This quarter, Thyssenkrupp Nucera—that German electrolysis specialist—pulled in €184 million in sales, down about 22% from €236 million a year ago. Operating profit (EBIT) flatlined at zero versus €8 million in Q3 2023. New orders slid to €167 million from €292 million, shrinking the backlog from €1.3 billion to €700 million. Why the slump? They’re wrapping up a wave of green...