Nel (NEL) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was NOK 330 million, up 9% sequentially but down 20% year-over-year; full-year revenue was NOK 963 million, down from NOK 1,390 million in 2024.

• EBITDA for Q4 was NOK -36 million, flat year-over-year; net loss for Q4 was NOK -870 million, and full-year net loss was NOK -1,296 million.

• Order intake in Q4 reached NOK 686 million, the second-best in company history, with PEM orders from HyFuel, Kaupanes, HYDS, and GreenH; order backlog at Q4 was NOK 1,319 million, down 18% year-over-year but up 34% sequentially.

• Major contracts included PEM orders valued at over USD 50 million and a partnership with Samsung E&A; chosen as technology provider for GreenH and launched Electrolyzers for Europe initiative.

• Cash balance at year-end was NOK 1,617 million, down from NOK 1,900 million at end of 2024.

Financial highlights

• Q4 EBIT was NOK -920 million, mainly due to NOK 799–800 million in impairment losses related to next-generation technology.

• Full-year EBITDA loss was NOK -10,275 million, driven by reduced revenue.

• Alkaline segment revenue dropped from NOK 1 billion in 2024 to NOK 562 million in 2025; EBITDA fell from NOK 127 million to NOK -16 million.

• PEM segment 2025 revenue was NOK 381 million, with EBITDA at NOK -165 million.

• Personnel expenses reduced by 12% to NOK 569 million in 2025.

Outlook and guidance

• Order intake increased 15% year-over-year, with strong Q4 performance and several projects in the 20–150 MW range expected to take FID in upcoming quarters.

• Commercial launch of next-generation pressurized alkaline technology set for H1 2026, with scale deliveries in 2027.

• Short-term market remains volatile due to delays and higher costs, but mid- to long-term outlook is positive, especially for PEM solutions.

• Focus on reducing cash burn and optimizing cost structure.

• Profitability expected once market growth and capacity utilization improve.