Tässä vähän kommentteja aamun esityksestä;
Luvut löytyy alta ja siellä on tarkemmat Volldalin kommentit myöskin. Kun kauppa ei käy, niin tulostakaan ei tule. Miinus kasvoi kolmannella kvartaalilla. NOK 2 billion kassassa. Puolittui.
Rahaa on siis kassassa ja capexit murto-osa vuonna 2025 edellisiin vuosiin verrattuna. Suurimmat investoinnit tulevaisuuden teknologiaan. Merkittävä yhteistyökumppani siinä GM…General Motors.
Oma ajatukseni esityksestä oli edelleen positiivinen. Sekä Volldal että Björnsen ovat ammattilaisia ja eivät luo mitään glamouria yhtiön tai asian ympärille. Pyrkivät esittämään faktat realistisesti. Sitä arvostan.
Muutama avainkommentti ja huomio.
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Heroya 2 valmis ja Wallingford juuri valmistumassa. Kapasiteetti 1,5 GW. MERKITTÄVÄ.
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Revenue 366 million NOK, Ebitda -90 million, tilaukset 161, tilauskanta 1872 ja kassa 1941 miljoonaa.
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Alkaline kysyntä parempi kuin Pem
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EU:n tukitilanne selviämässä. Hydrogen Bank 2. Huutokauppa 12/24-2/25…1,2 miljardia…tähän sitten lisää eri maiden omat budjetit. Mm. Hollanti miljardi. UK…875 MW, Saksa, Norja jne.
Nyt kahdella seuraavalla kvartaalilla luvut alkavat kirkastua ja realistiset odotukset FIDeihin voimistua.
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USA IRA section 45 säännöt vahvistuvat näillä näkymin vuoden 2024 loppuun. Hyvä.
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Saipem-sopimus…NEL keskittyy omaan osaamiseensa, Saipem rakentaa loput. Fiksua. Reliancelta odotettavissa kaupalliset avaukset Q4. Hyvä. Intian potentiaali ainakin riittävä.
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PosHYdon yhteistyö. NELlin ”kontti”…PEM-ratkaisu…offshore platform…testi Hollannin rannikolla. Laaja potentiaali.
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St. Cloud kaupunki Minnesota…USA…NEL:n lyyseri jäteveden käsittelylaitokseen. Will produce renewable hydrogen from solar and biogas generated by the treatment process.
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Capexia tarvitaan 2025 new electrolyzer technology strategian jatkamiseen. Kuten jo mainitsin, tässä projektissa pääyhteistyökumppani GM ja capex 2025 alenee merkittävästi edellisiin vuosiin verrattuna.
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Tavoite edellisessä kustannussäästöt ja sitä kautta asiakashinnan aleneminen. Jo saavutetut kustannussäästöt energian kulutus 4% ja stack cost 16 %…huomattava. Volldalin mukaan NELlin marginaali on riittävä ja hinnan laskulla luodaan riittävä kysyntä.
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PEM stackit…kustannusparannus jo 30%
Volldal ennakoi, että Q4 on jo paljon parempi ja odottaa sekä EU:n että USA:n tilanteen paranevan Q4/Q1/2025 aikana tehtävien päätösten aikana merkittävästi. Tämä luo sen pysyvän pohjan kasvulle. Itsekin uskon, että vuosi 2025 tulee olemaan selvä kasvun vuosi. On jo aikakin.
Niille lukijoille, joita suomi/englanti kielien yhdistäminen häiritsee, totean, olen pahoillani. Ajatus on, että asia tulee tarkemmin esitettyä.
Kiitos, jos luit jutun loppuun. Arvostan sitä. Kivaa syksyn jatkoa.
OSE FILING
October 16, 2024 – Oslo, Norway
Nel ASA: Third quarter 2024 financial results
(October 16, 2024 - Oslo, Norway) Nel ASA (Nel, OSE: NEL) reported revenues of NOK 366 million in the third quarter of 2024, up 21% from NOK 303 million in the same quarter last year. EBITDA in the quarter was NOK -90 million (Q3 2023: -62). The Alkaline segment contributed positively to Group EBITDA, but this was more than offset by the negative contribution from the PEM segment due to unusually low revenues in the quarter. Order intake was NOK 161 million (Q3 2023: 338 million). At the end of the quarter the order backlog was NOK 1 872 million, down 20% year-over-year. The cash balance was NOK 1 941 million at quarter end.
Quarterly highlights
- Revenue from continuing operations in the third quarter 2024 was NOK 366 million, up 21% from the third quarter 2023 (Q3 2023: 303). Revenue was positively impacted by delivery of alkaline electrolyser equipment whereas revenue from sale of PEM electrolyser equipment was low.
- EBITDA in the quarter was NOK -90 million (Q3 2023: -62). Alkaline had a positive contribution to Group EBITDA but this was more than offset by the negative contribution from PEM on the back of low project revenue in the quarter.
- Net loss from continuing operation was NOK -115 million (Q3 2023: -167). The improvement was mainly explained by the NOK -90 million fair value adjustment from shareholdings in Everfuel in Q3 2023.
- Order intake in the quarter amounted to NOK 161 million, a 52% decrease from the corresponding quarter last year (Q3 2023: 338).
- Order backlog was NOK 1 872 million at the end of the quarter, down 20% from the third quarter of 2023 and down 10% from the previous quarter.
- Cash balance was NOK 1 941 million at quarter end (Q3 2023: 3 799).
“Nel is in a solid state. We deliver tested and proven technology from state-of-the-art GW production facilities while fast-tracking development of next-generation technologies with significantly lower cost and higher efficiency. We are also onboarding world-class EPC partners and have a strong financial position. The market has remained soft for some time, but we are well positioned to capitalize on the expected uptick and are starting to see signs of improving market conditions,” says Håkon Volldal, President and CEO of Nel.
Having sufficient scale is key to winning new orders and reaching profitability. Over the last few years, Nel has therefore invested in increased production and organizational capacity. As expected, the increased alkaline revenues, combined with solid gross margins, had a positive EBITDA impact in the quarter.
Nel reported a 21% increase in revenue compared to the third quarter last year. The Alkaline division showed 54% growth compared to the same quarter last year, while PEM was down 40%. Alkaline revenue growth is explained by delivery milestones on a large project, resulting in a positive EBITDA for the division this quarter. This shows that the Alkaline business model is proven and works with scale.
Nel continues to mature a large pipeline of projects, and the accumulated size of its top 20 Alkaline leads is now more than 5 GW, and PEM more than 1 GW.
“Based on a large and growing pipeline of opportunities, I am confident we will win several large orders in the coming periods,” says Volldal.
The company’s strategy is to narrow the scope and concentrate on stacks and balance-of-stack equipment. Nel is, therefore, partnering with world-class EPC companies, such as Saipem, who launched a modular, scalable turn-key 100MW solution this quarter.
“We are proud that Saipem, a world-leading Engineering Procurement and Construction company actively contributing to the energy transition, has selected Nel and our technology. With this solution, we are simplifying large-scale renewable hydrogen production,” says Volldal.
Nel completed the construction of the second 500 MW line in Herøya in Q2 2024 and is closing in on completion of the 500 MW highly automated PEM production line in Wallingford, US. After completing these new production lines, Nel will have 1.5 GW of real, state-of-the-art production capacity and limited CAPEX commitments related to manufacturing scale-up going into 2025.
In June 2024, Nel ASA (Nel) completed the distribution and separate listing of Cavendish Hydrogen ASA (CAVEN). CAVEN and its subsidiaries have historically been reported as a separate operating segment within Nel, i.e., Nel Hydrogen Fueling. The comparative condensed consolidated statement of comprehensive income has been restated to show the discontinued operation separately from continuing operations.
The third quarter 2024 report and presentation are enclosed and available on newsweb.no (Ticker: NEL) and nelhydrogen.com. The presentation will be a virtual event only, followed by a Q&A session, and can be accessed on the company’s website www.nelhydrogen.com/quarterly-presentation/ or by following this link. A recording of the presentation will be made publicly available following the event.
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