Nel has reported all-time high revenues of NOK 148.9m ($16m), in the third quarter of 2019, up from NOK 116m ($13m) in third quarter of 2018.
The hydrogen company’s order backlog for the quarter grew 58%, compared to the end of the third quarter of 2018.
“Nel experienced another busy quarter with a 38% topline growth, in line with company outlook, and a high level of new business development activities,” said Jon André Løkke, Nel CEO.
“These initiatives contributed to another quarter of securing a record high backlog and together with a strong market outlook, this provide a solid foundation for 2020 and beyond.”
The third quarter also saw Nel receive a purchase order for two H2Station® hydrogen fuelling stations from HyNet, a separate purpose company established to roll out 100 hydrogen stations in Korea by 2022.
“The car industry has all eyes on the hydrogen electric developments, the anticipated strong growth in fuel cell electric vehicles will spark the expansion of the fuelling station networks in key markets like Korea, Japan, US and China.”
Adjusted EBITDA for the quarter was NOK -17.9m (-$2m), adjusted for non-recurring and other ramp-up costs. The net cash balance at the end of the quartered ended at NOK 651m ($72m).