Article

In 2025, Nel reported a 31% revenue decline to NOK 963m ($100.8m) and an operating loss of NOK 1.365bn ($142.9m), up from NOK 389m ($40.7m) in 2024. The company's cash balance fell to NOK 1.6bn ($167m) from NOK 1.87bn ($195.7m).

Order intake grew from NOK 977m ($102m) in 2024 to NOK 1.13bn ($118m), but delays in government incentives and high costs affected growth. The alkaline segment revenues decreased by 44% to NOK 562m ($58.8m), while PEM sales increased by 5% to NOK 401m ($41.9m). The company wrote off over NOK 1bn ($104.9m) due to depreciation and impairments, including NOK 361m ($37.8m) linked to a new production line.