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The Norwegian hydrogen firm Nel rose greater than 11 p.c on the Oslo inventory change on Tuesday morning after presenting quarterly figures earlier than the inventory market opening.
The corporate greater than doubled its income from the identical quarter final yr to NOK 475 million. Prematurely, the analysts had anticipated a turnover of NOK 375 million, based on estimates obtained by Nel.
Regardless of sturdy income progress, Nel remains to be shedding cash on operations. The working outcome ended at minus NOK 194 million, whereas it was beforehand anticipated to be minus NOK 171 million. It’s nonetheless an enchancment on final yr’s quarter, when working revenue was minus NOK 241 million.
– We proceed to see a constructive improvement because of elevated manufacturing volumes and income from contracts with considerably improved phrases, says Håkon Volldal, CEO of Nel.
Earlier than tax, Nel misplaced NOK 345 million within the second quarter, in comparison with a pre-tax lack of NOK 277 million in the identical quarter final yr.
To date this yr the corporate has misplaced NOK 539 million pre-tax.
The article continues below the commercial Nel asa, outcome per 2nd quarter (in NOK MNOK) 2023 2022 Motion Turnover 834 396 110.6% Working outcome (EBIT) -368 -428 -% Revenue earlier than tax -539 -195 -%New contract
Nel on Tuesday reported an order backlog on the finish of the second quarter of NOK 2.97 billion, in comparison with NOK 1.44 billion on the finish of the identical quarter final yr.
Order consumption within the second quarter was NOK 428 million in comparison with NOK 236 million in the identical quarter final yr. On the finish of the second quarter of 2023, Nel had a money stability of NOK 4.12 billion, in comparison with NOK 3.65 billion on the finish of the earlier quarter.
Nel introduced on Monday night that its subsidiary Nel Hydrogen Electrolyser has signed a contract with the Portuguese chemical firm Bondalti, which needs inexperienced hydrogen in its processes.
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The order consists of the supply of 40 MW of electrofluorescent tube gear value EUR 11 million, equal to roughly NOK 124 million.
The electrolysers are gadgets that use electrical energy to separate water molecules into oxygen and hydrogen.
Steep down from the highest
Like many corporations, Nel grew to become a inventory sensation through the pandemic, and rose sharply on the Inventory Trade. In early 2021, the share worth peaked at NOK 34, however has fallen sharply since then.
The article continues beneath the advertThe inventory is buying and selling for slightly below NOK 14 on Tuesday, down 60 p.c from its 2021 peak.
In March this yr, Nel raised NOK 1.6 billion by a non-public placement at a worth of NOK 14.9. The cash can be used to fund additional progress, together with manufacturing capability growth on the Herøya and Wallingford services within the US, in addition to “common company functions”.
The corporate’s shareholder record is dominated by numerous Norwegian and worldwide funds and funding corporations, with Blackrock as the biggest proprietor, with practically 5 p.c of the shares(Circumstances)Copyright Dagens Næringsliv AS and/or our suppliers. We want you to share our instances by hyperlinks that lead on to our pages. Copying or different use of any or all the Content material could solely happen with written permission or as permitted by regulation. For additional circumstances see right here.
Nel’s share rises sharply after the brand new contract and the discharge of figures
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