Nel ASA stock: PEM orders surge as group sales fall

Published on 11/03/2026 at 13:11 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nel ASA stock follows a quarter of stronger PEM demand and a larger backlog. Group sales fell as the alkaline business weakened.

Orders rise as revenue weakens

Nel's Q3 order intake reached NOK 253 million, with PEM accounting for 97 percent.
The order backlog grew to NOK 1.314 billion, while the company remained loss-making.
Alkaline revenue declined sharply, underscoring the business's uneven recovery.

NEL ASA, NO0010081235, Illustration mit AI erstellt.

Nel ASA reported stronger PEM demand and a sharp increase in order intake for the third quarter of 2026, while group revenue fell as the alkaline business weakened. The figures were published on October 15 by Nel Hydrogen.

PEM demand offsets alkaline weakness

Order intake rose 339 percent year on year to NOK 253 million. PEM orders accounted for NOK 245 million, or 97 percent of the quarterly total, and the PEM backlog reached NOK 1.116 billion at quarter-end.

That commercial momentum contrasted with weaker reported sales. Revenue from contracts with customers dropped 63 percent year on year to NOK 112 million, while total revenue and income came to NOK 138 million. The alkaline segment generated NOK 23 million in revenue, down 91 percent, whereas PEM revenue increased 65 percent to NOK 89 million.

Losses keep pressure on execution

Nel posted an EBITDA loss of NOK 93 million and a net loss of NOK 141 million for the quarter. Cash stood at NOK 1.078 billion at the end of September. The company said improved project execution and higher product and project margins supported the PEM performance, but profitability for the group still depends on stronger market growth and capacity utilisation.

The order backlog rose 34 percent year on year to NOK 1.314 billion and increased 8 percent from the previous quarter. Nel also said the backlog remains exposed to delays and cancellations, leaving delivery execution and conversion into revenue as key issues for investors.

The real-time quote of Nel ASA stock traded at 0.19 euros on Lang & Schwarz at 1:04 p.m. CET on Tuesday, November 3, 2026.