Nel reports Q4 2019 results

Nel ASA has reported all-time high revenues of NOK 175.9m (€17m) in the fourth quarter (Q4) of 2019.

Adjusted EBITDA for the quarter was NOK -26.8m (€-2.6m), adjusted for non-recurring and other ramp-up costs, and the cash balance ended at NOK 526m (€50.7).

“As we communicated the trading update, when conducting the private placement in January 2020, the fourth quarter was another busy period for Nel and with a high level of new business development activities,” said Jon André Løkke, CEO at Nel.

“In addition, the Nel team continued to build the solid pipeline of tenders and projects across segments and geographies.”

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