Nel ASA reports mixed Q3 results, EBITDA improves despite revenue dip

Nel ASA announced Q3 2025 revenues of NOK 303 million from customer contracts, a 17% decrease year-over-year. Total revenue and income reached NOK 349 million, down from the prior year's third quarter. Despite the revenue dip, EBITDA significantly improved to NOK -37 million, driven by better performance in both PEM and Alkaline divisions due to milestone revenue recognition and improved project execution. The company reported a net loss of NOK -85 million, an improvement from Q3 2024.

Order intake for the quarter was NOK 57 million, a 64% decrease, bringing the order backlog to NOK 984 million at quarter-end, a 47% reduction year-over-year. Nel ASA maintains a healthy cash balance of NOK 1,757 million. The company is advancing next-generation pressurized alkaline and PEM solutions, with the former expected to launch in H1 2026. In Q3 2025, Nel signed FEED studies for two 100+ MW projects and received a follow-on order for a containerized 2.5 MW PEM electrolyser.