Nel ASA Hands Its Interim Chiefs a Simple Brief: Turn NOK 253 Million of Orders Into Revenue

Nel ASA has a demand problem that isn't a demand problem. Orders are pouring in; cash from customers is not. The Norwegian hydrogen equipment maker said order intake for the third quarter of 2026 jumped 339% to NOK 253 million, while revenue from customer contracts collapsed 63% to NOK 112 million. The order backlog stood at NOK 1.314 million.

Those two figures, published roughly two weeks ago, frame everything else happening at the company — including a management reshuffle that puts the gap between bookings and billings squarely on the desk of an interim team.

A bookings boom that hasn't reached the P&L

Order intake measures new contracts, not work already delivered and invoiced. Its growth is a genuine signal about future business. On its own, though, it is no proof that the company has turned an operational corner.

The income statement makes that distinction hard to ignore. EBITDA came in at NOK -93 million and the net loss at NOK -141 million, so the quarter still describes a loss-making operation despite the fuller order book. Against that, Nel ended the period with liquid funds of NOK 1.078 million — a cushion that sits alongside, not instead of, a negative operating result.

The two electrolyser technologies also pulled in opposite directions, and the split matters for anyone trying to read a recovery into the headline order number. PEM revenue climbed 65% to NOK 89 million. Alkaline revenue fell to NOK 23 million. Growth in one line was not enough to offset weakness in the other, and nothing in the figures suggests an even upturn across both.

Herøya capacity is a plan, not a revenue line

Nel is meanwhile building its first automated production line for pressurised alkaline electrolysers at Herøya. The ramp is staged: annual capacity of 500 MW by the end of 2026, then 1 GW during 2027.

Capacity and customer demand are different quantities. The build-out describes manufacturing capability the company intends to have, not additional revenue already secured. How orders and utilisation develop together is what will decide whether the investment pays off.

A concrete example of business still to come is the previously announced order to Nel Hydrogen US — several containerised PEM electrolysers plus related services for an unnamed US technology company. It is worth roughly USD 12 million, with delivery expected in 2027. That timeline is precisely the point: a booking today is not an improvement in results today.

Bjørnsen steps in as Holum waits in the wings

The leadership change lands in the middle of this. CFO Kjell Christian Bjørnsen takes over as interim chief executive from today, with Torbjørn Berg lined up as interim finance chief. Morten Holum, named as Håkon Volldal's successor, is due to start no later than 1 May 2027.

For the transition team, the task is narrow and unglamorous: convert the stronger order intake into higher revenue and a better result. Investors have a matching yardstick. Rising sales and smaller losses are the evidence that will show whether the order book is turning into a durable recovery — and until those numbers move, the order surge remains a promise rather than a result.