Norwegian hydrogen specialist Nel reported a decline in both revenue and order intake for the first quarter compared to the same period last year. However, the company succeeded in narrowing its operating loss.
Revenue fell 4.5 percent to NOK 148 million (155).
EBITDA came in at NOK -100 million (-115).
The operating loss (EBIT) amounted to NOK -150 million (-187), while the net loss for the period was NOK -144 million (-179).
Order intake landed at NOK 85 million (312).
The order backlog stood at NOK 1,113 million at the end of the period.
The hydrogen technology firm stated that delays in subsidy programs, higher interest rates, and rising costs have dampened order intake and led to project delays across the industry.
At the same time, the company considers itself well-positioned with a strong cash balance and strategic partnerships to capitalize on future growth when the market turns. Profitability is expected as demand gains momentum.
Nel ASA is a Norway-based hydrogen company that delivers solutions to produce, store and distribute hydrogen from renewable energy. The Company specializes in electrolyser technology for production of renewable hydrogen, and hydrogen fueling equipment for road-going vehicles. The Company's business activities are divided into two operation segments: Nel Hydrogen Fueling and Nel Hydrogen Electrolyser. The Nel Hydrogen Fueling segment is a manufacturer of hydrogen fueling stations for Fuel Cell Electric Vehicles. Nel’s H2Station manufacturing plant is located in Herning, Denmark. The Nel Hydrogen Electrolyser segment is a global supplier of hydrogen production equipment based on both alkaline and proton exchange membrane (PEM) water electrolysis technology. Nel Hydrogen Electrolyser has production facilities in Heroya, Norway, and in Wallingford, USA.
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