Market cap 27-4-2023: Nel Asa $1.88B Plug Power $5.38B
Nel Asa Q1 2023
Nel has today (April 27) reported increases to revenue, operating income, and order intake, but reveals high losses driven by fuelling and low electrolyser project margins. The Norwegian electrolyser manufacturer revealed its revenue and operating income for Q1 of 2023 reached NOK 359m ($33.77m), up 68% from the same period in 2022, with all segments including fuelling, PEM electrolysers and alkaline electrolyser experiencing growth. It also reported an order intake amounting to NOK 580m ($54.53m), 96% of which came from electrolysers, amounting to a 105% increase from the first quarter of 2022. However, Nel said its EBITDA reached NOK -121m (-$11.37m), from NOK -152m (-$14.29m) in Q1 2022, which it says was driven by, “high losses in fuelling, low margins on electrolyser projects signed in 2020/21, and increased personnel expenses to prepare large-scale projects.” The company’s net loss increased to NOK -192m (-$18.05m), which it says related to loss from operations and a “net negative unrealised fair value adjustment from shareholdings of NOK -76m ($-7.15m),” adding that Q1 of 2022 had a positive unrealise fair value adjustment of NOK 270m ($25.4m). “Our results are improving as a consequence of increased production volumes and the fact that better margins on our newest contracts have started to impact our financial results, said Håkon Volldal, CEO of Nel. At quarter-end, Nel’s cash balance reached NOK 4,621m ($434.84m) up from NOK 3,940m ($370.75m) in the same 2022 period, following a private placement on March 6, 2023. “The capital raise puts Nel in a solid financial position as the company is committed to capitalising on its position as a technology frontrunner,” the company said. The Nel CEO added, “Our pipeline continues to improve and mature, and we continue to secure large-scale constructs. As a result, we shall keep on investing in the organisation, improving our technology platforms, and scaling manufacturing capacity.” In February (2023), the company took the final investment decision (FID) to expand production capacity at its PEM electrolyser manufacturing facility in Wallingford, Connecticut, US as it eyes 500MW capacity by 2025. The US expansion comes in parallel to the construction of Nel’s second production line at its Herøya factory in Norway, which will bring the site’s total capacity to 1GW. Nel has also said the site selection for its new gigawatt-scale alkaline and PEM manufacturing facility in the US is in the final stage, with the company set to reveal the location soon. https://www.h2-view.com/story/nel-reports-revenue-and-order-increases-but-reveals-high-losses-in-q1-results/
Plug Power Q1 2022
US hydrogen and fuel cells company Plug Power Inc’s (NASDAQ:PLUG) net loss ballooned to USD 156.5 million in the first quarter of 2022 from USD 60.7 million a year earlier, while revenue almost doubled to USD 140.8 million. The material handling segment accounted for USD 96 million of the first-quarter turnover, with other offerings, including electrolyser solutions and recent acquisitions, generating USD 44.8 million. https://renewablesnow.com/news/plug-power-sees-net-loss-swell-in-q1-confirms-2022-revenue-target-783995/
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