The fourth quarter 2025 concluded a year in which PowerCell continued its shift from technology development to industrial execution, while operating in a market characterised by increasing interest but cautious investment decisions. Quarterly revenue declined compared to a strong comparative quarter in 2024, but the full-year outcome confirms tangible progress across product maturity, industrial capability and commercial positioning.
October - December 2025
- Net sales SEK 95.1m (144.1), an decrease of 34% compared to same period previous year
- Gross profit decreased to SEK 33.4m (57.6) with a gross margin of 35.2% (40.0)
- Operating income SEK -18.6m (0.7)
- Net income SEK -21.0m (2.3)
- Operating cash flow SEK 101.8m (-17.8)
- Earnings per share (basic and diluted) SEK -0.34 (-0.21)
January - December 2025
- Net sales SEK 385.0m (334.3), an increase of 15%
compared to same period previous year - Gross profit increased to SEK 174.2m (116.2) with a gross margin of 45.2% (34.8)
- Operating income SEK -22.9m (-53.7) *
- Net income SEK -29,5m (-47.3)
- Operating cash flow SEK -10.1m (-37.1)
- Earnings per share (basic and diluted) SEK -0.75 (-1.52)
- The Board of directors proposes that no dividend will be paid for the fiscal year 2025
Significant events during the fourth quarter
- PowerCell signs SEK 4,3m order for fuel cell systems from Zeppelin Power Systems.
- PowerCell secured an order to deliver M2Power 250 methanol-to-power system to a European shipyard, valued SEK 43m.
- An agreement was signed with US-based data center provider to supply two PowerCell PS190 fuel cell power systems for field validation in a data-center application.
- PowerCell received an order from Enetech AS for the fuel cell system PS190.
- PowerCell received a follow-up order from a leading European aerospace research institute. Valued at SEK 12m.
- Current Chairman of the Board, Magnus Jonsson, decide to step down and not seek re-election at the Annual General Meeting in 2026.
Significant events after the fourth quarter
- On January 16 2026, it was announced in a press release that PowerCell joins European GAMMA project, a project funded by Horizon Europe for at total of EUR 17m to retrofit a bulk carrier with hydrogen-based fuel cell system.
- PowerCell has signed an additional credit facility allowing customer project financing within a frame of SEK 50m.
| Key performance indicators | |||||||
| SEK million, unless other stated | Oct-Dec 2025 | Oct-Dec 2024 | Jan-Dec 2025 | Jan-Dec 2024 | |||
| Net sales | 95.1 | 144.1 | 385.0 | 334.3 | |||
| Gross profit | 33.4 | 57.6 | 174.2 | 116.2 | |||
| Gross margin, % | 35.2 | 40.0 | 45.2 | 34.8 | |||
| EBITDA* | -10.0 | 6.7 | 3.9 | -30.9 | |||
| Operating income | -18.6 | 0.7 | -22.9 | -53.7 | |||
| Net income | -21.0 | 2.3 | -29.5 | -47.3 | |||
| Earnings per share (basic and diluted), SEK | -0.34 | -0.21 | -0.75 | -1.52 | |||
| Equity asset ratio, % | 64.6 | 62.5 | 64.6 | 62.5 | |||
| Operating cash flow ** | 101.8 | -17.8 | -10.1 | -37.1 | |||
*2024 including items affecting comparability, SEK 30m
** 2024 is affected by reclassification of blocked bank funds of SEK 18.5m
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/q4-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:
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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.
This information constitutes information that Powercell Sweden AB (publ) is obliged to make public according to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication through the contact person set out above at 07:30 am CEST on February 4, 2026.
Every care has been taken in the translation of this interim report. If there are discrepancies, the Swedish original will supersede the English translation. The addition of the totals presented may result in minor rounding differences.
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. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-04 07:30 CET.
