Another quarter with continued growth and industry leading gross margin

Regulatory

Sales for PowerCell Sweden AB increased 23% to SEK 55.6m (45.1) in the third quarter 2022. The industry leading gross margin improved to 35.5% (32.5), reflecting PowerCell’s capability to scale up production while achieving improved efficiency and productivity.

In the quarter, sales were especially positively impacted by the marine industry. PowerCell’s first serial production of systems for marine and stationary applications is to start in the fourth quarter 2022.

“With a 12-months rolling gross margin above 35 percent, we clearly see the effects from recent investments into industrialization”, Richard Berkling, CEO of PowerCell Sweden AB said. “The ability to scale up volumes while achieving improved efficiency and productivity is important when growing in a technology shift.”

“Our recent success and strong development shows that we are in a solid position to take advantage of the megatrends where more and more industries are moving towards zero emissions. This makes me very confident about PowerCell’s growth opportunities and ability to create long-term value”, Richard Berkling concluded.

Financial highlights

SEK million, unless other statedJuly - Sep 2022July - Sep 20212021
Net sales55.645.1159.8
Gross profit19.814.649.0
Gross margin, %35.532.530.7
Operating income before items affecting comparability-24.5-12.2-80.5
Operating income-24.5-12.2-81.7
Net income-19.9-9.4-75.1
Earnings per share (basic and diluted), SEK-0.37-0.17-1.50
Shareholder equity ratio, %69.875.273.6
Operating cash flow-11.0-40.0-66.3

Link to the report: https://powercellgroup.com/investor/reports-presentations/

For further information, please contact:        

Richard Berkling                                     Torbjörn Gustafsson
CEO                                                            CFO
+46 31 720 36 20                                        +46 701 86 69 86
richard.berkling@powercellgroup.com      torbjorn.gustafsson@powercellgroup.com
www.powercellgroup.com

This information constitutes information that PowerCell Sweden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication. through the agency of the contact person set out above, at 08:30 AM CEST on 20 October 2022.

The English version is an in house-translation. In case of any discrepancy, the Swedish text will prevail.

About PowerCell Sweden AB (publ)

PowerCell Sweden AB (publ) develops and produces fuel cell stacks and systems for stationary and mobile applications with a world class energy density. The fuel cells are powered by hydrogen, pure or reformed, and produce electricity and heat with no emissions other than water. As the stacks and systems are compact, modular and scalable, they are easily adjusted to any customer need.

PowerCell was founded in 2008 as an industrial spinout from the Volvo Group. The share (PCELL) is since 2014 subject to trade at Nasdaq First North Growth Market, Stockholm. G&W Fondkommission is Certified Adviser, e-mail: ca@gwkapital.se, phone: +46 8 503 000 50.