Nel ASA: Third quarter 2024 financial results
Nel ASA reported Q3 2024 financial results with revenues of NOK 366 million, up 21% from Q3 2023. EBITDA was NOK -90 million, down from NOK -62 million in Q3 2023. The Alkaline segment contributed positively to Group EBITDA, but was offset by the PEM segment's negative contribution due to low revenues. Order intake decreased to NOK 161 million, down 52% year-over-year. The order backlog stood at NOK 1,872 million, down 20% from Q3 2023. Cash balance was NOK 1,941 million at quarter end.
Nel's CEO, Håkon Volldal, emphasized the company's solid state, with proven technology and state-of-the-art GW production facilities. The Alkaline division showed 54% growth, while PEM was down 40%. Nel is partnering with EPC companies like Saipem and has completed construction of new production lines, bringing total capacity to 1.5 GW.
Nel ASA ha riportato i risultati finanziari del Q3 2024 con ricavi di NOK 366 milioni, in aumento del 21% rispetto al Q3 2023. L'EBITDA è stato di NOK -90 milioni, in riduzione rispetto a NOK -62 milioni nel Q3 2023. Il segmento Alkaline ha contribuito positivamente all'EBITDA di Gruppo, ma ciò è stato compensato dal contributo negativo del segmento PEM a causa dei bassi ricavi. L'acquisizione di ordini è diminuita a NOK 161 milioni, in calo del 52% su base annua. L'ordine accumulato ammontava a NOK 1.872 milioni, in diminuzione del 20% rispetto al Q3 2023. Il saldo di cassa era di NOK 1.941 milioni a fine trimestre.
Il CEO di Nel, Håkon Volldal, ha sottolineato la solida posizione dell'azienda, con tecnologia comprovata e impianti di produzione all'avanguardia da 1 GW. La divisione Alkaline ha mostrato una crescita del 54%, mentre PEM è diminuita del 40%. Nel sta collaborando con aziende EPC come Saipem e ha completato la costruzione di nuove linee di produzione, portando la capacità totale a 1,5 GW.
Nel ASA reportó los resultados financieros del Q3 2024 con ingresos de NOK 366 millones, un aumento del 21% en comparación con Q3 2023. El EBITDA fue de NOK -90 millones, en descenso desde NOK -62 millones en Q3 2023. El segmento Alkaline contribuyó positivamente al EBITDA del Grupo, pero fue contrarrestado por la contribución negativa del segmento PEM debido a los bajos ingresos. La entrada de pedidos disminuyó a NOK 161 millones, una disminución del 52% interanual. El saldo de pedidos fue de NOK 1,872 millones, un descenso del 20% respecto al Q3 2023. El saldo de caja al final del trimestre era de NOK 1,941 millones.
El CEO de Nel, Håkon Volldal, enfatizó el sólido estado de la empresa, con tecnología comprobada y modernas instalaciones de producción de GW. La división Alkaline mostró un crecimiento del 54%, mientras que PEM disminuyó un 40%. Nel está colaborando con empresas EPC como Saipem y ha completado la construcción de nuevas líneas de producción, llevando la capacidad total a 1.5 GW.
Nel ASA는 2024년 3분기 재무 결과를 보고하며, 수익이 NOK 3억 6천6백만으로 2023년 3분기 대비 21% 증가했다고 발표했습니다. EBITDA는 NOK -9천만으로, 2023년 3분기 NOK -6천2백만에서 감소했습니다. 알카라인 부문은 그룹 EBITDA에 긍정적으로 기여했지만, 수익이 낮아 PEM 부문의 부정적인 기여에 의해 상쇄되었습니다. 주문 수주는 NOK 1억 6천1백만으로, 전년 대비 52% 감소했습니다. 주문 잔고는 NOK 1,872백만으로, 2023년 3분기 대비 20% 감소했습니다. 분기 말 현금 잔고는 NOK 1,941백만이었습니다.
Nel의 CEO인 하콘 볼달(Håkon Volldal)은 검증된 기술과 최첨단 GW 생산 시설을 갖춘 회사의 안정된 상태를 강조했습니다. 알카라인 부문은 54% 성장했지만 PEM은 40% 감소했습니다. Nel은 Saipem과 같은 EPC 회사와 협력하고 있으며, 새로운 생산 라인의 건설을 완료하여 총 생산 능력을 1.5 GW로 늘렸습니다.
Nel ASA a publié ses résultats financiers du T3 2024 avec des revenus de NOK 366 millions, en hausse de 21% par rapport au T3 2023. L'EBITDA était de NOK -90 millions, en baisse par rapport à NOK -62 millions au T3 2023. Le segment Alkaline a contribué positivement à l'EBITDA du Groupe, mais cela a été compensé par la contribution négative du segment PEM en raison de faibles revenus. La prise de commandes a diminué à NOK 161 millions, soit une baisse de 52% d'une année sur l'autre. Le carnet de commandes s'élevait à NOK 1.872 millions, en baisse de 20% par rapport au T3 2023. Le solde de trésorerie était de NOK 1.941 millions à la fin du trimestre.
Le PDG de Nel, Håkon Volldal, a souligné la position solide de l'entreprise, avec une technologie éprouvée et des installations de production GW à la pointe. La division Alkaline a affiché une croissance de 54%, tandis que PEM a baissé de 40%. Nel s'associe à des entreprises EPC comme Saipem et a achevé la construction de nouvelles lignes de production, portant la capacité totale à 1,5 GW.
Nel ASA berichtete über die Q3 2024 Finanzzahlen mit Einnahmen von NOK 366 Millionen, ein Anstieg von 21% im Vergleich zu Q3 2023. Das EBITDA betrug NOK -90 Millionen, ein Rückgang von NOK -62 Millionen im Q3 2023. Der Alkaline-Segment hat positiv zum EBITDA der Gruppe beigetragen, wurde jedoch durch den negativen Beitrag des PEM-Segment aufgrund niedriger Einnahmen ausgeglichen. Der Auftragseingang sank auf NOK 161 Millionen, ein Rückgang von 52% im Jahresvergleich. Der Auftragsbestand betrug NOK 1.872 Millionen, ein Rückgang von 20% im Vergleich zu Q3 2023. Der Kassenstand betrug zum Quartalsende NOK 1.941 Millionen.
Der CEO von Nel, Håkon Volldal, betonte den soliden Zustand des Unternehmens mit bewährter Technologie und modernsten GW-Produktionseinrichtungen. Die Alkaline-Abteilung verzeichnete ein Wachstum von 54%, während PEM um 40% zurückging. Nel arbeitet mit EPC-Unternehmen wie Saipem zusammen und hat den Bau neuer Produktionslinien abgeschlossen, wodurch die Gesamtkapazität auf 1,5 GW angehoben wurde.
- Revenue increased 21% year-over-year to NOK 366 million
- Alkaline division showed 54% growth compared to Q3 2023
- Alkaline segment contributed positively to Group EBITDA
- Completion of new production lines, bringing total capacity to 1.5 GW
- Partnership with world-class EPC companies like Saipem
- EBITDA decreased to NOK -90 million from NOK -62 million in Q3 2023
- Order intake decreased 52% year-over-year to NOK 161 million
- Order backlog down 20% year-over-year to NOK 1,872 million
- PEM segment revenue down 40% compared to Q3 2023
- Net loss from continuing operations of NOK 115 million
Quarterly highlights
- Revenue from continuing operations in the third quarter 2024 was
NOK 366 million , up21% from the third quarter 2023 (Q3 2023: 303). Revenue was positively impacted by delivery of alkaline electrolyser equipment whereas revenue from sale of PEM electrolyser equipment was low. - EBITDA in the quarter was
NOK -90 million (Q3 2023: -62). Alkaline had a positive contribution to Group EBITDA but this was more than offset by the negative contribution from PEM on the back of low project revenue in the quarter. - Net loss from continuing operation was
NOK -115 million (Q3 2023: -167). The improvement was mainly explained by theNOK -90 million fair value adjustment from shareholdings in Everfuel in Q3 2023. - Order intake in the quarter amounted to
NOK 161 million , a52% decrease from the corresponding quarter last year (Q3 2023: 338). - Order backlog was
NOK 1 872 million at the end of the quarter, down20% from the third quarter of 2023 and down10% from the previous quarter. - Cash balance was
NOK 1 941 million at quarter end (Q3 2023: 3 799).
"Nel is in a solid state. We deliver tested and proven technology from state-of-the-art GW production facilities while fast-tracking development of next-generation technologies with significantly lower cost and higher efficiency. We are also onboarding world-class EPC partners and have a strong financial position. The market has remained soft for some time, but we are well positioned to capitalize on the expected uptick and are starting to see signs of improving market conditions," says Håkon Volldal, President and CEO of Nel.
Having sufficient scale is key to winning new orders and reaching profitability. Over the last few years, Nel has therefore invested in increased production and organizational capacity. As expected, the increased alkaline revenues, combined with solid gross margins, had a positive EBITDA impact in the quarter.
Nel reported a
Nel continues to mature a large pipeline of projects, and the accumulated size of its top 20 Alkaline leads is now more than 5 GW, and PEM more than 1 GW.
"Based on a large and growing pipeline of opportunities, I am confident we will win several large orders in the coming periods," says Volldal.
The company's strategy is to narrow the scope and concentrate on stacks and balance-of-stack equipment. Nel is, therefore, partnering with world-class EPC companies, such as Saipem, who launched a modular, scalable turn-key 100MW solution this quarter.
"We are proud that Saipem, a world-leading Engineering Procurement and Construction company actively contributing to the energy transition, has selected Nel and our technology. With this solution, we are simplifying large-scale renewable hydrogen production," says Volldal.
Nel completed the construction of the second 500 MW line in Herøya in Q2 2024 and is closing in on completion of the 500 MW highly automated PEM production line in Wallingford, US. After completing these new production lines, Nel will have 1.5 GW of real, state-of-the-art production capacity and limited CAPEX commitments related to manufacturing scale-up going into 2025.
In June 2024, Nel ASA (Nel) completed the distribution and separate listing of Cavendish Hydrogen ASA (CAVEN). CAVEN and its subsidiaries have historically been reported as a separate operating segment within Nel, i.e., Nel Hydrogen Fueling. The comparative condensed consolidated statement of comprehensive income has been restated to show the discontinued operation separately from continuing operations.
The third quarter 2024 report and presentation are enclosed and available on newsweb.no (Ticker: NEL) and nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session, and can be accessed on the company's website www.nelhydrogen.com/quarterly-presentation/ or by following this link. A recording of the presentation will be made 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 PEM and Alkaline electrolyser technology for production of renewable hydrogen. 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.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/nel-asa/r/nel-asa--third-quarter-2024-financial-results,c4051717
The following files are available for download:
Release | |
https://mb.cision.com/Public/115/4051717/81a93995a33bc896.pdf | Q3 report 2024 |
https://mb.cision.com/Public/115/4051717/b02955674380d8eb.pdf | Q3 presentation 2024 |
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SOURCE NEL ASA
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