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PowerCell Sweden AB
Quarterly Report • Oct 23, 2025
8652_10-q_2025-10-23_a69180fa-49c3-4718-82de-2e7853c7c96c.pdf
Quarterly Report
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Interim report Third quarter 2025
Steady growth and solid margins
July - September 2025
- Net sales SEK 85.8m (71.9), an increase of 19% compared to same quarter previous year
- Gross profit increased to SEK 33.1m (23.1) with a gross margin of 38.6% (32.1)
- Operating income before items affecting comparability SEK -14.3m (-15.7)
- Net income SEK -15.3m (-15.9)
- Operating cash flow SEK -57.4m (-7.4)
- Earnings per share (basic and diluted) SEK -0.23 (-0.46)
January - September 2025
- Net sales SEK 289.9m (190.2), an increase of 52% compared to same period previous year
- Gross profit increased to SEK 140.7m (58.6) with a gross margin of 48.5% (30.8)
- Operating income before items affecting comparability SEK -3.7m (-84.4)
- Net income SEK -8.6m (-49.6)
- Operating cash flow SEK -129.8m (-19.3)
- Earnings per share (basic and diluted) SEK -0.41 (-1.45)
Significant events during the third quarter
- PowerCell signs SEK 43m contract with E-Cap Marine to supply two hydrogen-powered bulk carriers to be built by GMI Rederi AS.
- As part of PowerCell transition into its next phase of growth changes in the management team were announced.
Significant events after the third quarter
• PowerCell signs SEK 4,3m order for fuel cell systems from Zeppelin Power Systems.
Key performance indicators
| SEK million, unless other stated | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 |
|---|---|---|---|---|---|
| Net sales | 85.8 | 71.9 | 289.9 | 190.2 | 334.3 |
| Gross profit | 33.1 | 23.1 | 140.7 | 58.6 | 116.2 |
| Gross margin, % | 38.6 | 32.1 | 48.5 | 30.8 | 34.8 |
| EBITDA* | -6.7 | -9.9 | 14.6 | -37.6 | -30.9 |
| Operating income | -14.3 | -15.7 | -3.7 | -54.4 | -53.7 |
| Net income | -15.3 | -15.9 | -8.6 | -49.6 | -47.3 |
| Earnings per share (basic and diluted), SEK | -0.23 | -0.46 | -0.41 | -1.45 | -1.52 |
| Equity asset ratio, % | 73.4 | 55.1 | 73.4 | 55.1 | 62.5 |
| Operating cash flow | -57.4 | -7.4 | -129.8 | -19.3 | -37.1 |
*2024 including items affecting comparability
CEO comments
Steady growth and solid margins:
Q3 2025 marks another solid quarter for PowerCell. We continue to grow steadily, deliver higher margins, and strengthen our operational foundation, even as we manage the temporary cash flow effects from planned working capital activities.
Q3 showed continued operational progress and profitability trends. Compared to Q3 2024, net sales grew by 19% to SEK 86 million, and the gross margin strengthened to 39%, from improved product mix and cost efficiency. EBITDA remains positive on a rolling 12-month basis, even after absorbing the restructuring cost of about SEK 5 million due to reorganization.
Cash flow for the quarter is affected by planned workingcapital activities, a deliberate measure to secure supply, protect margins, and maintain delivery readiness in a volatile market. We continue to invest in line with last year's capital raise, primarily our fully integrated methanol to power solution (M2Power 250) and the next-generation stack platform. Both initiatives have already generated commercial traction, underscoring their importance to reinforce our competitiveness, secure future capacity, and build the foundation for long-term profitable growth.
Progress Across Segments
In marine, we secured a SEK 43 million order with GMI Rederi for two hydrogen powered bulk carriers, the world's first of their kind. The project extends the reach of our Marine System 225 into a new vessel category and reinforces its position as the market reference for marine electrification.
After closing Q3, we secured a new order from Zeppelin Power Systems, marking continued momentum in the power generation segment. The project, part of an EU-funded initiative in Greece, demonstrates how industrial players are now stepping into the hydrogen value chain to deliver reliable, zero-emission power for both off-grid and backup applications.
IMO Decarbonization Framework
The International Maritime Organization (IMO) did not adopt its proposed Net-Zero Framework at this session. In parallel, the European Union continues to implement regulatory mechanisms such as the EU ETS and FuelEU Maritime, which introduce direct carbon-cost exposure for ship operators. These measures are already influencing investment decisions and accelerating the adoption of low- and zero-emission auxiliary- and propulsion technologies.
Operations and Delivery Performance
All through 2025, manufacturing has run according to plan with strong output stability, record delivery volumes and consistent delivery precision. We now operate at a steady, efficient pace, evidence that our industrialization efforts are delivering results and that we are ready to scale with demand.
Organizational Update
During the quarter, we refined our management structure to strengthen focus and speed up execution. A setup to accelerate decisions, facilitate coordination and articulate accountability in order to position PowerCell for the next growth phase.
A new Chief Commercial Officer (CCO) role is being established to further strengthen our commercial drive and international reach.
I want to thank everyone who helped build the strong foundation we now stand on. This leaner organization gives us the clarity and pace to capture opportunities ahead.
Outlook
PowerCell enters the final quarter of 2025 with a solid foundation, strong margins, and a stable order pipeline. Market visibility is improving, driven by regulatory clarity and our proven delivery capability.
We continue to scale with demand, maintain fiscal discipline, and convert industrial strength into commercial growth. Marine leads the transition, while power generation is now clearly accelerating, confirming that our strategy is serving us well and that PowerCell is well positioned for the next phase.
Gothenburg, October 2025 CEO Richard Berkling
Financial performance July-September 2025
Net sales
Net sales amounted to SEK 85.8m (71.9), an increase of 19%. Royalty fees from Robert Bosch GmbH in total accounted to SEK 11.3m (7.4).
Gross profit and operating income/loss
Gross profit increased to SEK 33.1m (23.1) with a gross margin of 38.6% (32.1). Margin is impacted by the royalty fees income received in the quarter. During the third quarter margin is affected by a negative currency effect of -3.2m (- 2.6m), following re-evaluating project reported as percentage of completion.
Research and development costs increased to SEK -26.7 (-21.4) due to periodization effects between quarters within 2025. This means that they are cumulatively at the same level as the previous year.
Selling and administrative costs includes provision for organization changes of SEK 5m.
Other operating income amounted to SEK 10.6m (10.7).
In the quarter, SEK 1.5m (7.0) was capitalised as development expenditures. The majority of the capitalised expenditures are related to the development of a methanol reformer fuel cell integrated system. Amortization of the PS200 system starts in the quarter, SEK- 2.2m (0.0).
Net income and financial items Net financial items amounted to SEK -1.0m (-0.3). Net income in the quarter was SEK -15.3m (-15.9).
Cash flow
Cash flow for the quarter, like previous two quarters in 2025, is affected by planned working-capital activities, a deliberate measure to secure supply, protect margins, and maintain delivery readiness in a volatile market. Continued investments in line with proceeds in last year's capital raise, also impact short term cash flow.
During the quarter operating cash flow amounted to SEK -57.4m (-7.4).
Cash flow from investing activities was affected by product development capitalisation. In the quarter, SEK 1.5m (7.0) was capitalised as intangible assets.
Total cash flow for the quarter amounts to SEK -61.8m (-17.6).
Financial position
On September 30, 2025, cash and cash equivalents amounted to SEK 9.5m (67.9) and available liquidity amounted to SEK 59,5m including unused credit facility that amounted to SEK 50m. In the third quarter of 2024 there was no credit facility but a loan of SEK 50m that was later converted to a credit facility during 2025.
Net sales
Gross profit %
Financial performance January-September 2025
Net sales
Net sales amounted to SEK 289.9m (190.2), an increase of 52%. Royalty and license fees from Robert Bosch GmbH accounted to SEK 91.6m (14.8). Although license fees in this period are significant, it is still a business model that PowerCell has proven and is expected to continue to explore going forward, not with the same outcome in every quarter but still on a continuous base.
Gross profit and operating income/loss
Gross profit increased to SEK 140.7m (58.6) with a gross margin of 48.5% (30.8). Margin is largely impacted by the license and royalty fees received in the second quarter. Margin was held back compared to last year by negative currency effects, approximately SEK -15.1m (1.7m), following re-evaluating project reported as percentage of completion.
In Q3 2025 selling and administrative costs includes provision for organization changes of SEK 5m.
Other operating costs consists of currency effects on operating activities and amounted to SEK -13.7m (-18.3).
Other operating income amounted to SEK 41.1m (40.3).
During the year, SEK 21.7m (26.9) has been capitalised as development expenditures. The majority of the capitalised expenditures are related to the development of a new version of PS200 system. Amortization of the PS200 system starts in the third quarter with SEK 2.2m (0.0).
Net income and financial items Net financial items amounted to SEK -4.9m (4.6). Net income during the period was SEK -8.6m (-49.6).
Net income includes a total currency effect of SEK 3.2m (1.3)
Cash flow
During the period operating cash flow was SEK -129.8m (-19.3). The negative operating cash flow is partly related to significant changes in accounts receivable and accounts payable totalling approximately SEK -88m. This situation is partly deriving from pre-buys for projects during end of 2024 and milestone for invoicing in customer project with collection in Q4 2025. The rollover effect in Q1 2025 was expected and mentioned already in the Q4 presentation.
Cash flow from investing activities was affected by product development capitalisation. In the first nine months, SEK 21.7m (26.9) was capitalised as intangible assets. Investing activities was also affected by a change in financial assets of SEK 14.4m related to the license fee invoiced during the second quarter that is considered long-term.
Cash flow from financing activities was affected by a loan amortization when a loan was conversed to a credit facility of SEK 50m.
Total cash flow for the first nine months amounts to SEK -223.4m (-7.8).
Financial position
On September 30, 2025, cash and cash equivalents amounted to SEK 9.5m (67.9) and available liquidity amounted to SEK 59,5m including unused credit facility that amounted to SEK 50m. In the third quarter of 2024 there was no credit facility but a loan of SEK 50m that was later converted to a credit facility during 2025.
On September 30, 2024, there was no credit facility but a loan of SEK 50m that was later converted to a credit facility during 2025.
Condensed income statement - Group
| SEK thousand | Note | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 |
|---|---|---|---|---|---|---|
| Net sales | 3 | 85,800 | 71,852 | 289,889 | 190,198 | 334,278 |
| Costs of goods and services sold | -52,704 | -48,789 | -149,165 | -131,595 | -218,107 | |
| Gross profit | 33,096 | 23,063 | 140,724 | 58,603 | 116,171 | |
| Selling and administrative costs | 4 | -29,488 | -23,312 | -92,147 | -84,029 | -113,334 |
| Research and development costs | -26,737 | -21,353 | -79,676 | -80,979 | -110,877 | |
| Other operating income | 7 | 10,586 | 10,741 | 41,113 | 40,282 | 48,908 |
| Other operating costs | 8 | -1,748 | -4,814 | -13,693 | -18,326 | -24,611 |
| Operating income before items affecting comparability |
-14,291 | -15,675 | -3,679 | -84,449 | -83,743 | |
| Items affecting comparability | 6 | - | - | - | 30,000 | 30,000 |
| Operating income | -14,291 | -15,675 | -3,679 | -54,449 | -53,743 | |
| Net financial items | -1,031 | -314 | -4,943 | 4,557 | 6,159 | |
| Profit (loss) after financial items | -15,322 | -15,989 | -8,622 | -49,892 | -47,584 | |
| Income tax | 54 | 83 | 69 | 273 | 299 | |
| Profit (loss) for the period | -15,268 | -15,906 | -8,553 | -49,619 | -47,285 | |
| Other comprehensive income: | ||||||
| Items that may be reclassified to profit or loss | ||||||
| Exchange differences from foreign operations | 6 | -26 | -141 | -254 | -317 | |
| Other comprehensive income for the period | 6 | -26 | -141 | -254 | -317 | |
| Total comprehensive income for the period | -15,262 | -15,932 | -8,694 | -49,873 | -47,602 |
Profit (loss) for the period and total comprehensive income are, in their entirety, attributable to shareholders of the Parent Company.
Earnings per share, calculated on profit (loss) for the year attributable to Parent Company shareholders of ordinary shares:
| SEK | Note | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 |
|---|---|---|---|---|---|---|
| Earnings per share, basic | 5 | -0.23 | -0.46 | -0.41 | -1.45 | -1.52 |
| Earnings per share, diluted | 5 | -0.23 | -0.46 | -0.41 | -1.45 | -1.52 |
Condensed balance sheet - Group
| SEK thousand | 2025-09-30 | 2024-09-30 | 2024-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 80,290 | 50,307 | 62,769 |
| Right of use assets (leasing) | 22,848 | 28,376 | 26,326 |
| Tangible fixed assets | 19,741 | 28,261 | 25,440 |
| Deferred tax assets | 498 | 390 | 413 |
| Long term trade receivables | 14,374 | - | - |
| Total non-current assets | 137,751 | 107,334 | 114,948 |
| Current assets | |||
| Inventories | 171,326 | 117,729 | 144,180 |
| Current receivables | 238,363 | 122,698 | 184,393 |
| Cash and cash equivalents | 9,515 | 67,895 | 218,919 |
| Total current assets | 419,204 | 308,322 | 547,492 |
| TOTAL ASSETS | 556,955 | 415,656 | 662,440 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to Parent Company share holders |
|||
| Share capital | 1,274 | 1,147 | 1,274 |
| Other contributed capital | 816,892 | 635,007 | 816,892 |
| Reserves | -458 | -254 | -317 |
| Retained earnings (including profit (loss) for the year) |
-408,893 | -406,695 | -404,146 |
| Total equity attributable to Parent Company shareholders |
408,815 | 229,205 | 413,703 |
| Liabilities | |||
| Non-current liabilities leases | 14,236 | 18,761 | 17,174 |
| Non-current liabilities | 228 | 448 | 395 |
| Current liabilities leases | 6,826 | 6,829 | 6,646 |
| Current liabilities | 126,850 | 160,413 | 224,522 |
| Total liabilities | 148,140 | 186,451 | 248,737 |
| TOTAL EQUITY AND LIABILITIES | 556,955 | 415,656 | 662,440 |
Condensed statement of changes in equity - Group
| Attributable to shareholders of the Parent Company | ||||||
|---|---|---|---|---|---|---|
| SEK thousand | Note | Share capital | Other contri buted capital |
Reserves | Retained earn ings incl. profit (loss) for the year |
Total equity |
| Opening balance 1 January 2025 | 1,274 | 816,892 | -317 | -404,146 | 413,703 | |
| Profit (loss) for the period | - | - | - | -8,553 | -8,553 | |
| Other comprehensive income for the period | - | - | -141 | - | -141 | |
| Total comprehensive income for the period | - | - | -141 | -8,553 | -8,694 | |
| Transactions with shareholders | ||||||
| Share-based compensation to employees | - | - | - | 3,806 | 3,806 | |
| Closing balance 30 September 2025 | 1,274 | 816,892 | -458 | -408,893 | 408,815 | |
| Opening balance 1 January 2024 | 1,147 | 635,007 | - | -360,720 | 275,434 | |
| Profit (loss) for the period | - | - | - | -49,619 | -49,619 | |
| Other comprehensive income for the period | - | - | -254 | - | -254 | |
| Total comprehensive income for the period | - | - | -254 | -49,619 | -49,873 | |
| Transactions with shareholders | ||||||
| Share-based compensation to employees | - | - | - | 3,644 | 3,644 | |
| Closing balance 30 September 2024 | 1,147 | 635,007 | -254 | -406,695 | 229,205 |
Condensed cash flow - Group
| SEK thousand | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Operating profit (loss) | -14,291 | -15,675 | -3,679 | -54,449 | -53,743 |
| Adjustments for non-cash items | 9,156 | 7,264 | 17,247 | -2,707 | 2,184 |
| Interest paid/received | -435 | -859 | -418 | -654 | -980 |
| Paid income tax | - | - | -467 | -648 | -413 |
| Cash flow from operating activities before changes in working capital |
-5,570 | -9,270 | 12,683 | -58,458 | -52,952 |
| Cash flow before changes in working capital | |||||
| Increase/decrease of inventories | -16,018 | 1,884 | -27,141 | -1,372 | -26,542 |
| Increase/decrease of current receivables | -33,851 | -4,567 | -68,588 | 24,012 | -38,948 |
| Increase/decrease of current liabilities | -1,959 | 4,558 | -46,733 | 16,519 | 81,333 |
| Total changes in working capital | -51,828 | 1,875 | -142,462 | 39,159 | 15,843 |
| Cash flow from operating activities | -57,398 | -7,395 | -129,779 | -19,299 | -37,109 |
| Cash flow from investing activities | |||||
| Acquisitions of tangible and intangible assets | -2,708 | -8,366 | -23,746 | -33,037 | -46,542 |
| Change in financial assets | 117 | - | -14,373 | - | |
| Cash flow from investing activities | -2,591 | -8,366 | -38,119 | -33,037 | -46,542 |
| Cash flow from financing activities | |||||
| Borrowed (+)/reapaid (-) short-term loans | - | - | -50,000 | 50,000 | 50,000 |
| Repayment of leasing liability | -1,804 | -1,820 | -5,511 | -5,503 | -7,321 |
| Share issue | - | - | - | - | 182,012 |
| Cash flow from financing activities | -1,804 | -1,820 | -55,511 | 44,497 | 224,691 |
| Decrease/increase of cash and cash equiva lents |
-61,793 | -17,581 | -223,409 | -7,839 | 141,040 |
| Opening cash and cash equivalents | 72,286 | 85,226 | 237,458 | 70,809 | 70,809 |
| Effects of exchange rate changes on cash and cash equivalents |
-978 | 250 | -4,534 | 4,925 | 7,070 |
| Closing cash and cash equivalents | 9,515 | 67,895 | 9,515 | 67,895 | 218,919 |
Condensed income statement - Parent Company
| SEK thousand | Note | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 |
|---|---|---|---|---|---|---|
| Net sales | 85,800 | 71,852 | 289,889 | 190,198 | 334,278 | |
| Costs of goods and services sold | -52,704 | -48,789 | -149,165 | -131,595 | -218,107 | |
| Gross profit | 33,096 | 23,063 | 140,724 | 58,603 | 116,171 | |
| Selling and administrative costs | -28,607 | -24,455 | -88,589 | -83,452 | -114,314 | |
| Research and development costs | -25,876 | -28,224 | -99,017 | -107,569 | -150,555 | |
| Other operating income | 10,586 | 10,741 | 40,991 | 40,237 | 48,818 | |
| Other operating costs | -1,748 | -4,815 | -13,693 | -18,322 | -24,606 | |
| Operating income before items affecting comparability |
-12,549 | -23,690 | -19,584 | -110,503 | -124,486 | |
| Items affecting comparability | - | - | - | 30,000 | 30,000 | |
| Operating income | -12,549 | -23,690 | -19,584 | -80,503 | -94,486 | |
| Net financial items | -857 | -89 | -4,352 | 4,694 | 6,449 | |
| Profit (loss) after financial items | -13,406 | -23,779 | -23,936 | -75,809 | -88,037 | |
| Income tax | 28 | 23 | 84 | 111 | 134 | |
| Profit (loss) for the period | -13,378 | -23,756 | -23,852 | -75,698 | -87,903 |
In the Parent Company there are no items recognised as other comprehensive income, which is why total comprehensive income corresponds to profit (loss) for the period.
Condensed balance sheet - Parent Company
| SEK thousand | 2025-09-30 | 2024-09-30 | 2024-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 3,940 | 6,945 | 6,194 |
| Tangible fixed assets | 19,741 | 28,261 | 25,440 |
| Financial assets | 18,058 | 1,405 | 1,429 |
| Total non-current assets | 41,739 | 36,611 | 33,063 |
| Current assets | |||
| Inventories | 171,326 | 117,729 | 144,180 |
| Current receivables | 240,829 | 125,528 | 187,449 |
| Cash and bank balances | 8,374 | 64,564 | 214,454 |
| Total current assets | 420,529 | 307,821 | 546,083 |
| TOTAL ASSETS | 462,268 | 344,432 | 579,146 |
| EQUITY AND LIABILITIES | |||
| Restricted equity | |||
| Share capital | 1,274 | 1,147 | 1,274 |
| Total restricted equity | 1,274 | 1,147 | 1,274 |
| Non-restricted equity | |||
| Share premium reserve | 737,392 | 555,507 | 737,392 |
| Retained loss | -380,621 | -296,740 | -296,525 |
| Profit (loss) for the period | -23,852 | -75,698 | -87,903 |
| Total non-restricted equity | 332,919 | 183,069 | 352,964 |
| Total equity | 334,193 | 184,216 | 354,238 |
| Liabilities | |||
| Current liabilities | 128,075 | 160,216 | 224,908 |
| Total liabilities | 128,075 | 160,216 | 224,908 |
| TOTAL EQUITY AND LIABILITIES | 462,268 | 344,432 | 579,146 |
Notes to the consolidated statements
Note 1 | General
Powercell Sweden AB (publ) (PowerCell), Corp. Id. No 556759-8353, is a Parent Company registered in Sweden and domiciled in Gothenburg, with address Ruskvädersgatan 12, 418 34 Gothenburg, Sweden.
The Board has approved this interim consolidated financial statement for publication on October 23, 2025.
All amounts are stated in SEK thousand unless stated otherwise. Amounts in brackets refer to the comparative year.
Note 2 | Accounting policies
PowerCell applies IFRS as endorsed by the EU. The accounting policies and definitions adopted are consistent with those described in PowerCell Group's Annual Report 2024.
This Interim financial statement has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company applies RFR 2 Accounting for legal entities and the Swedish Annual Accounts Act.
Note 3 | Net sales
Revenue from contracts with customers Sales are reported as revenue when control of the goods is transferred to the customer, which normally coincides with its delivery.
Revenue from contracts with customers
| SEK thousand | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 |
|---|---|---|---|---|---|
| Hardware | 5,297 | 22,460 | 26,194 | 54,973 | 71,278 |
| Services | 6,514 | 10,024 | 99,821 | 24,943 | 36,901 |
| Royalty fees | 11,304 | 7,439 | 11,621 | 14,809 | 37,787 |
| Projects according to percentage of completion | 62,685 | 31,929 | 152,253 | 95,473 | 188,312 |
| Total | 85,800 | 71,852 | 289,889 | 190,198 | 334,278 |
Revenue from contracts with customers per country, based on where customers are located
| Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 | |
|---|---|---|---|---|---|
| Sweden | 122 | 89 | 6,633 | 1,915 | 3,031 |
| Germany | 40,949 | 10,635 | 125,044 | 38,429 | 71,429 |
| Great Britain | 6,114 | 1,567 | 14,452 | 7,331 | 12,047 |
| Netherlands | 14,893 | 331 | 22,455 | 4,777 | 5,929 |
| US | - | 16,237 | -3,131 | 21,250 | 21,204 |
| Norway | -3,973 | 33,260 | 3,176 | 88,932 | 100,575 |
| Italy | 25,846 | 502 | 111,168 | 3,538 | 87,284 |
| Other | 1,849 | 9,231 | 10,092 | 24,026 | 32,779 |
| Total | 85,800 | 71,852 | 289,889 | 190,198 | 334,278 |
Note 4 | Related party transactions
No significant transactions with related parties have taken place in the period.
Note 5 | Earnings per share
| SEK | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 |
|---|---|---|---|---|---|
| Earnings per share, basic | -0.23 | -0.46 | -0.41 | -1.45 | -1.52 |
| Earnings per share, diluted | -0.23 | -0.46 | -0.41 | -1.45 | -1.52 |
Performance measures used in the calculation of earnings per share
Profit/loss attributable to the shareholders of the Parent Company used in the calculation of earnings per share, basic and diluted
| SEK thousand | |||||
|---|---|---|---|---|---|
| Profit (loss) attributable to Parent Company shareholders | -13,378 | -23,756 | -23,852 | -75,698 | -87,903 |
| Number | |||||
| Weighted average number of ordinary shares at the calculation of earnings per share, basic |
57,892,434 | 52,142,434 | 57,892,434 | 52,142,434 | 57,892,434 |
| Adjustment for the calculation of earnings per share, diluted | 57,892,434 | 52,142,434 | 57,892,434 | 52,142,434 | 57,892,434 |
Note 6 | Items affecting comparability
| SEK thousand | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 |
|---|---|---|---|---|---|
| Government loan converted into grant | - | - | - | 30,000 | 30,000 |
| Total | - | - | - | 30,000 | 30,000 |
Note 7 | Other operating income
| SEK thousand | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 |
|---|---|---|---|---|---|
| Currency exchange gains | 5,184 | 5,764 | 21,098 | 14,623 | 16,913 |
| Grants | 5,387 | 4,977 | 19,977 | 23,969 | 30,735 |
| Other | 15 | - | 38 | 1,690 | 1,260 |
| Total | 10,586 | 10,741 | 41,113 | 40,282 | 48,908 |
The majority of the R&D grants come from the EU and relate to projects within the aviation segment. Costs related to the EU-granted projects are to be found in operating expenses as R&D costs.
Note 8 | Other operating cost
| SEK thousand | Jul-Sep 2025 | Jul-Sep 2024 | Jan-Sep 2025 | Jan-Sep 2024 | 2024 |
|---|---|---|---|---|---|
| Currency exchange losses | -1,748 | -4,814 | -13,693 | -18,326 | -24,611 |
| Total | -1,748 | -4,814 | -13,693 | -18,326 | -24,611 |
Definition of key financial indicators
In this financial report, there are references to several performance measures. Some of the measures are defined in IFRS, others are alternative performance measures and are not disclosed in accordance with applicable financial reporting frameworks or other legislations. The performance measures are used by the Group to assist both investors and management in analysing PowerCell's business. The performance measures in this financial report are described and defined below. The reason for the use of the performance measure is also disclosed.
Equity/assets ratio, %
Equity in relation to total assets. The ratio can help investors understand how much of the company's assets are funded by issuing stock rather than borrowing money and may indicate how financially stable the company may be in the long run.
Earnings per share
Net income is divided by the weighted average number of outstanding shares.
Gross margin, %
Net revenue less cost of goods sold through net revenue. Gross margin may help investors understand how much revenue the company retains, which can be used to pay other costs.
Net sales rolling twelve-month
Net sales for a period that is determined monthly and consists of the previous twelve consecutive calendar months. Net sales rolling twelve months can give investors an understanding of the company's sales development on a more current basis than the previous financial year.
Other information
Employees
On September 30, 2025, the Group had 156 (147) employees measured as full-time equivalents, FTE.
The share
The share is listed on Nasdaq Stockholm under the ticker PCELL. On September 30, 2025, the total number of outstanding shares was 57,892,434. PowerCell holds no treasury shares.
Risks and uncertainties
Through its operations, PowerCell is exposed to risks and uncertainties, which have been increasingly present during the last months of global financial uncertainties. For extensive information on the most significant operational and financial risks, please see pages 59-60 and pages 66-67 in the Annual Report for 2024.
PowerCell's underlying markets are driven by the strong megatrend of electrification and society's need to transition to emission-free energy. However, lingering economic activities can have an impact on the timing of customers' investment decisions.
Parent Company
The main part of the Group's activity is carried out in the Parent Company PowerCell Sweden AB. Out of 156 employees, 153 are employed by the Parent Company. The Parent Company's revenue amounted to SEK 85.8m (71.9) in the third quarter. Operating income for the quarter amounted to SEK -12.5m (-23.7).
Ten largest owners September 30, 2025
| Name | Number of Shares |
Votes and capital |
|---|---|---|
| Robert Bosch | 6,493,531 | 11.22% |
| Norges Bank Investment Management | 2,999,397 | 5.18% |
| Avanza Pension | 2,182,067 | 3.77% |
| Axon Partners Group Investment SGEIC | 1,055,193 | 1.82% |
| Green Benefit AG | 814,506 | 1.41% |
| Global X Management Company LLC | 630,665 | 1.09% |
| Nordnet Pensionsförsäkring | 552,391 | 0.95% |
| Ruth Asset Management | 500,000 | 0.86% |
| VanEck | 370,285 | 0.64% |
| SEB Funds | 343,447 | 0.59% |
| Total ten largest owners | 15,941,482 | 27.53% |
| Others | 41,950,952 | 72.47% |
| Total | 57,892,434 | 100.00% |
Source: Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen).
Assurance of the Board of Directors
The Board of Directors and the CEO warrant that this interim report for Powercell Sweden AB (publ), Corp. Id. No. 556759-8353, provides a true and fair picture of the Parent Company's and the Group's operations, financial position and results and describes
the significant risks and uncertainties of the Parent Company and the companies included in the Group.
Gothenburg, October 23, 2025
Magnus Jonsson Chairman
Nicolas Boutin Director
Helen Fasth Gillstedt Director
Riku-Pekka Hägg Director
Karin Ryttberg-Wallgren Director
Uwe Hillmann Director
Annette Malm Justad Director
Richard Berkling CEO
Auditor's report
To the Board of directors in Powercell Sweden AB (publ), corporate identity number 556759-8353
Introduction
We have conducted a limited review of the condensed interim financial information (interim report) for Powercell Sweden AB (publ) as of September 30, 2025, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review.
The focus and scope of the limited review
We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has.
Conclusion
Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act.
Gothenburg 23 October 2025 Öhrlings PricewaterhouseCoopers AB
Fredrik Göransson Authorized Public Accountant
Financial calendar
Interim report Q4 and year-end report 2025, February 4, 2026 Interim report Q1 2026, April 23 Annual General Meeting, May 5 Interim report first half year 2026, July 16 Interim report Q3 2026, October 22 Interim report Q4 and year-end report 2026, February 3, 2027
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/q3-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://events.inderes.com/powercell-group/q3-report-2025/dial-in
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.
Contact details: CEO Richard Berkling +46 (0) 31 7203620 [email protected] CFO Anders Düring +46 (0) 70 8887733 [email protected]
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 October 23, 2025.
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.
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 https://powercellgroup.com.
Powercell Sweden AB (publ)
Corp. Reg. No. 556759-8353 Ruskvädersgatan 12, SE-418 34 Gothenburg Tel: +46 (0) 31 720 36 20 powercellgroup.com