electrolyser), up36% from the third quarter of 2022, and in line with the previous quarter.
- Cash balance of
NOK 3 799 million at quarter end (Q3 2022: 3 520).
- Reached a milestone of generating more than
NOK 1 billion (NOK 1 239 million YTD 2023) in revenue and income (Full year 2022 revenue and income ofNOK 994 million ).
"For the first time we have exceeded
Nel Hydrogen Electrolyser reported a
Nel signed two significant electrolyser contracts this quarter. The pipeline continues to improve, where the top 20 leads suggest an average project size of about 360 MW, and a median of about 250 MW. Overall demand is growing, and customers are increasingly looking towards suppliers with available capacity and a proven track record. However, project developers are facing increasing cost of capital with rising interest rates, higher renewable power prices, lack of visibility on funding schemes, and reduced concern about available capacity.
"With increased project size, complexity and risk, the need for competence and experience increases accordingly. Nel is therefore well positioned for large-scale leadership" says Håkon Volldal. "We are in a financially sound position and will only sign contracts with acceptable risk profiles that have a positive financial contribution".
Plymouth Charter Township, a suburb of
For the Fueling division, revenues remained at the same level as in Q2'23, while EBITDA margin improved from previous quarter and same quarter last year, implying the measures made in the division are starting to have an impact. Order intake in the third quarter was marginal as Nel is shifting focus towards high-capacity systems for heavy-duty transportation.
The third quarter 2023 report and presentation are enclosed and available on www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session. The live presentation can be accessed on the company's website nelhydrogen.com/quarterly-presentation/ or by following this link. A recording of the presentation will be publicly available following the event.
For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02 097
Wilhelm Flinder, Head of Investor Relations, +47 936 11 350
About Nel ASA | www.nelhydrogen.com
Nel has a history tracing back to 1927 and is today a leading pure play hydrogen technology company with a global presence. The company specializes in electrolyser technology for production of renewable hydrogen, and hydrogen fueling equipment for road-going vehicles. Nel's product offerings are key enablers for a green hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia.
This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act. This information was issued as inside information pursuant to the EU Market Abuse Regulation, and was published by Wilhelm Flinder, Head of Investor Relations, at NEL ASA on the date and time provided.
The following files are available for download:
Release | |
https://mb.cision.com/Public/115/3860739/803d2358a40afa41.pdf | Q3 2023 Report |
https://mb.cision.com/Public/115/3860739/80f15fce3a51ebbd.pdf | Q3 2023 Presentation |
View original content:https://www.prnewswire.com/news-releases/nel-asa-third-quarter-2023-financial-results-301966821.html
SOURCE NEL ASA
FAQ
What was Nel's revenue in Q3 2023?
What was Nel's EBITDA in Q3 2023?
What was Nel's order intake in Q3 2023?
Where will Nel's new electrolyser Gigafactory be located?