Nel ASA (NLLSF)

[uksausage]

Good numbers for Q1
https://www.marketscreener.com/quote/stock/NEL-ASA-1413121/news/Nel-ASA-First-quarter-2023-financial-results-43653675/

(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.