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Nel ASA/Nkr NEL

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About Nel ASA

Nel ASA is a global company headquartered in Oslo, Norway, specializing in hydrogen production technologies and solutions. The company's core business involves the development and manufacturing of hydrogen production plants, renewable energy storage, and hydrogen refueling stations. Nel ASA’s key products include electrolysers, which are used to produce hydrogen from renewable energy sources, and hydrogen fueling equipment that supports infrastructure for fuel cell electric vehicles. Established in 1927, Nel has a long history in the hydrogen sector and continues to expand its footprint through strategic collaborations and technological advancements. The company's competitive strengths lie in its extensive experience, advanced technology, and strong presence across key markets in Europe, North America, and Asia.
Ticker
Nkr NEL
Sector
Industrials
Primary listing
XOSL
Employees
309
Headquarters
Oslo, Norway
Website
nelhydrogen.com

Nel ASA Metrics

BasicAdvanced
kr 3.7B
-
-kr 0.73
1.43
-

What the Analysts think about Nel ASA

Analyst ratings (Buy, Hold, Sell) for Nel ASA stock.
Analyst projections of the future price of Nel ASA stock.

Bulls say / Bears say

Nel’s PEM business is gaining traction: Q3 PEM revenue rose 65% year on year and order intake rose 473%, helping lift the group backlog by 34%. If these orders convert into deliveries, PEM could become a stronger growth engine. (Nel Hydrogen)
Nel secured about USD 20 million of submarine-related PEM orders from Collins Aerospace for US, UK and French programmes. This extends a long-running relationship in a specialist market where reliability is critical, with deliveries expected in 2027 and 2028. (Nel Hydrogen)
The Hydrasun agreement adds a European integration partner for Nel’s containerised PEM systems. Local assembly could improve delivery flexibility, reduce freight costs and help meet UK local-content requirements. (Nel Hydrogen)
The business remains under severe pressure: Q3 customer revenue fell 63% year on year, EBITDA was negative NOK 93 million and the net loss widened to NOK 141 million. Alkaline revenue alone dropped 91%, more than offsetting PEM growth. (Nel Hydrogen)
A substantial share of the backlog may not turn into revenue on schedule: NOK 568 million, or 43% of the total, was flagged as at significant risk of delay or cancellation. That puts the value of the rising order book in doubt until projects progress. (gasworld)
Nel’s cash balance fell to NOK 1.08 billion by Q3, and an analyst cited by Finansavisen expects continued heavy cash use could leave the company needing fresh capital. If losses persist, a raise could dilute existing shareholders. (Nel Hydrogen, Finansavisen)
Data summarised monthly by Lightyear AI. Last updated on 11 Nov 2026.

Nel ASA Financial Performance

Revenues and expenses
Income statement
QuarterlyAnnual
Q3 24
QoQ growth
Revenue
Net income
Profit margin

Nel ASA Earnings Performance

Company profitability
Earnings per share
QuarterlyAnnual
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Actual
Expected
Surprise

Funds containing Nel ASA

Funds
Fund name
Fund size
Nkr NEL weighting
VanEck Hydrogen Economy$HDRO
$115M3.38%
VanEck Hydrogen Economy£HDGB
$115M3.27%
L&G Hydrogen Economy$HTWO
$464M0.48%
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Market data provided by CBOE Europe and Deutsche Börse.