Norwegian dedicated hydrogen company Nel has today released its first quarter 2020 results reiterating a positive long-term outlook.
Nel said the visibility on the duration and size of the effects from the coronavirus (Covid-19) situation is currently low and reported revenues of NOK 126.5m in the first quarter, slightly up from NOK 122.4m in the same quarter of 2019.
The adjusted EBITDA was NOK -41.7m, adjusted for non-recurring and other ramp-up costs, and the backlog grew 46% to approximately NOK 590m. Nel said no adjustment has been made for Covid-19 effects.
During the first quarter of 2020, Nel completed a successful private placement raising NOK 846m in gross proceeds, in addition to the subsequent offering in April 2020, bringing the cash position to exceed NOK 1.3bn.
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