NEL
Re: NEL
Nel ASA: Fourth quarter 2022 financial results
(February 28 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported revenues of NOK 414 million in the fourth quarter of 2022, up from NOK 248 million in the same quarter of 2021. Order intake was NOK 982 million, up 135% year-on-year, positively impacted by the NOK 600 million Woodside contract and the NOK 120 million Statkraft contract. At the end of the fourth quarter the order backlog was 2 613 million, up 112% from Q4 2021. The cash balance was NOK 3 139 million at quarter end.
Quarterly highlights
• Nel ASA (Nel) reported revenue and operating income in the fourth quarter 2022 of NOK 414 million, up 67% from the fourth quarter 2021 (Q4 2021: 248). All segments, Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth compared to same quarter last year. Full year revenue 2022 of NOK 994 million, up 25% compared to 2021.
• Order intake in the quarter amounted to NOK 982 million (92% from electrolyser), up 135% from the same quarter last year (Q4 2021: 418). Full year order intake 2022 of NOK 2 275 million, up 135% compared to 2021.
• At quarter end, Nel had a record high order backlog of NOK 2 613 million (85% related to electrolyser), up 112% from the fourth quarter of 2021, and up 24% compared to the previous quarter.
• As a result of Fueling’s current financial performance and delayed growth trajectory, Nel has impaired all goodwill previously recognised in Fueling of NOK 296 million. In addition, Nel recognises an impairment of other intangible assets in Fueling by NOK 31 million.
• EBITDA of NOK -216 million (Q4 2021: -168) driven by high losses in Fueling, low margins on electrolyser projects signed in 2020/2021 and increased personnel expenses to prepare for large-scale projects. Full year EBITDA of NOK -780 million, compared to EBITDA -475 million in 2021.
• Cash balance of NOK 3 139 million (Q4 2021: 2 723).
• Subsequent to the quarter,
o Received purchased order from HyCC with a value of approximately NOK 125 million.
o Investment decision to increase PEM production capacity in Wallingford to ~500 MW. Total capital expenditures estimated to be around NOK 260 million, and estimated to be at full capacity in 2025.
(February 28 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported revenues of NOK 414 million in the fourth quarter of 2022, up from NOK 248 million in the same quarter of 2021. Order intake was NOK 982 million, up 135% year-on-year, positively impacted by the NOK 600 million Woodside contract and the NOK 120 million Statkraft contract. At the end of the fourth quarter the order backlog was 2 613 million, up 112% from Q4 2021. The cash balance was NOK 3 139 million at quarter end.
Quarterly highlights
• Nel ASA (Nel) reported revenue and operating income in the fourth quarter 2022 of NOK 414 million, up 67% from the fourth quarter 2021 (Q4 2021: 248). All segments, Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth compared to same quarter last year. Full year revenue 2022 of NOK 994 million, up 25% compared to 2021.
• Order intake in the quarter amounted to NOK 982 million (92% from electrolyser), up 135% from the same quarter last year (Q4 2021: 418). Full year order intake 2022 of NOK 2 275 million, up 135% compared to 2021.
• At quarter end, Nel had a record high order backlog of NOK 2 613 million (85% related to electrolyser), up 112% from the fourth quarter of 2021, and up 24% compared to the previous quarter.
• As a result of Fueling’s current financial performance and delayed growth trajectory, Nel has impaired all goodwill previously recognised in Fueling of NOK 296 million. In addition, Nel recognises an impairment of other intangible assets in Fueling by NOK 31 million.
• EBITDA of NOK -216 million (Q4 2021: -168) driven by high losses in Fueling, low margins on electrolyser projects signed in 2020/2021 and increased personnel expenses to prepare for large-scale projects. Full year EBITDA of NOK -780 million, compared to EBITDA -475 million in 2021.
• Cash balance of NOK 3 139 million (Q4 2021: 2 723).
• Subsequent to the quarter,
o Received purchased order from HyCC with a value of approximately NOK 125 million.
o Investment decision to increase PEM production capacity in Wallingford to ~500 MW. Total capital expenditures estimated to be around NOK 260 million, and estimated to be at full capacity in 2025.
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