Nel reports higher PEM orders as Q3 revenue falls
Norwegian electrolyser maker Nel reported stronger PEM orders but lower group revenue and a wider quarterly loss. Its alkaline segment remained weak, while the company said its next-generation system and planned production line were still in development.
Event / data period:
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Nel ASA reported third-quarter 2026 order intake of NOK 253 million, up 339% from a year earlier, with 97% tied to proton-exchange-membrane (PEM) electrolysers. PEM order intake was NOK 245 million and its backlog reached NOK 1.116 billion. The company’s total revenue from customer contracts was NOK 112 million, down 63% year on year; total revenue and income was NOK 138 million.
Quarterly EBITDA was negative NOK 93 million and net loss was NOK 141 million. The PEM segment generated NOK 89 million in revenue, while alkaline revenue was NOK 23 million, down 91% year on year. Nel said testing of its next-generation pressurised alkaline electrolyser continues and work is progressing on a planned 1 GW production line at Herøya; those developments are not operating capacity.
Data
Nel ASA: reported Q3 2026 figures
Company-reported hydrogen electrolyser orders, revenue and backlog for the quarter.
- Q3 2026 total order intake
- 253 million NOK
- 2026-07 - 2026-09 · Observed
- Q3 2026 PEM order intake
- 245 million NOK
- 2026-07 - 2026-09 · Observed
- Q3 2026 revenue from customer contracts
- 112 million NOK
- 2026-07 - 2026-09 · Observed
- Order backlog at Q3 2026 close
- 1,314 million NOK
- 2026-09 · Observed
Methodology
Nel ASA Q3 2026 reported amounts as stated in the issuer release; values refer to the quarter unless the label identifies the end-of-quarter backlog. NOK means Norwegian kroner. These are company-reported financial and order indicators, not independent audited verification in this summary. Geography denotes the Norwegian issuer’s reporting country; values cover its international consolidated group, not Norway’s industry total.
Updated:
Nel reports higher PEM orders as Q3 revenue falls
- · Occurred
Nel reports higher PEM orders as Q3 revenue falls
Norwegian electrolyser maker Nel reported stronger PEM orders but lower group revenue and a wider quarterly loss. Its alkaline segment remained weak, while the company said its next-generation system and planned production line were still in development.
Methodology
Nel ASA Q3 2026 reported amounts as stated in the issuer release; values refer to the quarter unless the label identifies the end-of-quarter backlog. NOK means Norwegian kroner. These are company-reported financial and order indicators, not independent audited verification in this summary.
Updated:
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