Growth of 68% and positive cash flow

PowerCell continued its good progress in the quarter with strong growth of 68% to SEK 50.5m and a high, stable gross margin of 37.9 percent. Operating cash flow amounted to SEK 11.6m. This strong development clearly shows the positive effects of PowerCell’s investments in industrialization.

PowerCell’s most important commercial success in the quarter was the contract covering deliveries of hydrogen solutions to two ferries that will operate in Norway for the Norwegian Road Administration. This is the world's largest hydrogen project to date in the marine industry and PowerCell’s contract is worth a total of EUR 19.2 million.

“We continue to accelerate our growth journey and with a positive cash flow in the first quarter 2023”, Richard Berkling, CEO of PowerCell Sweden AB, said. “The signing of the Norwegian contract is a confirmation of the general trend of an increased number of industrial OEM project tenders. It is encouraging to see how our products are being designed into commercial applications rather than R&D projects, laying the foundation for coming serial deliveries”.

“The gross margin increased to 37.9 (32.8) percent, despite changed reporting of certain indirect production costs, which negatively impacted gross profit by SEK 2.8 million. The positive operating cash flow of SEK 11.6 million is very encouraging, even though we had large increases in accounts receivables due to the Norwegian contract. This strong development clearly shows the positive effects of our investments in industrialization. Our Industrial Innovation offering ensures that we grow efficiently with standardized technology platforms and with an ability to customize value creating features, optimized for our customers’ applications.”, Richard Berkling concluded.

Financial highlights

SEK million, unless other stated Jan-Mar 2023 Jan-Mar 2022 2022
Net sales 50.5 30.0 244.7
Gross profit 19.1 9.8 113.0
Gross margin*, % 37.9 32.8 46.2
Operating income -26.2 -28.6 -75.0
Net income -24.2 -24.5 -58.2
Earnings per share (basic and diluted), SEK -0.45 -0.45 -1.09
Shareholder equity ratio, % 64.9 72.9 70.2
Operating cash flow 11.6 -42.2 -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 5,5 percentage points in the first quarter 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 expertize 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 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.