Nel ASA revenue falls 48% amid alkaline slowdown

Nel ASA reported Q2 2025 revenues of NOK 174 million, down 48% from NOK 332 million the previous year, due to fewer project milestones in its Alkaline segment. The company posted an EBITDA loss of NOK 86 million and net loss of NOK 131 million.

Order intake plunged 74% to NOK 71 million, reducing the order backlog to NOK 1,249 million. Despite the decline, Nel maintains NOK 1,928 million in cash and continues investing in next-generation alkaline and PEM technologies, including a 6.25 MW alkaline prototype validation planned for Q3 2025.