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a steady improvement from previous quarters. EBITDA margin from the electrolyser
division was -10% this quarter, up from -12% in Q2’23 and -64% in the same
quarter last year. Order intake was NOK 352 million, and at the end of the third
quarter the order backlog was NOK 2 854 million, up 36% from Q3 2022 and in-line
with the previous two quarters. The cash balance was NOK 3 799 million at
quarter end.
Quarterly highlights
· Nel ASA (Nel) reported revenue and income in the third quarter 2023 of NOK
405 million, up 121% from the third quarter 2022 (Q3 2022: 183). All segments,
Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth
compared to the same quarter last year.
· EBITDA in the quarter was NOK -109 million (Q3 2022: -214). The EBITDA is
improving with increasing revenues on large-scale electrolyser contracts and
improving cost control in Nel Fueling.
· Net loss of NOK -226 million (Q3 2022: -260), mainly related to loss from
operations and a net negative unrealised fair value adjustment from
shareholdings of NOK -90 million. The same quarter last year had a net negative
unrealised fair value adjustment from shareholdings of NOK -99 million.
· Order intake in the quarter amounted to NOK 352 million (96% from
electrolyser), down 55% from the same quarter last year (Q3 2022: 775).
· At quarter end, Nel had an order backlog of NOK 2 854 million (86% related
to electrolyser), up 36% from the third quarter of 2022, and in line with the
previous quarter.
· Cash balance of NOK 3 799 million at quarter end (Q3 2022: 3 520).
· Reached a milestone of generating more than NOK 1 billion (NOK 1 239 million
YTD 2023) in revenue and income (Full year 2022 revenue and income of NOK 994
million).
“For the first time we have exceeded one billion NOK in YTD revenues, with still
one quarter to go. At the same time, margins are improving as the company is
scaling production and becoming more streamlined” says Håkon Volldal, CEO of
Nel. “This shows that our newly implemented strategy is starting show real
impact”.
Nel Hydrogen Electrolyser reported a 116% increase in revenue and income
compared to the same quarter last year. Growth in alkaline electrolysers was
strong as Nel continued the deliveries of electrolyser equipment from the
manufacturing facility at Herøya in Norway. Revenues from sales of alkaline
electrolysers increased 194% compared to the same quarter last year, and
quarterly sales of PEM electrolysers increased 51% from Q3 2022.
Nel signed two significant electrolyser contracts this quarter. The pipeline
continues to improve, where the top 20 leads suggest an average project size of
about 360 MW, and a median of about 250 MW. Overall demand is growing, and
customers are increasingly looking towards suppliers with available capacity and
a proven track record. However, project developers are facing increasing cost of
capital with rising interest rates, higher renewable power prices, lack of
visibility on funding schemes, and reduced concern about available capacity.
“With increased project size, complexity and risk, the need for competence and
experience increases accordingly. Nel is therefore well positioned for large
-scale leadership” says Håkon Volldal. “We are in a financially sound position
and will only sign contracts with acceptable risk profiles that have a positive
financial contribution”.
Plymouth Charter Township, a suburb of Detroit, Michigan, US, was in the third
quarter selected as the home for Nel’s new electrolyser Gigafactory where the
company is looking to build up to 4 GW of production capacity (in phases), split
between PEM and Alkaline. Nel has also secured USD >50 million in state funding
related to setting up the factory (both direct investment support and tax
credits/exemption) and could potentially receive additional funding of USD 75m
in federal/state support, predominantly in cash. No final investment decision
has been made yet for the factory.
For the Fueling division, revenues remained at the same level as in Q2’23, while
EBITDA margin improved from previous quarter and same quarter last year,
implying the measures made in the division are starting to have an impact. Order
intake in the third quarter was marginal as Nel is shifting focus towards high
-capacity systems for heavy-duty transportation.
The third 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 nelhydrogen.com/quarterly-presentation/ or by
following this link (Microsoft Virtual Events Powered by Teams
-bee6-28a6bcae35c3@76311e5d-2c31-404e-a148-a4c38d285e9e). 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
