Nel Asa (NLLSF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

The NEL team consisting of CFO Kjell-Christian Bjørnsen, Head of Investor Relations and Communication, Wilhelm Flinder, and me, Håkon Waldahl, CEO, are ready to present our first quarter 2025 results. We have the following agenda. shortly about Nel. Then we move on to the Q1 highlights. We have a commercial update with the recent contract wins and also more general comments about the current state of the hydrogen market. We will touch on technology and some updates on our development efforts and we'll round it off with the partnership update and the usual Q&A. Now, Nell is a fully dedicated electrolyzer technology company founded in 1927 and listed on the Oslo Stock Exchange in 2014. We have sold more than 7,000 electrolyzer stacks to more than 80 countries. We have 1.5 gigawatt of production capacity, 1 gigawatt for alkaline electrolyzers in Norway and half a gigawatt for PEM electrolyzers in the US. We're now close to 400 employees. We continue to invest heavily in R&D to develop next-generation alkaline and PEM technologies. We have a global sales and office network. We have become the preferred partner for industry leaders, as we will talk more about later today. And we have more than 2 billion knock-in cash reserves. If we move on to the Q1 highlights, In the first quarter, we had revenue from contracts with customers of 155 million NOC. We had an EBITDA of minus 115 million NOC. Order intake of 311 million NOC. Our order backlog at the end of the quarter was 1.46 billion NOC. And we had a cash balance of 2 billion and 59 million NOC. Key highlights in the quarter received numerous contracts for PEM equipment and also the signing of a collaboration agreement with Samsung E&A and also a private placement of 353 million NOC, making Samsung E&A Nell's largest share...