Half Year 2026 Nel ASA Earnings Call Transcript
Key Points
- NEL ASA (NLLSF) launched a new pressurized alkaline platform, the PA series, which is expected to improve energy efficiency and reduce costs.
- The company received two purchase orders for containerized PEM solutions, each worth approximately $7 million, indicating strong demand.
- Order intake for the quarter was 230 million NOC, significantly up from the previous quarter, increasing the order backlog to 1.2 billion NOC.
- NEL ASA has expanded its technology partner network, signing agreements with key partners like SMA Altenso and container integrators across the US and Europe.
- The company is progressing with its strategic partnerships, including a promising collaboration with Reliance in India to establish a Gigafactory.
- NEL ASA reported a negative EBITDA of 155 million NOC for the quarter, indicating ongoing financial challenges.
- Revenue from contracts with customers was down 12% year-on-year, with declines in both alkaline and PEM revenues.
- The company is experiencing delays in receiving large alkaline orders, which is concerning for investors.
- There are ongoing issues with overdue receivables, including a significant one related to a bankruptcy in Germany.
- The CEO, Hakon Volldal, announced his resignation, which may lead to uncertainty in leadership and strategic direction.
Good morning from Oslo, Norway. We are ready to present our second quarter 2026 results. My name is Hoken Valdal. I am the CEO of NEL and I'm joined today by our CFO, Herr Christian Bjornsson, and our Head of Communication, Marketing and Investor Relations, Wilhelm Flinder.
We have the following agenda. Nel, in brief, we will skip and we will go to the second quarter highlights, followed by a commercial update, a technology update, and as usual, end with the Q&A session.
In the second quarter, we generated 153 million NOC from contracts with customers. We ended the quarter with a negative EBITDA of 155 million.
The order intake ended at 230 million NOC, order backlog at 1.2 billion NOC and the cash balance at 1.3 billion NOC.
Some of the highlights in the quarter were the following. We launched our new pressurized alkaline platform, what we call the PA series, on May 8th.
We'll come back to that later.
We also progressed the new manufacturing line for this technology at Haradia according to plan
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