April-June 2025
Net sales SEK 130.0m (66.3), an increase of 96%
compared to same quarter previous year
Gross profit increased to SEK 80.1m (11.0) with a gross margin of 61.6% (16.6)
Operating income before items affecting
comparability SEK 21.9m (-39.5)
Net income SEK 22.4m (-8.6)
Operating cash flow SEK 6.9m (-50.6)
Earnings per share (basic and diluted) SEK
0.24 (-0.33)
January-June 2025
Net sales SEK 204.1m (118.3), an increase of 72%
compared to same period previous year
Gross profit increased to SEK 107.6m (35.5) with a gross margin of 52.7% (30.0)
Operating income before items affecting
comparability SEK 10.6m (-68.8)
Net income SEK 6.7m (-33.7)
Operating cash flow SEK -72.4m (-11.9)
Earnings per share (basic and diluted) SEK
-0.18 (-1.00)
Significant events during the second quarter
Expansion of strategic partnership with Robert Bosch GmbH to accelerate fuel cell adoption in China was signed generating royalty and license fees in total of SEK 62.2m.
The Marine System 225 receives Type Approval from Lloyd's Register.
Received a commercial order to supply hydrogen fuel cell systems for Hitachi Energy's new Hyflex platform.
Signed a SEK 44 million agreement with a leading Italian marine OEM customer for the development and delivery of a new high-power marine fuel cell system.
| Key performance indicators | ||||||
| SEK million, unless other stated | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 | 2024 | |
| Net sales | 130.0 | 66.3 | 204.1 | 118.3 | 334.3 | |
| Gross profit | 80.1 | 11.0 | 107.6 | 35.5 | 116.2 | |
| Gross margin, % | 61.6 | 16.6 | 52.7 | 30.0 | 34.8 | |
| EBITDA* | 27.4 | -3.9 | 21.4 | -27.6 | -30.9 | |
| Operating income | 21.9 | -9.5 | 10.6 | -38.8 | -53.7 | |
| Net income | 22.4 | -8.6 | 6.7 | -33.7 | -47.3 | |
| Earnings per share (basic and diluted), SEK | 0.24 | -0.33 | -0.18 | -1.00 | -1.52 | |
| Equity asset ratio, % | 73.6 | 57.0 | 73.6 | 57.0 | 62.5 | |
| Operating cash flow | 6.9 | -50.6 | -72.4 | -11.9 | -18.6 | |
*2024 including items affecting comparability
CEO comments
From Milestones to Momentum: Record Sales and Positive Result
Revenue reached SEK 130m, a record for Q2, and rolling 12-month revenue passed SEK 400m for the first time. We also report a positive EBITDA of SEK 27m, the first time we deliver positive earnings on a rolling 12-month basis. These results mark the shift from isolated milestones to real operational momentum in line with our strategic direction.
While we remain in the early stages of scaling our industry, the results confirm that the market is taking shape and that our strategy is holding. We are becoming more predictable in how we engage, deliver, and build value, both with existing customers and in new segments.
Continued Commercial Progress
During the quarter, we secured a first commercial order from Hitachi Energy for their new Hyflex system, a clean, off grid hydrogen generator that represents an important breakthrough in stationary power. This order is the result of long-term collaboration and our consistent focus on commercial readiness, and it marks a natural extension of our partnership, as well as an entry point into a strategically important, previously untapped segment for PowerCell.
We also signed a SEK 44 million agreement with a leading Italian marine OEM for the development and delivery of our next generation system, a 1 MW marine fuel cell solution based on our MW-class stack platform. This is our first commercial order for the new platform, and a strong signal of the market's interest in more powerful and space-efficient fuel cell systems.
In parallel, we signed a new agreement with Robert Bosch GmbH that includes licensing of IP. Over the past 18 months, it has been more challenging to monetize IP in a way that reflects long-term value. This agreement shows a positive shift, a renewed willingness among industrial players to invest in future capability, and a recognition of the long-term relevance of our technology.
Market Signals and Visibility
Our participation at Nor Shipping and the Electric & Hybrid Marine Expo confirmed that the marine segment continues to accelerate. Dialogue with shipyards, integrators, and operators is shifting from demonstration to deployment. The momentum is supported by regulatory pressure, including the IMO's updated targets to reduce both greenhouse gas emissions and hazardous air pollutants such as NOx, SOx and particulate matter, areas where fuel cells offer clear operational advantages.
Interest in our methanol-based solutions is growing, and we are seeing increased engagement from OEMs and system architects looking to integrate fuel cells into core vessel systems. The feedback is clear: the market now views fuel cells not as a niche add on, but as a viable, scalable power source.
We are driving that shift, in both marine and stationary applications, by delivering systems that meet real world requirements and reduce technical risk for our customers. This is the result of our focus on industrialized innovation: scalable, certified platforms that allow for customer specific integration without compromising performance or delivery precision.
The increasing traction confirms that our growth strategy is beginning to take hold, with more installations, and higher value per installation through system integration and platform adaptability.
The quality of the order intake confirms that our model is gaining traction, with contracts that reflect both repeatability and long-term relevance. Our ability to scale without expanding fixed cost, and to integrate IP and technology into customer programs, supports a balanced path to growth and profitability.
Forward Outlook
Our financial performance mirrors consistent focus on customer value, an asset light industrial setup, and a growing alignment between our offer and the market's needs. We have done the hard work, invested in product performance, and stayed diligent in optimizing internal processes and protecting our margins.
The result this quarter reflect choices made over time in product development, partnerships, and operational structure. The environment remains complex, but we are moving with control, relevance, and a strategy built to deliver long-term value.
Gothenburg, July 2025
CEO Richard Berkling
Webcast presentation
An online presentation will take place today at 08:30 am CEST. The presentation can be listened to online or by
calling in. A question-and-answer session will follow the presentation. The presentation is held in English.
If you wish to participate online, please use the link:
https://powercell-group.events.inderes.com/q2-report-2025
You can ask questions in writing at the online presentation.
If you wish to participate in the telephone conference, you can register using the link:
https://conference.inderes.com/teleconference/?id=5008805
Following registration, you will receive telephone numbers and a conference ID to log in to the conference. You can ask questions verbally at the telephone conference.
For further information, please contact:
Richard Berkling
CEO
Phone: +46 31 720 36 20
Email: richard.berkling@powercellgroup.com
For more information, please contact:
Anders Düring
CFO
Phone: +46 31 720 36 20
Email: anders.during@powercellgroup.com
About PowerCell
PowerCell is a world leader in hydrogen electric solutions with unique fuel cell stacks and systems. With decades of experience, we use our expertise 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 Stockholm.
To read more about our products and services, visit powercellgroup.com.
This information is information that PowerCell Sweden AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 2025-07-17 07:30 CEST.
