Nel ASA: First quarter 2020 financial results
(Oslo, 7 May 2020) Nel ASA (Nel) reported revenues of NOK 126.5 million in the first quarter of 2020, slightly up from NOK 122.4 million in the same quarter of 2019 and an adjusted EBITDA of negative NOK 41.7 million. The order backlog grew 46% to NOK 590 million and the company currently holds approximately NOK 1.3 billion in cash. Nel expects the Covid-19 pandemic to continue to impact financial results, but reiterates the long-term outlook. “As we communicated in the our Covid-19 market updates 22 and 26 March, in addition to 21 April, Nel implemented strict regulations to ensure