PowerCell Sweden: Continued Growth and Strengthened Gross Margin Led to Improved Operating Income During the Second Quarter

By August 20, 2021 2   min read  (311 words)

August 20, 2021 |

Fuel cells works, hydrogen, powecell

PowerCell Sweden AB grew its sales by 28 percent during the second quarter 2021, from MSEK 22.2 to MSEK 28.2. Operating income improved to MSEK -21.7 (-28.3) driven by increased sales and strengthened gross margin.

In terms of sales, the second quarter 2021 was the strongest second quarter in the company’s history. This was the third quarter in a row with record sales in comparison with corresponding quarters previous years.

“Growth was driven by increased demand in all segments while also sales to Robert Bosch remained high. Underlying demand was stronger than what can be seen in the figures, but due to disturbance in the supply chain we experienced delay for deliveries into the third quarter”, Richard Berkling, CEO of PowerCell Sweden AB said.

During the second quarter 2021 total sales amounted to 28,162 thousand SEK compared to 22,064 thousand SEK the same quarter previous year, an increase by 28 percent. Operating income both before and after items affecting comparability amounted to -21,711 thousand SEK for the second quarter compared to -28,270 thousand SEK during the same quarter 2020, driven by strengthened gross margin and increased sales. Operating cash flow for the quarter amounted to 5,644 (-10,996) thousand SEK as a result of improved operating income and received advance payments for larger orders.

“We now clearly observe growth in demand for fuel-cell-based power solutions illustrated by an increase in commercial orders with higher order values and also by increased lead times. Our combination of industrialized products and unique expertise give us competitiveness in the rapidly emerging hydrogen-electric economy”, Richard Berkling, CEO of PowerCell said.

Financial highlights

All amounts in thousand SEK 2021
Net sales 28,162 22,064 57,911 48,790
Operating income before items affecting comparability -21,711 -28,270 -44,402 -45,880
Operating income -21,711 -28,270 -45,658 -45,880
Profit/loss after tax      -25,878 -50,269 -42,379 -42,476
Operating cash flow 5,644 -10,996 -5,538 -43,695

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