Nel Reports 31% Revenue Drop and Tripled Losses in 2025 Amidst Challenging Hydrogen Market
Nel's revenues fell 31% to NOK 963m ($100.8m) in 2025, with operating losses increasing to NOK 1.365bn ($142.9m). Cash reserves declined slightly to NOK 1.6bn ($167m). The company's order intake rose to NOK 1.13bn ($118m), but delays in government incentives and high costs impacted performance. The alkaline segment revenue dropped 44%, while PEM sales increased by 5%. Over NOK 1bn ($104.9m) was written off through depreciation and impairments, including NOK 361m ($37.8m) related to a new production line.
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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.
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