The following is a summary of the Nel ASA (NLLSF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Nel ASA's alkaline division almost broke even in 2023, with plans for margin expansion expected in 2024 due to better contracts and enhanced base margins.

• The company identifies ongoing challenges with the PEM division, which requires higher volume for increased margins.

• Despite one-off expenses related to a particular project, Nel ASA maintains a strong cash position, ensuring adequate funding for ongoing operations.

• A buildup in working capital was noted, largely tied to a specific project with punctual deliveries and milestone payments.

Business Progress:

• The company expects to see substantial potential orders from the top 20 projects following their Financial Investment Decisions (FID) in 2024.

• Nel ASA plans to deliver a substantial backlog of electrolysis cell stacks in 2024.

• The company is keeping an eye on increased indirect competition as European companies adopt Chinese-made technology, and anticipates specific EU hydrogen bank auctions might favor European manufacturers.

• With upcoming IRA regulations in North America, Nel ASA is positioning itself well for off-grid green hydrogen projects.

• Strategies and mechanisms are in place to fund business expansions and additional orders, which would demand more capital investment.

More details: NEL ASA IR

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