Nel reports revenue and order increases but reveals high losses in Q1 results

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.

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