Nel ASA Reports Dismal Results! ITM Power Enjoys a Cash Windfall! Is dynaCERT Poised for Multi-Bagger Returns?

dynaCERT: Could Vietnam Be the Catalyst for a Multi-Bagger?

Analysts at GBC Research believe dynaCERT shares have the potential to rise to EUR 0.48, implying multi-bagger upside from the current share price of around EUR 0.065. A prerequisite for this price surge is that dynaCERT successfully transitions to commercialization in the coming months.

In a recent interview with Lyndsay Malchuk of the IIF, CEO Kevin Unrath and President Bernd Krüper explained how they intend to accomplish exactly that. The German management team presented a highly focused strategy and a clear roadmap for commercialization.

The focus is currently on Vietnam and Mexico. Vietnam is considered a particularly attractive market for dynaCERT because many older diesel-powered vehicles and machines are in use there. At the same time, stricter emissions standards are being introduced. Furthermore, the escalation in the Middle East is intensifying efforts to reduce fuel consumption. According to the company, its HydraGEN™ technology can be retrofitted to existing diesel engines and is designed to reduce both fuel consumption and harmful emissions. The required hydrogen is generated on demand within the unit, eliminating the need for external hydrogen infrastructure. To drive market adoption, dynaCERT is relying on local installation and distribution partners, as well as close cooperation with government agencies. This could position Vietnam as the launchpad for a broader expansion across Southeast Asia.

Numerous HydraGEN™ systems have already been installed in real-world applications in Vietnam, including in truck fleets, generators, and the raw materials industry. These pilot projects are no longer intended to prove the technology's basic functionality but rather to demonstrate concrete metrics such as fuel savings and emission reductions under local conditions. According to management, the positive results have now led to the first production orders, which are expected to enable higher unit volumes and rising revenue.

Over the next twelve months, management aims not only to secure additional volume production orders but also to further enhance both the HydraGEN™ hardware and the accompanying HydraLytica software platform. According to the company, all business functions—from research and procurement to manufacturing, service, and sales—must be aligned to support future growth. Unrath and Krüper emphasized that the company's success should ultimately be measured by tangible results, including unit sales, revenue growth, and, ultimately, share price performance. In doing so, dynaCERT aims to demonstrate that years of product development can be successfully translated into a viable and scalable business model.

https://youtu.be/hVNR4Ch5p0c?si=GPcRHxW_aaNFUicR

Nel: Loss Exceeds Revenue

While dynaCERT is currently launching its commercialization efforts, growth at Nel has stalled. The former investor favourite failed to generate much excitement with its quarterly results last week. The stock reacted slightly negatively, ending the week at EUR 0.19. This brings it back to the level seen in early April. In between, it briefly surged to EUR 0.37. However, the quarterly figures show that there is no substance to such euphoria.

The good news first. Nel gained significant momentum in order intake during the second quarter of 2026. Orders totaled NOK 230 million, up 224% from the previous year and 171% from the first quarter. The PEM business performed particularly strongly, accounting for 96% of order intake. Overall, Nel had an order backlog of NOK 1.213 billion at the end of the quarter. That was 9% more than at the end of March, but still 3% less than a year earlier.

In contrast, operating performance remained subdued in terms of revenue. Revenue from customer contracts declined by 12% year-over-year to NOK 153 million, though it was slightly higher than the first-quarter figure. Including other income, Nel generated NOK 182 million. EBITDA deteriorated to NOK -155 million, compared to NOK -86 million in the same quarter of the previous year. However, the result was impacted by a one-time charge of NOK 70 million related to the settlement with Iwatani. Overall, the net loss widened from NOK 131 million to NOK 189 million. As a result, Nel generated more losses than revenue.

Despite the high losses, Nel still considers itself financially viable. At the end of the quarter, the company had cash and cash equivalents of NOK 1.328 billion. Together with cost reductions and adjusted capacity utilization, this is expected to be sufficient to finance ongoing operations and further technological development. Strategically, Nel remains committed to collaborating with partners such as Reliance, Samsung E&A, and Saipem. The announced resignation of CEO Håkon Volldal is not expected to change this. The Board of Directors emphasized that the strategy, business model, and priorities will continue. Management views the tests conducted so far on the new pressure-driven alkaline electrolysis platform, which was commercially launched in early May, as positive.

ITM Power Celebrates Millions

Since hitting its annual high of EUR 2.50 at the end of May, ITM Power's share price has since fallen by half. Nevertheless, the stock is still up nearly 65% year-to-date. Collaborations with Rheinmetall and Deutsche Bahn in recent months have fueled optimism among investors.

Most recently, the company reported that it has now officially received the GBP 46.5 million grant from the UK Department of Energy announced in April. Together with a GBP 40 million equity investment from Great British Energy, the funds are intended to support the expansion of production capacity for the Chronos electrolyzer stack. The company expects the new generation to deliver higher energy efficiency, lower costs, and a stronger competitive position.

The production line is to be established at the existing facilities in Sheffield and will build on existing production processes. Plans call for automated facilities with an annual capacity of 1 GW, including membrane coating, electrode manufacturing, stack assembly, and testing procedures. ITM Power aims to use this to prepare for the industrialization of Chronos and gradually ramp up production.

dynaCERT is heading into a potentially pivotal second half of the year. If management succeeds in commercializing its technology, analysts believe the stock offers multi-bagger potential. The company's German management team is certainly pushing ahead at full speed. At Nel, the strong order intake offers at least a glimmer of hope. Beyond that, however, the company still appears to be struggling to gain meaningful traction. ITM Power's share price rally may have run a little too far. Nevertheless, the company appears to be making solid operational progress and remains on a promising path.