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Q2 2023 Nel ASA Earnings Call Transcript
Good morning, ladies and gentlemen. We have put our purple ties on and are ready to present the second quarter 2023 results. My name is Hakon Volldal. I am the CEO. With me today, I have our CFO, Kjell Christian Bjørnsen; and Head of Investor Relations, Wilhelm Flinder.
As I know many of you are on vacation or having a summer break, I will skip the Nel in brief part this time and jump directly to the second quarter highlights.
In the quarter, we had NOK 475 million in revenues. That's more than double of what we generated in the same quarter last year. EBITDA improved to minus NOK 138 million, still has the wrong sign in front of it, so we have a job to do, but it's an improvement year-on-year. Order intake, NOK 428 million, bringing the order backlog to close to NOK 3 billion at the end of June. And our cash balance was NOK 4.1 billion.
In the second quarter, a couple of key developments. First of all, we concluded the site selection process, where we selected Michigan as the location for our next gigafactory. And we also received a record
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