Improved operating income and ramping up for serial deliveries

In the third quarter, PowerCell demonstrated organic growth of 26 percent and operating income improved to SEK -6.5m (-24.5). Even though this is a loss, the operating leverage gives a strong year-over-year improvement. With the proven industrial offer for hydrogen electric solutions, PowerCell grows at a higher pace than the underlying market development. The preparations for serial deliveries are running according to plan and with Bosch as the contract manufacturer PowerCell has an asset-light business with operational leverage. PowerCell is well positioned to accelerate growth in the market for sustainable, zero emission solutions.

In the quarter, growth twelve-month rolling was 42 percent and net sales amounted to SEK 69.9 million. The revenue increase is driven by a growing number of OEM customers who want to use PowerCell’s hydrogen electric solutions in commercial applications with significant volumes. PowerCell has a leading position in the aviation and marine segments, and interest in hydrogen electric solutions continues to spread to more industries.

“We are in a new phase with market driven growth from commercial applications and has left early-stage tech exploration. Stronger OEM demand with deployment into commercial applications puts different demands on the product offering from PowerCell which also provides long-term volume commitment and an interesting after-market business. Following the direction set out in the Q1 report 2021, we have focused on improving our product offering, industrialization and productivity to make sure that when the market starts to grow, we scale up operations that is lean and sustainable. Our growth will contribute to our future profitability will contribute to our future profitability, while we continue to invest in the next generation of technology”, Richard Berkling, CEO of PowerCell Sweden AB, said.

In the quarter, PowerCell received the first deliveries of fuel cell stacks from its contract manufacturer Bosch and made significant progress with ZeroAvia, one of its aviation customers.

“We have proven that our offering Industrialized Innovation is a winning concept and we are well positioned to accelerate growth in the market for sustainable, zero emission solutions”, Richard Berkling concluded.

Key performance indicators
SEK million, unless other stated Jul-Sep 2023 Jul-Sep 2022 Jan-Sep 2023 Jan-Sep 2022 2022
Net sales 69.9 55.6 182.8 142.9 244.7
Gross profit 36.1 19.8 77.0 55.2 113.0
Gross margin*, % 51.6 35.5 42.1 38.6 46.2
Operating income -6.5 -24.5 -64.4 -77.7 -75.0
Net income -6.6 -19.9 -53.0 -61.7 -58.2
Earnings per share (basic and diluted), SEK -0.22 -0.37 -1.19 -1.15 -1.09
Shareholder equity ratio, % 60.8 69.8 60.8 69.8 70.2
Operating cash flow -51.9 -11.0 -47.0 -82.8 -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 2.0 percentage points in the third quarter and 4.5 percentage points in the period January–September 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 16, 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.