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million, up 81% year-on-year, positively impacted by the large fueling contract
for 16 stations to be deployed in the US. At the end of the second quarter, the
order backlog was at NOK 2 964 million, up 106% from Q2 2022. The cash balance
was NOK 4 122 million at quarter end.
Quarterly highlights
· Nel ASA (Nel) reported revenue and income in the second quarter 2023 of NOK
475 million, up 159% from the second quarter 2022 (Q2 2022: 183). All segments,
Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth
compared to the same quarter last year.
· Order intake in the quarter amounted to NOK 428 million (54% from
electrolyser), up 81% from the same quarter last year (Q2 2022: 236).
· At quarter end, Nel had an order backlog of NOK 2 964 million (83% related
to electrolyser), up 106% from the second quarter of 2022, and in line with the
previous quarter.
· EBITDA of NOK -138 million (Q2 2022: -197) driven by high losses in Fueling,
low margins on electrolyser projects signed in 2020/2021 and increased personnel
expenses to prepare for large-scale project execution.
· Net loss of NOK -342 million (Q2 2022: -275), mainly related to loss from
operations and a net negative unrealised fair value adjustment from
shareholdings of NOK -198 million. The same quarter last year had a net negative
unrealised fair value adjustment from shareholdings of NOK -97 million.
· Cash balance of NOK 4 122 million (Q2 2022: 3 646).
· Subsequent to the quarter,
· Received purchase order from Bondalti with a value of approximately EUR 11
million.
· Received purchase order from Hyd’Occ with a value of approximately EUR 9
million.
· Granted USD 5.6 million in funding from the U.S. Department of Defense.
The Electrolyser division reported a significant 202% increase in revenue
compared to the same quarter last year, which was one of the first quarters of
deliveries from Herøya. As volumes have increased, alkaline revenues have shown
a substantial growth of 383% from the same period last year, while PEM was up
78% for the same period.
“We continue to see positive developments due to increased production volumes
and revenues from contracts with significantly improved terms,” says Håkon
Volldal, CEO of Nel.
Electrolyser projects are becoming increasingly larger and order intake is
therefore expected to vary between quarters. However, overall demand is growing,
and customers are increasingly looking towards suppliers with available capacity
and a track record for delivering reliable, high-quality equipment.
“Our pipeline, consisting of increasingly larger projects, continues to mature.
With size comes complexity, which we are confident will play out favourably for
Nel as the need for competence and experience increases accordingly” says Håkon
Volldal.
Nel will continue to add production capacity in-line with market demand.
Michigan, US, was in the second quarter selected as the home state for Nel’s new
electrolyser Gigafactory. The company is looking to build up to 4 GW of
production capacity (in phases), split between PEM and alkaline. No final
investment decision has been made yet.
For the Fueling division, revenues remained low in the second quarter due to
limited order intake in previous quarters. However, the division received a
record-big purchase order for 16 fueling stations to be deployed in California,
US, driving the order backlog to NOK 493 million.
“The record size fueling contract from a quality US energy company is a
testament to the positive development following the strategic changes made in
our Fueling division, focusing on a few high-quality clients with a significant
pipeline of projects” says Nel’s CEO, Håkon Volldal.
The second quarter 2023 report and presentation are enclosed and available on
www.newsweb.no (Ticker: NEL) and www.nelhydrogen.com. The presentation will be a
virtual event only, followed by a Q&A session. The live presentation can be
accessed on the company’s website www.nelhydrogen.com or by following this
link (Q2 2023 results presentation | Nel Hydrogen). A recording of the
presentation will be publicly available following the event.
ENDS
For additional information, please contact:
Kjell Christian Bjørnsen, CFO, +47 917 02?097
Wilhelm Flinder, Head of Investor Relations, +47 936 11 350
About Nel ASA | www.nelhydrogen.com
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
Wilhelm Flinder, Head of Investor Relations, at NEL ASA on the date and time
provided.
Kilde
