2024-04-17 11:39:08 ET
Nel ASA (NLLSF)
Q1 2024 Results Conference Call
April 17, 2024 2:00 AM ET
Company Participants
Hakon Volldal - Chief Executive Officer
Robert Borin - Senior Vice President of Fueling Division
Lars Nermoen - Head of Communications
Kjell Bjornsen - Chief Financial Officer
Conference Call Participants
Christopher Leonard - UBS
Skye Landon - Redburn
Alexander Jones - BofA
Naisheng Cui - Barclays
Anders Rosenlund - SEB
Elliott Geoffrey - Danske Bank
Yoann Charenton - Sanford
Kulwinder Rajpal - AlphaValue
Presentation
Hakon Volldal
Good morning from sunny Oslo. It's Wednesday, 17th of April, and we are ready to present Nel's First Quarter 2024 Results. My name is Hakon Volldal. I am the CEO. With me today, I have our CFO, Kjell Christian Bjornsen; our Head of Communications, Lars Nermoen; and our SVP Fueling, Robert Borin.
We are going to cover Nel in brief, the highlights from the first quarter, commercial developments, we are going through a fueling presentation to give some background on fueling, as we contemplate a spin-off and separate listing of the Fueling division and summarize and do Q&A.
Now Nel is pure-play hydrogen technology company with a global footprint listed on the Oslo Stock Exchange since 2014, leading electrolyser manufacturer with more than 3,500 units delivered to more than 80 countries around the world since 1927. Also, a leading manufacturer of hydrogen fueling stations with more than 140 station modules sold or in progress to 14 countries. Manufacturing facilities in Norway, the U.S. and Denmark. Global sales network, roughly 670 employees. Preferred partnering with the industry leaders across a variety of industries and NOK 3.3 billion in cash reserves means that we are well capitalized.
So let's get to the brief, the first quarter highlights. Here are the results. Revenues of NOK 387 million. The EBITDA of minus NOK 16 million. Order intake, NOK 459 million. Order backlog at the end of the quarter, NOK 2,437 million and a cash balance of NOK 3,260 million.
When it comes to the key developments in the first quarter, we signed a 10-megawatt electrolyser contract with the Samsung C&T. We renewed our relationship with Nikola and also partnered with the Fortescue Future Industries on the 80-megawatt Phoenix Hydrogen Hub in the U.S. We announced an ambition to explore a spin-off and separate listing of our Fueling division. We received $75 million in funding for the planned Michigan facility. And Nel together with partners received USD 90 million in funding for 7, meaning several also R&D projects. After closing of the quarter, we received an additional $40 million -- $41 million in additional tax credit for manufacturing expansion in Michigan....
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Nel ASA (NLLSF) Q1 2024 Earnings Call Transcript