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Quarterly highlights
Nel ASA (Nel) reported revenue in the first quarter 2024 ofNOK 387 million , up 14% from the first quarter 2023 (Q1 2023: 341). Revenue was positively impacted by payments related to the renegotiation of the Nikola supply agreement and negatively impacted by a lack of major milestones on alkaline electrolyser customer projects in the quarter.-
EBITDA in the quarter was
NOK -16 million (Q1 2023: -121). The quarter included a positive impact ofNOK 96 million from renegotiation of Nikola supply agreement. -
Net loss was
NOK -22 million (Q1 2023: -192). The improvement from the same quarter last year was mainly explained by the improved EBITDA and the same quarter last year includedNOK -69 million fair value adjustment from shareholdings inEverfuel . -
Order intake in the quarter amounted to
NOK 459 million (87% from electrolyser), in line with the corresponding quarter last year (Q1 2023: 467). -
Order backlog was
NOK 2 437 million (87% related to electrolyser) at the end of the quarter, down 13% from the first quarter of 2023 and down 1% from previous quarter. -
Cash balance was
NOK 3 260 million at quarter end (Q1 2023: 4 621). - Subsequent to the quarter:
April 4th : Nel awarded up toUSD 41 million in investment tax credits from DoE, bringing the total support for aMichigan expansion up to aboutUSD 170 million
The first quarter 2024 results show that the company is on the right path towards a positive EBITDA, and the Alkaline electrolyser division achieved an important milestone reaching a positive EBITDA of
"Our revenues and EBITDA continue to improve, showing that the business model works with scale," says Nel's President and CEO,
In February, Nel announced that Fortescue had taken over Phoenix Hydrogen Hub from Nikola, including electrolyser stacks already delivered by Nel.
"I am happy we managed to renew our relationship with Nikola and that we are partnering up with Fortescue on their Phoenix Hydrogen Hub, which will become one of
In March, Nel was awarded
"The support we secured this quarter increases the attractiveness of investing and expanding our capacity and capability in the US," says Nel's President and CEO,
The expansions of Nel's existing electrolyser manufacturing facilities at Herøya and Wallingford are also moving ahead according to plan.
"We have a large pipeline of prospective projects that continues to mature, and we are ready and well positioned to scale up production capacity significantly as soon as the demand picks up," says Volldal.
As communicated in the previous quarterly presentation, Nel has initiated a process to explore and prepare for a potential spin-off and separate listing of its Fueling division. These preparations are moving forward according to plan.
The first 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
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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 electrolyser technology for production of renewable hydrogen, and hydrogen fueling equipment for road-going vehicles. 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
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