Growth driven by product sales and continued high gross margin

Customer interest for PowerCell’s emission-free, hydrogen-electric solutions are increasing at a high rate and they come to decisions much faster now. In the quarter, net sales increased 9 percent to SEK 62.4 million and growth measured as twelve-month rolling was 43 percent. The gross margin was continuously high. Operating cash flow for the six-month period amounted to SEK 5m.

To meet the strong demand and order intake, PowerCell has signed a supplier agreement with Robert Bosch GmbH for our fuel cell stack S3 in the quarter, which increases PowerCell’s production capacity significantly. PowerCell continues to build its capabilities and scale up the organization to meet the strong demand. During recent quarters the company has received significant large orders and also broadened its customer base.

“Keeping the same high gross margin, as second quarter last year, with a higher degree of product sales proves our ability to efficiently scale up production”, Richard Berkling, CEO of PowerCell Sweden AB, said. “Operating expenditures in relation to net sales continued to decline in the quarter and shows that we also have operating leverage.”

“PowerCell is in a good position to take advantage of the strong sustainable megatrends as more and more industries move towards zero-emissions. PowerCell has a leading, industrialized offering that will be key when our customers are to become emission-free. I look forward with confidence to our continued growth journey”, Richard Berkling concluded.

Key performance indicators

SEK million, unless other stated Apr-Jun
Net sales 62.4 57.3 112.9 87.3 244.7
Gross profit 21.8 25.6 40.9 35.4 113.0
Gross margin*, % 34.9 44.6 36.2 40.6 46.2
Operating income -31.7 -24.6 -57.9 -53.2 -75.0
Net income -22.2 -17.3 -46.3 -41.8 -58.2
Earnings per share (basic and diluted), SEK -0.52 -0.32 -0.97 -0.78 -1.09
Shareholder equity ratio, % 55.9 68.7 55.9 68.7 70.2
Operating cash flow -6.6 -29.6 5.0 -71.8 -120.5

*As from 1 January 2023, PowerCell presents certain indirect costs related to the production as Costs of goods and services sold. Previously, these costs were presented as Selling and administrative expenses. The change impacts the gross margin negatively with 8.8 percentage points for second quarter and 7.4 percentage points in the period January – June 2023. The operating income is not affected. The change is made prospectively as from 1 January 2023 which means that the comparative periods has not been adjusted. Please refer to page 12, note 2 "Accounting policy" for further details.

Link to the report:

For further information, please contact:

Richard Berkling
+46 31 720 36 20

Torbjörn Gustafsson
+46 701 86 69 86

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

About PowerCell
PowerCell is a world leader in hydrogen electric solutions. With decades of experience, we use our expertise to accelerate the transition to an emission-free, more sustainable world. We target industries such as aviation, marine, off-road, on-road and stationary power generation. With our cutting-edge products we help our customers to reach net zero emissions already today.

We are headquartered in Gothenburg, Sweden with sales globally. PowerCell Sweden AB (publ) is listed on Nasdaq First North Growth Market Stockholm.

To read more about our products and services, visit

G&W Fondkommission is our Certified Adviser on Nasdaq First North Growth Market, e-mail:, phone: +46 8 503 000 50.