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Nel Announces Third quarter 2022 financial results

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Nel ASA (Nel, OSE:NEL) reported revenues of NOK 183 million in the third quarter of 2022, down from NOK 229 million in the same quarter of 2021. Third quarter order intake was NOK 775 million, up 456% from the same quarter last year, heavily impacted by the 200MW, EUR 45 million, purchase order from an undisclosed US customer. At the end of the third quarter the order backlog was 2 103 million, up 107% from Q3 2021. Subsequent to the quarter Nel announced another record, signing a NOK 600 million contract with Woodside Energy for its first hydrogen project in the US.

Quarterly highlights

  • Nel ASA (Nel) reported revenue and operating income in the third quarter 2022 of NOK 183 million, down 20% from the third quarter 2021 (Q3 2021: 229). The decline was driven by lower sales in Fueling and PEM electrolysers whereas alkaline electrolysers experienced strong growth.
  • Order intake in the quarter amounted to NOK 775 million (88% from electrolyser), up 456% from the same quarter last year (Q3 2021: 139).
  • At quarter end, Nel had a record high order backlog of NOK 2 103 million (80% related to electrolyser), up 107% from the third quarter of 2021, and up 46% compared to the previous quarter.
  • EBITDA of NOK -214 million (Q3 2021: -113) driven by high losses in Fueling, low margins on electrolyser projects signed in 2020/2021 and increased personnel expenses to prepare for large-scale projects
  • Strong cash balance of NOK 3 520 million (Q3 2021: 2 930).
  • Subsequent to the quarter,
    • Nel has received approximately USD 6 million in funding from US Department of Defence for accelerating advanced PEM electrolyser stack development
    • Nel has received a new NOK 600 million contract in the U.S. from Woodside Energy for alkaline electrolyser equipment.

Information Source: Read More

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