Nel Q3 2026 slides: revenue falls 63% as PEM orders surge
In Nel ASA's third-quarter 2026 results, revenue fell by 63% year-over-year to NOK 112 million, despite a 339% surge in order intake to NOK 253 million. The company's PEM electrolyzer division drove the growth, but the alkaline division experienced a 91% revenue decline. Despite the mixed financial performance, Nel's stock rose 1.89% following the announcement.
The alkaline division's struggles were evident, with revenue dropping 91% to NOK 23 million and EBITDA reaching negative NOK 41 million. However, the PEM division showed resilience, with revenue increasing 65% to NOK 89 million and EBITDA improving to negative NOK 24 million. The company secured significant orders, including a USD 20 million purchase from Collins Aerospace for Navy stacks and a USD 12 million order from a large US technology company.
Additionally, Nel signed a memorandum of understanding with Rheinmetall to explore decentralized synthetic fuel production.
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