Sales increased 79% to SEK 101.8m (56.8) and the gross margin improved to 56.8% (26.3) in the fourth quarter 2022, supported by PowerCell’s successful industrialization of its technology.
Over the fourth quarter of 2022, PowerCell reported double-digit growth and high gross margin. Sales were positively impacted by increased royalty revenue from Robert Bosch GmbH and sales from our first deliveries to ZeroAvia on the contract signed earlier in the fourth quarter. The order from ZeroAvia is the world’s first contract for serial delivery of fuel cell stacks to the aviation industry and potentially worth up to SEK 1.5 billion.
“In 2021, we launched our concept “Industrialized Innovation” and it has already proven itself successful with the combination of industrialized core technologies and customer specific adaption and integration”, Richard Berkling, CEO of PowerCell Sweden AB said. “The gross margin increased in the quarter to an all-time high of 56.8 percent and the profit for the period was positive. This is of course encouraging however, we expect to see fluctuations on quarterly basis as the underlying market still have a scale-up characteristics.”
“PowerCell’s robust development during 2022 shows that we are in a good position to take advantage of the strong sustainable megatrends where more and more industries are moving towards zero emissions. An increasing number of companies reach out to us as they realize that we offer a mature, commercial and sustainable fuel cell technology that operates in many different applications. It is gratifying to conclude that PowerCell has evolved into a leading player in the hydrogen electric industry and a clear growth company”, Richard Berkling concluded.
Financial highlights
| SEK million, unless other stated | Oct - Dec 2022 | Oct - Dec 2021 | 2022 | 2021 |
| Net sales | 101.8 | 56.8 | 244.7 | 159.8 |
| Gross profit | 57.8 | 15.0 | 113.0 | 49.0 |
| Gross margin, % | 56.8 | 26.3 | 46.2 | 30.7 |
| Operating income before items affecting comparability | 2.7 | -23.9 | -75.0 | -80.5 |
| Operating income | 2.7 | -23.9 | -75.0 | -81.7 |
| Net income | 3.6 | -23.3 | -58.2 | -75.1 |
| Earnings per share (basic and diluted), SEK | 0.06 | -0.53 | -1.09 | -1.50 |
| Shareholder equity ratio, % | 70.2 | 73.6 | 70.2 | 73.6 |
| Operating cash flow | -37.7 | -20.8 | -120.5 | -66.3 |
Link to the report: https://powercellgroup.com/investor/reports-presentations/
For further information, please contact:
Richard Berkling
CEO
Phone: +46 31 720 36 20
E-mail: richard.berkling@powercellgroup.com
Torbjörn Gustafsson
CFO
Phone: +46 701 86 69 86
E-mail: torbjorn.gustafsson@powercellgroup.com
This information is information that PowerCell Sweden is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-02-09 08:30 CET.
About Us
PowerCell Sweden AB 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.
The English version is an in house-translation. In case of any discrepancy, the Swedish text will prevail.
Attachments
Year-end Report Q4 2022