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- EBITDA in the quarter came in at NOK -106 million, showing a steady
improvement from previous quarters and proving that the business model scales.
At the end of the fourth quarter, Nel’s order backlog was NOK 2 458 million,
down 6% year-on-year. The cash balance was NOK 3 363 million at quarter end.
Quarterly highlights
· Nel ASA (Nel) reported revenue and income in the fourth quarter 2023 of NOK
534 million, up 29% from the fourth quarter 2022 (Q4 2022: 414). Full year 2023
revenue and income of NOK 1 773 million, up 78% compared to 2022. All segments
experienced strong revenue growth full year compared to 2022.
· EBITDA in the quarter was NOK -106 million (Q4 2022: -216). The EBITDA is
improving with increasing revenues on large-scale electrolyser contracts and
improving cost control in Fueling.
· Net loss of NOK -94 million (Q4 2022: -731). The same quarter last year had
a net unrealised fair value adjustment of NOK -108 million from mainly Everfuel
and impairments in Fueling of 327 million. The main improvements from same
quarter last year include the improved EBITDA and increased interest income.
· Order intake in the quarter amounted to NOK 183 million (71% from
electrolyser), down 81% from the same quarter last year (Q4 2022: 982).
· At quarter end, Nel had an order backlog of NOK 2 458 million (85% related
to electrolyser), down 6% from the fourth quarter of 2023, and down 14% from
previous quarter.
· Cash balance of NOK 3 363 million at quarter end (Q4 2022: 3 139).
· Subsequent to the quarter,
· On January 19, 2024, Nel received a purchase order from Samsung C&T for a
value of approximately EUR 5 million
· On February 2, 2024, Nel realigned its relationship with Nikola and will
support Fortescue on its 80 MW Phoenix hydrogen hub, for a total consideration
of about USD 20 million
“Nel generated close to 1.8 billion NOK in revenues in 2023, up almost 80
percent from 2022. Moreover, EBITDA improved by more than 300 million NOK year
-on-year, and the net loss was significantly reduced. Although I am pleased with
this development, the real significance of the 2023 financial figures is that
Nel’s business model scales well. We know that if we can continue to grow
revenues, we will be able to deliver positive earnings,” says Nel’s President
and CEO, Håkon Volldal.
Nel’s Electrolyser segment reported a 40% increase in revenue and income in the
fourth quarter of 2023 compared to the fourth quarter of 2022, where revenues
from sales of alkaline electrolysers increased by 19% and sales of PEM
electrolysers by 63%. Full year revenues for the electrolyser division increased
by 91% in 2023 compared to 2022.
The Electrolyser segment ended the fourth quarter of 2023 with an order backlog
of NOK 2 093 million, down NOK 348 million from the previous quarter. Low order
intake in the quarter and the cancellation of a 40 MW contract (for a
termination fee) were the main reasons for this. Electrolyser projects are
becoming larger in size, and reported order intake will, therefore, vary
significantly between quarters depending on the date of signing of such larger
contracts.
Nel’s pipeline of prospective contracts continues to mature and improve. Among
the company’s top 20 leads, the average project size is about 450 MW with a
median of about 200 MW. In recent quarters Nel has secured several paid front
-end engineering and design (FEED) studies for GW projects.
“In 2022, our largest delivery project was a 20 MW plant. Today, we are looking
at initiatives involving hundreds of megawatts of electrolyser capacity. When
projects increase in size, complexity and risk, the need for competence and
experience rises accordingly. This plays to Nel’s advantage given our unrivaled
track record; almost a century of experience in combination with proven,
competitive and bankable technology today,” says Volldal.
Nel’s Fueling segment reported quarterly revenue growth of -6% versus fourth
quarter 2022, while full year revenues increased by 41% in 2023 compared to
2022. The fueling division reported a substantial EBITDA margin improvement in
the fourth quarter of 2023 from both previous quarters and the corresponding
quarter in 2022, showing that the measures taken in 2022 and 2023 have had a
positive impact. Order intake in the fourth quarter was marginal as Nel is
shifting focus towards high-capacity systems for fueling heavy-duty vehicles.
The fourth quarter 2023 report and presentation are enclosed and available on
newsweb.no (http://www.newsweb.no) (Ticker: NEL) and
nelhydrogen.com (http://www.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 (Microsoft Virtual Events Powered by Teams
-0d77895a1e04@76311e5d-2c31-404e-a148-a4c38d285e9e). A recording of the
presentation will be made 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
