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Nel's revenues fell 31% to NOK 963m ($100.8m) in 2025, with operating losses increasing to NOK 1.365bn ($142.9m). Cash reserves declined slightly to NOK 1.6bn ($167m). The company's order intake rose to NOK 1.13bn ($118m), but delays in government incentives and high costs impacted performance.

The alkaline segment revenue dropped 44%, while PEM sales increased by 5%. Over NOK 1bn ($104.9m) was written off through depreciation and impairments, including NOK 361m ($37.8m) related to a new production line.