Nel secures USD 20 million orders as SB1 cuts target for Nel ASA stock to NOK 0.30

Published on 10/06/2026 at 14:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter revenue fell 12.00 percent to NOK 153 million. Nel ASA stock costs EUR 0.19 in trading on October 6, 2026 after EUR 0.19.

NEL ASA, NO0010081235, Illustration mit AI erstellt.

Nel ASA (ISIN NO0010081235) secured submarine-related orders totaling USD 20 million, while SB1 Markets cut its target for the stock from NOK 0.50 to NOK 0.30. The company was trading at EUR 0.19 at Lang & Schwarz on October 6, 2026, unchanged from the prior close.

Orders add to the backlog

According to Nel Hydrogen on September 30, 2026, Nel Hydrogen US received additional Collins Aerospace orders worth USD 7 million for PEM electrolyser stacks used in submarine life-support systems.

The new contracts followed a USD 12 million Collins Aerospace purchase order announced on September 29, 2026. Nel Hydrogen said the combined submarine-related order intake would reach USD 20 million, with booking in the third quarter of 2026 and deliveries during 2027 and 2028.

Revenue still trails order intake

Yahoo Finance reported that Nel generated NOK 153 million in revenue from customer contracts in the second quarter of 2026, down 12.00 percent from the second quarter of 2025. Negative EBITDA reached NOK 155 million in the same quarter.

Order intake provided the counterweight at NOK 230 million in the second quarter of 2026, lifting the order backlog to NOK 1.2 billion. The comparison matters because revenue was lower year over year even as new bookings exceeded the quarter's revenue by NOK 77 million.

Analyst target reflects profitability risk

As Aktiencheck reported on October 6, 2026, SB1 Markets lowered its target from NOK 0.50 to NOK 0.30 on September 29, 2026 and maintained a sell recommendation. The cited concerns were electrolyzer overcapacity, margin pressure and the distance to operating profitability.

The second-quarter figures show why the order announcement does not immediately solve the earnings problem. The Collins Aerospace deliveries are scheduled for 2027 and 2028, while Nel's latest reported quarter combined NOK 153 million of customer-contract revenue with negative EBITDA of NOK 155 million.

Next report brings the next test

Nel's investor-relations calendar lists the third-quarter 2026 report for October 15, 2026, according to the company's investor-relations page. That report should show how the USD 20 million submarine order intake affects backlog and whether revenue begins to convert the bookings into reported sales.

For German investors, the euro quote stayed at EUR 0.19 on October 6, 2026, while the Oslo Stock Exchange quote was last at NOK 2.05 at 1:30 p.m. CEST. The primary-market data showed a market capitalization of NOK 3.8 billion and a 52-week range of NOK 1.92 to NOK 3.96 on the same date.

The further course of trading is shown by the continuously updated real-time quote of Nel ASA stock.