Powercell Sweden Ab · OMXSTO:PCELL
Powercell Sweden Ab — Q2 2024 Earnings Presentation
17 slides from Powercell Sweden Ab's earnings presentation, Jul 18, 2024
Slide 1: PowerCell Group | Hydrogen electric solutions
Slide 2: Today's presenters
Today’s presenters RICHARD BERKLING TORBJÖRN GUSTAFSSON CEO CFO
Slide 3: Highlights in the quarter
Highlights in the quarter Good market activity on a softer market: • 6% growth Q2 and 17% R12 months - ramping up for more serial deliveries • Launch of Marine System 225 an evolution of PowerCells marine offering • Order from O.S. Energy which expands our offering into the segment of smaller commer
Slide 4: Marine System 225 introduced
Marine System 225 introduced • Market launch Q2 • Ready for customer delivery Q1 2025 • Evolution of PS200 with 12,5% improved power rating as well as increased value from a more optimized solution. • More supply value from Bosch where we have designed in more sub-components from Bosch Hydrogen Port
Slide 5: Marine System 225 – 1st order!
Marine System 225 – 1st order! Breakthrough order to leading European OEM manufacturer of propulsion systems to the marine cruise industry 4 units Marine System 225 with deliveries completed in H1 2025 Marine industry is accelerating the industry!
Slide 6: Power Generation – Stationary Power
Power Generation – Stationary Power Around 80 per cent of the race site power was produced with hydrogen fuel cells, with enough power produced to keep the lights on in 1,000 homes for a day. Ali Russell, Managing Director of Extreme E, said: “Extreme E’s commitment to sustainability is a key pillar
Slide 7: Second quarter of 2024 net sales
Second quarter of 2024 (Q2 2023) Net sales, MSEK 140 350 120 300 • Net sales Q2 +6% up to 66.3 MSEK, (62.4) 100 250 • Net sales R12M + 17% up to 315.8 MSEK, 80 200 (270.3) 60 150 • Royalty increase R12M from 16.9 to 22.8 40 100 MSEK 20 50 0 0 Net sales MSEK Net sales R12M, MSEK
Slide 8: Gross margin development
Gross margin development Gross margin % 60 50 45 50 • Gross profit Q2 11.0 MSEK 40 35 • Gross profit R12M 118.7 MSEK 40 30 • Gross margin Q2 16.6%, YTD 30,0% 30 25 20 • Gross margin R12M 37.6% 20 15 • Effect from inventory revaluation of 8 MSEK in 10 10 Q2 5 0 0 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q1
Slide 9: Positive trend for operating leverage
Positive trend for operating leverage • OPEX Q2 50,4 MSEK OPEX/net sales R12M, % 90% • OPEX/net sales R12M 62% 85% • Increasing with 7 percent in number of 80% employees versus Q2 23, improving 75% capabilities 70% 65% • Positively impacting operating income 60% 55% 50%
Slide 10: Cash flow impacted from working capital
Cash flow impacted from working capital 50 0 40 -20 30 • Operating Cash flow Q2 -50.6 MSEK 20 -40 • Operating Cash Flow YTD – 11.4 MSEK 10 • Operating Cash flow R12 -112.6 MSEK 0 -60 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 • Volatility in cash flow on quarterly basis. Q2 effected from -10 -80 t
Slide 11: In focus for 2024
In focus for 2024 • Focus on OEM customer orders • Continued growth and expansion in the US • Scaling existing product generation driving towards breakeven and balance the cash-flow • Accelerating industrialization of next generation product portfolio: • Heavy Duty FC Platform 300kW – 1MW • Medium D
Slide 12: New phase in the market
New phase in the market Commercial market growth from OEM Business • New requirements • New opportunities PowerCell have prepared for this…. • Invested in product offering • Invested in internal abilities and capabilities • Invested in productivity and internal efficiency • Invested in industrial st
Slide 13: We continue on our growth journey
We continue on our growth journey • Industrialized production established • Introduced our offering Industrialized Innovation • First mover advantage from building application knowledge • Strong growth in commercial orders • Ramping up production for serial deliveries with Bosch as supplier
Slide 14: Strong market drivers
Strong market drivers • Supranational initiatives - US Inflation Reduction Act, the EU’s Green Deal • “De-carbonize or Die” in certain markets… • Hydrogen electrification to stabilize, complement and support demand beyond grid capacity • Hydrogen has a central role in the energy supply and availabil
Slide 15: Summary
Summary STRONG MARKET DRIVERS LEADING TECHNOLOGY COMMERCIAL DELIVERIES • Accelerating transition to emission- • Best validated fuel cell stack • Starts serial deliveries to free energy technology in the industry commercial applications • Supranational initiatives – US • Reliable, high-power density,
Slide 16: Upcoming reports
Upcoming reports Interim report Q3 2024, 17 October Interim report Q4 and year-end report Q4 2024, 13 February 2025
Slide 17: iy ae
iy ae “sho > _ PowerCell Gro Hydrogen electric solutions