Norway · Delayed Price · Currency is NOK Nel ASA Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw lower revenues and order intake, but EBITDA improved year-over-year. The company is launching a new pressurized alkaline platform and expects order momentum to build, with a strong cash position and ongoing cost reductions supporting near-term stability.
Fiscal Year 2025
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Q4 2025 saw revenue growth sequentially but a year-over-year decline, with significant impairments impacting EBIT. Strong order intake and backlog, cost reductions, and a major technology launch set for 2026 position the company for improved performance, despite ongoing market and inventory challenges.
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Q3 2025 saw a strong sequential rebound in revenue and improved EBITDA, though year-over-year results reflect a tougher market. Order backlog remains solid, with significant R&D investment and strategic partnerships advancing, while regulatory and market delays persist.
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Revenue fell 48% year-over-year due to lower project activity and cancellations, but cash reserves remain strong and cost reductions are taking effect. Technology development is progressing, with new products expected to improve competitiveness as the market pipeline matures.
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Q1 2025 saw a 69% revenue decline year-over-year, but record PEM order intake and improved margins. Cost reductions, a NOK 353 million private placement, and strong partnerships support ongoing technology investment and a healthier cash position.
Fiscal Year 2024
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Q4 and full-year 2024 saw improved EBITDA and nearly doubled revenues since 2022, with a strong cash position and significant technology investments. Order intake is expected to rebound in 2025, supported by a robust backlog, new grants, and ongoing cost discipline.
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Q3 2024 saw 21% revenue growth year-over-year, driven by strong alkaline performance, but EBITDA was -90 million NOK due to market softness and delayed orders. Cash reserves remain robust, CapEx will be halved in 2025, and management expects a stronger Q4 as licensing revenue and improved segment performance materialize.
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Q2 2024 saw a strategic shift to a pure-play electrolyzer business, improved EBITDA margin, and major deals with Reliance and Hy Stor. Revenue and order intake declined year-over-year, but cash reserves remain strong and large project orders are expected to drive future growth.
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Cavendish Hydrogen, a leading hydrogen fueling equipment provider, is poised for growth as regulatory support and funding accelerate hydrogen mobility infrastructure in Europe and the US. With a strong order backlog, robust cash position, and next-gen high-capacity stations launching in 2025, the company targets a 15% share of a €6.7 billion market by 2030.