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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Re: NEL
April 27, 2023 – Oslo, Norway
Nel ASA: First quarter 2023 financial results
(April 27 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported revenues of NOK 359 million in the first quarter of 2023, up 68% from NOK 213 million in the same quarter of 2022. Order intake was NOK 580 million, up 105% year-on-year, positively impacted by purchase orders from HH2E (EUR 34 million) and HyCC (EUR 12 million). At the end of the first quarter, the order backlog was NOK 2 913 million, up 126% from Q1 2022. The cash balance was NOK 4 621 million at quarter end.
Quarterly highlights
• Nel reported revenue and operating income in the first quarter of 2023 of NOK 359 million, up 68% from the first quarter of 2022 (Q1 2022: 213). All segments, Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth compared to the same quarter last year.
• Order intake in the quarter amounted to NOK 580 million (96% from electrolyser), up 105% from the same quarter last year (Q1 2022: 283).
• At quarter end, Nel had a record high order backlog of NOK 2 913 million (88% related to electrolyser), up 126% from the first quarter of 2022 and up 12% compared to the previous quarter.
• EBITDA of NOK -121 million (Q1 2022: -152) 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.
• Net loss of NOK -192 million (Q1 2022: 84), mainly related to loss from operations and a net negative unrealized fair value adjustment from shareholdings of NOK -76 million. The same quarter last year had a positive unrealized fair value adjustment from shareholdings of NOK 270 million.
• Cash balance of NOK 4 621 million (Q1 2022: 3 940) following a successful private placement during the quarter which raised NOK 1 609 million in gross proceeds.
Nel ASA: First quarter 2023 financial results
(April 27 - 2023, Oslo, Norway) Nel ASA (Nel, OSE:NEL) reported revenues of NOK 359 million in the first quarter of 2023, up 68% from NOK 213 million in the same quarter of 2022. Order intake was NOK 580 million, up 105% year-on-year, positively impacted by purchase orders from HH2E (EUR 34 million) and HyCC (EUR 12 million). At the end of the first quarter, the order backlog was NOK 2 913 million, up 126% from Q1 2022. The cash balance was NOK 4 621 million at quarter end.
Quarterly highlights
• Nel reported revenue and operating income in the first quarter of 2023 of NOK 359 million, up 68% from the first quarter of 2022 (Q1 2022: 213). All segments, Fueling, PEM electrolysers and alkaline electrolysers experienced strong growth compared to the same quarter last year.
• Order intake in the quarter amounted to NOK 580 million (96% from electrolyser), up 105% from the same quarter last year (Q1 2022: 283).
• At quarter end, Nel had a record high order backlog of NOK 2 913 million (88% related to electrolyser), up 126% from the first quarter of 2022 and up 12% compared to the previous quarter.
• EBITDA of NOK -121 million (Q1 2022: -152) 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.
• Net loss of NOK -192 million (Q1 2022: 84), mainly related to loss from operations and a net negative unrealized fair value adjustment from shareholdings of NOK -76 million. The same quarter last year had a positive unrealized fair value adjustment from shareholdings of NOK 270 million.
• Cash balance of NOK 4 621 million (Q1 2022: 3 940) following a successful private placement during the quarter which raised NOK 1 609 million in gross proceeds.
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Re: NEL
De Belegger:
Nel noteert al fors beneden de prijs van de kapitaalverhoging (14,9 NOK p.a.) van maart. Op lange termijn is er zeker potentieel, getuige het recordorderboek, maar er is nog een weg af te leggen richting winstgevendheid. Geduldige beleggers mogen het aandeel zeker behouden.
NOK 14.035
Last traded price
27/04/2023 - 16:27 CET
Since Open
+0.04 (+0.29%)
Since Previous Close
+2.035 (+16.96%)
Valuation Close
NOK 14.035
27/04/2023 - 16:45 CET
Nel noteert al fors beneden de prijs van de kapitaalverhoging (14,9 NOK p.a.) van maart. Op lange termijn is er zeker potentieel, getuige het recordorderboek, maar er is nog een weg af te leggen richting winstgevendheid. Geduldige beleggers mogen het aandeel zeker behouden.
NOK 14.035
Last traded price
27/04/2023 - 16:27 CET
Since Open
+0.04 (+0.29%)
Since Previous Close
+2.035 (+16.96%)
Valuation Close
NOK 14.035
27/04/2023 - 16:45 CET
abi ackb ags agfb ad cs boka dbk dieg engi rf evs gimb gsk immo inga kbc nn nokia nyr pfe prox rou solb tit tnet tinc vtrs xior save cofb immo unc gsk gblb prx nel vow3 bar una en fondsen
