Q3 2024 Nel ASA Earnings Call Transcript
Key Points
- NEL ASA (NLLSF) reported a 21% increase in revenues, driven by strong performance in the alkaline segment.
- The company maintains a solid cash position with close to NOK2 billion, indicating strong financial health.
- NEL ASA is advancing its technology with next-generation solutions, including a new pressurized alkaline solution and a new PEM stack in collaboration with General Motors.
- The company has a global sales network and partnerships with industry leaders such as Reliance and General Motors, enhancing its market reach.
- NEL ASA's strategic partnerships with EPCs like Saipem allow it to focus on core competencies while offering complete solutions to customers.
- The company reported a negative EBITDA of minus NOK90 million, reflecting financial challenges.
- Order intake was soft at NOK161 million, leading to a decrease in the order backlog to NOK1.9 billion.
- The cancellation of the gigawatt capacity reservation agreement with Hy Stor Energy in the US highlights challenges in securing long-term projects.
- The PEM segment experienced a 40% decrease in revenues year-on-year, indicating struggles in this area.
- NEL ASA is facing a cost disadvantage with green hydrogen compared to fossil fuels, necessitating political support to level the playing field.
Good morning from Oslo. My name is Håkon Volldal, I am the CEO of Nel and I'm here to present the third quarter, 2024 results. With me today, I have our CFO, Kjell Christian Bjørnsen and also our Head of our Investor Relations, Wilhelm Flinder.
We have the following agenda. We're going to start out with the one minute introduction to Nel for those of you who are not familiar with the company. Then we're going to jump straight into the Q3 highlights. We're going to comment specifically on the political situation in the hydrogen industry.
We're going to talk about the commercial highlights in the quarter, the technology strategy that we are pursuing. And also we're going to have a section at the end where we summarize and look into the future. And we're going to end with the Q&A as usual.
Now, Nel is now a fully dedicated electrolyzer technology company. We're listed on the Oslo Stock Exchange back in 2014. We are a leading pure play electrolyzer manufacturer with 3,510 units installed to more than 80 countries around the
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