Nel ASA Revenue Plummets 63% as Alkaline Sales Collapse in Q3

Key Facts

1Nel ASA's total revenue from customer contracts fell 63% year-on-year to 112 million NOK.

2The company reported a net loss of 141 million NOK, despite a 65% growth in its PEM business.

Nel ASA's total revenue from customer contracts fell 63% year-on-year to 112 million NOK for the third quarter of 2026. According to media reports from ad-hoc-news.de, the company reported a net loss of 141 million NOK, while EBITDA came in at minus 93 million NOK.

The company's results showed a sharp divergence in segment performance, as PEM business revenue grew 65% to 89 million NOK, but this was insufficient to offset a 91% collapse in alkaline sales. Following these results, AlphaValue/Baader Europe downgraded Nel ASA from "Buy" to "Add" on October 16, 2026, while slashing its price target to 2.38 NOK from 3.82 NOK.