We have established ourselves as a growth company in a sector driven by strong megatrends

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/