Q1 2026 Nel ASA Earnings Call Transcript
Key Points
- NEL ASA (NLLSF) reported a solid cash balance of NOK1.4 billion at the end of the first quarter.
- The company successfully opened Korea's first off-grid green hydrogen production facility, marking a significant milestone in renewable energy projects.
- NEL ASA (NLLSF) received a $7 million purchase order for containerized PEM equipment, indicating strong demand for their products.
- The company is set to launch a new pressurized alkaline platform, which is expected to enhance their technological offerings and market competitiveness.
- NEL ASA (NLLSF) has achieved significant CapEx reductions over the past few years, improving their competitiveness in the market.
- The company reported a negative EBITDA of NOK100 million for the first quarter.
- Revenue from contracts with customers decreased by 5% year on year, with a notable decline in the PEM division by 14%.
- Order intake was down year on year, reflecting limited demand and a declining order backlog.
- NEL ASA (NLLSF) reduced its employee base by 26% from its peak, impacting its ability to manufacture and deliver projects at scale.
- The company faces challenges with delayed or canceled research grants in the US, affecting their financial performance.
Good morning from Oslo. Welcome to Nel's first-quarter 2026 Results Presentation. My name is Hakon Volldal, I am the CEO. With me today, I have our CFO, Kjell Christian Bjornsen; and our Head of IR, Marketing, Communications and Miscellaneous functions, Wilhelm Flinder.
We have the following agenda: I'll skip the Nel in brief and jump straight to the highlights for Q1. We have a short commercial update covering the most important commercial events in the first quarter and one subsequent event, a short technology update and then we will, as usual, end with questions and answers.
Quarterly highlights. Revenues came in at NOK148 million. We had a negative EBITDA of NOK100 million. Order intake at NOK85 million. Order backlog ended at NOK1.1 billion, and our cash balance ended at NOK1.4 billion. A pretty quiet start to the year.
First quarter is always a bit slow. What we are focusing on is the launch of the new pressurized alkaline platform that will happen at Heroya on May 6 this year. In connection with that, we have been busy in
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