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Quarterly highlights
- Revenue from continuing operations in the third quarter 2024 was
NOK 366 million , up 21% from the third quarter 2023 (Q3 2023: 303). Revenue was positively impacted by delivery of alkaline electrolyser equipment whereas revenue from sale of PEM electrolyser equipment was low. -
EBITDA in the quarter was
NOK -90 million (Q3 2023: -62). Alkaline had a positive contribution to Group EBITDA but this was more than offset by the negative contribution from PEM on the back of low project revenue in the quarter. -
Net loss from continuing operation was
NOK -115 million (Q3 2023: -167). The improvement was mainly explained by theNOK -90 million fair value adjustment from shareholdings inEverfuel in Q3 2023. -
Order intake in the quarter amounted to
NOK 161 million , a 52% decrease from the corresponding quarter last year (Q3 2023: 338). -
Order backlog was
NOK 1 872 million at the end of the quarter, down 20% from the third quarter of 2023 and down 10% from the previous quarter. -
Cash balance was
NOK 1 941 million at quarter end (Q3 2023: 3 799).
"Nel is in a solid state. We deliver tested and proven technology from state-of-the-art GW production facilities while fast-tracking development of next-generation technologies with significantly lower cost and higher efficiency. We are also onboarding world-class EPC partners and have a strong financial position. The market has remained soft for some time, but we are well positioned to capitalize on the expected uptick and are starting to see signs of improving market conditions," says
Having sufficient scale is key to winning new orders and reaching profitability. Over the last few years, Nel has therefore invested in increased production and organizational capacity. As expected, the increased alkaline revenues, combined with solid gross margins, had a positive EBITDA impact in the quarter.
Nel reported a 21% increase in revenue compared to the third quarter last year. The Alkaline division showed 54% growth compared to the same quarter last year, while PEM was down 40%. Alkaline revenue growth is explained by delivery milestones on a large project, resulting in a positive EBITDA for the division this quarter. This shows that the Alkaline business model is proven and works with scale.
Nel continues to mature a large pipeline of projects, and the accumulated size of its top 20 Alkaline leads is now more than 5 GW, and PEM more than 1 GW.
"Based on a large and growing pipeline of opportunities, I am confident we will win several large orders in the coming periods," says Volldal.
The company's strategy is to narrow the scope and concentrate on stacks and balance-of-stack equipment. Nel is, therefore, partnering with world-class EPC companies, such as
"We are proud that
Nel completed the construction of the second 500 MW line in Herøya in Q2 2024 and is closing in on completion of the 500 MW highly automated PEM production line in Wallingford, US. After completing these new production lines, Nel will have 1.5 GW of real, state-of-the-art production capacity and limited CAPEX commitments related to manufacturing scale-up going into 2025.
In
The third quarter 2024 report and presentation are enclosed and available on newsweb.no (Ticker: NEL) and nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session, and can be accessed on the company's website www.nelhydrogen.com/quarterly-presentation/ or by following this link. A recording of the presentation will be made publicly available following the event.
ENDS
For additional information, please contact:
About
Nel has a history tracing back to 1927 and is today a leading pure play hydrogen technology company with a global presence. The company specializes in PEM and Alkaline electrolyser technology for production of renewable hydrogen. Nel's product offerings are key enablers for a green hydrogen economy, making it possible to decarbonize various industries such as transportation, refining, steel, and ammonia.
This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act. This information was issued as inside information pursuant to the EU Market Abuse Regulation, and was published by
https://news.cision.com/nel-asa/r/nel-asa--third-quarter-2024-financial-results,c4051717
https://mb.cision.com/Main/115/4051717/3055977.pdf
https://mb.cision.com/Public/115/4051717/81a93995a33bc896.pdf
https://mb.cision.com/Public/115/4051717/b02955674380d8eb.pdf
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