Electrolyser OEM Nel says the “worst is past” after a challenging year for the longstanding Norwegian firm, even as quarterly order intake and backlog fell 64% and 47%, respectively.

In its Q3 earnings report, Nel posted an order intake of NOK 57m ($5.3m) in Q3 2025, down 64% year-on-year and 21% lower than Q2, leaving the order backlog at NOK 984m ($98.7m), less than half seen in Q3 2024 (NOK 1.87bn).

The figures represent a slight rebound from Q2 2025, when revenues fell 48% as delayed final investment decisions (FIDs) and execution setbacks hit project activity.

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