NEL ASA stock fell 2.64 percent before Q3 results

Published on 10/05/2026 at 20:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

NEL ASA stock faces an October 15 results checkpoint after Q2 revenue fell 12 percent to NOK 153 million. Collins Aerospace orders totaled USD 20 million for Q3 booking.

NEL ASA, NO0010081235, Illustration mit AI erstellt.

NEL ASA (ISIN NO0010081235) fell 2.64 percent to NOK 2.03 on the Oslo Stock Exchange on October 5, 2026, as the next quarterly report moved closer. The company will publish its third-quarter results on October 15, according to the Nel Hydrogen investor relations calendar.

Submarine orders reach USD 20 million

Nel's latest order flow provides a clear operating counterweight to the weaker share price. In a September 30 release, Nel Hydrogen said additional Collins Aerospace orders for submarine PEM electrolyser stacks were worth USD 7 million and lifted related order intake to USD 20 million, including a USD 12 million order announced on September 29. The orders will be booked in the third quarter of 2026, with deliveries planned for 2027 and 2028.

The defense-related contracts broaden the customer base beyond large industrial hydrogen projects, but the delivery schedule places the revenue contribution beyond the current reporting quarter. That timing makes the October 15 report important for judging whether order intake is translating into near-term sales.

Q2 revenue fell 12 percent

Nel's second-quarter operating picture remained difficult. The Q2 2026 earnings-call transcript published by Yahoo Finance records NOK 153 million in contracts with customers, down 12 percent from the prior-year quarter, alongside negative EBITDA of NOK 155 million. Order intake reached NOK 230 million and backlog stood at NOK 1.2 billion in Q2 2026.

The contrast is the key investor issue: orders rose to NOK 230 million while quarterly revenue fell to NOK 153 million. Cash stood at NOK 1.3 billion in the same quarter, giving the company funding capacity while profitability remains dependent on higher volume.

Stock stays near yearly low

NEL ASA was last at NOK 2.03 on the Oslo Stock Exchange at 4:25 p.m. CEST on October 5, 2026. The price was 5.7 percent above the 52-week low of NOK 1.92 and 48.7 percent below the 52-week high of NOK 3.96; market capitalization was NOK 3.7 billion and volume reached 1,253,183 shares.

The analyst picture is cautious rather than uniform. As of September 30, 2026, Boerse Express reported a Hold consensus from three analyst houses, with a median 12-month target of EUR 0.17 and a target range of EUR 0.14 to EUR 0.21. The gap between new orders and current revenue remains the central test for the stock.