PowerCell Issues Positive 2nd Q Report: “the Strong Development Confirms That PowerCell Is Well Positioned for Further Growth”

By July 15, 2022 3   min read  (399 words)

July 15, 2022 |

Fuel Cells Works, PowerCell Issues Positive 2nd Q Report: “the Strong Development Confirms That PowerCell Is Well Positioned for Further Growth”

Sales for PowerCell Sweden AB increased 103% to SEK 57.3m (28.2) in the second quarter 2022. The gross margin improved to 44.6% (34.8), reflecting PowerCell’s ability to scale up volumes while industrializing its offering and processes. Operating income amounted SEK -24.6m (-21.7), impacted by investments in the organization to shorten lead times and further stabilize operations as well as delivery capabilities.

During the quarter, PowerCell signed several major orders, which demonstrates that its technology and customer offering is leading and that the market for hydrogen-electric solutions is growing.

“It is gratifying to see how the business mix continues to improve with more orders from commercial customers in different industries”, Richard Berkling, CEO of PowerCell Sweden AB said. “The trend is also clear that orders are becoming larger on average with extended commercial commitments that run over a longer period of time.”

“More and more industries get in touch with us as they realize that we offer a mature, commercial and sustainable technology that works in many different applications. We see a growing interest in our solutions from the aviation, marine and off-road industries where range, uptime and fast refueling is critical to their business. The strong development in the quarter together with the growing customer interest confirms that we are well positioned for further growth”, Richard Berkling concluded.

Key performance indicators
SEK million, unless other stated Apr-Jun 2022 Apr-Jun 2021 Jan-Jun 2022 Jan-Jun 2021 2021
Net sales 57.3 28.2 87.3 57.9 159.8
Gross profit 25.6 9.8 35.4 19.4 49.0
Gross margin, % 44.6 34.8 40.6 33.6 30.7
Operating income before items affecting comparability -24.6 -21.7 -53.2 -44.4 -80.5
Operating income -24.6 -21.7 -53.2 -45.7 -81.7
Net income -17.3 -25.9 -41.8 -42.4 -75.1
Earnings per share (basic and diluted), SEK -0.32 -0.48 -0.78 -0.79 -1.50
Shareholder equity ratio, % 68.7 74.7 68.7 74.7 73.6
Operating cash flow -29.6 5.6 -71.8 -5.5 -66.3

About PowerCell Sweden AB (publ)

PowerCell Sweden AB (publ) 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: [email protected], phone: +46 8 503 000 50.

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