NEL ASA is set to report results for the quarter ended September 30 on October 15. Analysts forecast lower sales and a larger per-share loss than a year earlier, while full-year estimates show a narrower loss.
The quarter closed on September 30, and NEL ASA has scheduled its results release for October 15. Analysts forecast average revenue of 202.2 million Norwegian kroner, down 33.35% from 303.4 million kroner a year earlier. Their average loss estimate is 0.063 kroner per share, compared with 0.050 kroner.
These are forecasts, not reported results. The difference between the consensus and NEL ASA's eventual figures will show how the quarter compares with the market's current benchmark. In the second quarter of 2026, revenue was 153.41 million kroner, down from 173.92 million kroner a year earlier. EBITDA was negative by about 155 million kroner, according to an Ad-hoc News review of the quarter.
Quarterly estimates point down
Three analysts expect an average loss of 0.063 Norwegian kroner per share, against a loss of 0.050 kroner in the year-earlier quarter. The more negative estimate points to a larger forecast loss per share. It does not, by itself, show how NEL ASA's cash position or total costs changed.
Five analysts forecast average quarterly sales of 202.2 million kroner, down 33.35% from 303.4 million kroner in the same quarter a year earlier. Revenue measures sales before expenses. This estimate alone does not establish whether NEL ASA's operating costs or margins improved.
On October 13, NEL ASA announced an order worth about $12 million from an unnamed U.S. technology group. It covers several containerized MC-series PEM electrolyzers and related services. Nel expects delivery in 2027, with stack production planned at its Wallingford, Connecticut, facility, according to the company's order announcement.
Annual outlook differs
Full-year earnings estimates show a less negative comparison. Eight analysts expect a loss of 0.315 kroner per share for the fiscal year, versus a loss of 0.700 kroner per share in the prior-year period. That points to a narrower annual loss per share, even as the quarterly estimate signals a larger loss than a year earlier.
The annual revenue forecast is lower: nine analysts expect 729.0 million kroner, against 963.1 million kroner in the previous year. The quarterly and annual estimates cover different periods, so the full-year forecast does not mean every quarter will follow the same pattern. Finanzen.ch reported the annual consensus figures.
Analyst averages provide a benchmark, not company guidance. They are based on groups of different sizes: three analysts for quarterly earnings per share and five for quarterly revenue, compared with eight and nine for the respective fiscal-year measures. A small pool can make an average less representative of a wider range of views. The figures provided do not show how far apart individual forecasts are.
How to read the release
For U.S. readers, the reported amounts are in Norwegian kroner, not dollars. No exchange rate is specified, so converting the figures would introduce a number that the estimates do not establish. Investors comparing results should keep the currency and reporting period consistent rather than treating revenue in one currency as directly comparable with a dollar-denominated figure.
On October 13, NEL ASA and Rheinmetall AG signed a memorandum of understanding to study decentralized production of renewable fuels. Nel is to contribute electrolyzer technology for renewable hydrogen. Rheinmetall will bring its Giga PtX concept and systems-integration expertise. The assessment will cover potential sites. It will also examine infrastructure needs and access to renewable power. Sustainable carbon sources and priority applications are part of the review. The memorandum is non-binding, according to the companies' partnership announcement.
The release will put actual results against the forecasts, but the estimates do not establish how investors will respond. Company-specific earnings risk differs from broader market risk. A separate look at selling during downturns examines how falling markets can affect investor decisions.
Revenue tracks sales, while earnings per share allocates profit or loss across shares. Neither figure alone shows how much cash is available to fund operations. In May 2026, Nel launched a pressurized alkaline electrolyzer after more than eight years of development and full-scale prototype testing at Herøya, Norway. That alkaline platform is distinct from the PEM equipment covered by the U.S. order.
