Nel ASA: loss explodes – Nikola crisis weighs heavily – share fails on hurdle

This morning it was already clear: The quarterly figures that the Norwegian hydrogen company Nel ASA announced today were not enough to break above the chart resistance level at 1.80 euros. Like yesterday, the share price bounced down here. In the meantime, Nels share is back at 1.758 euros, in the meantime it has already gone down to 1.718 euros today. We already reported this morning which chart-technical signal marks are interesting for the hydrogen share – here it goes to 4investors chart check for the Nel ASA share.

A look at the company’s quarterly figures: Nel reports a quarterly sales decline from 148.9 million Norwegian kroner (NOK) to 147.7 million NOK. The order backlog is estimated at around 940 million NOK, while the cash on hand is 2.5 billion NOK. Before interest and taxes, Nel ASA reports an increase in loss from NOK 48.4 million to NOK 116.3 million. In addition, the crisis at the cooperation partner Nikola also made itself felt in the quarterly balance sheet of the Norwegians. As a result, Nel has to write off more than half a billion NOK on her Nikola share package, which rockets the quarterly loss before tax from 34.3 million NOK to 628.6 million NOK.

“The markets in which we operate continue to show high activity and strong growth momentum, as well as significant government interest in developing green energy infrastructure and industry post Covid-19. While our short term operations, manufacturing and facilities are affected by the pandemic, with financial performance in the third quarter in line with our outlook, the adoption of green hydrogen and industrial hydrogen applications continues to accelerate, ”said Jon André Løkke, Chief Executive Officer of Nel ASA. “We want to maintain and strengthen our leading position in a growing market through accelerated investments in technology and organization, and are experiencing increasing importance as a financially strong partner, especially for larger projects,” the manager continued.


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