Powercell Sweden Ab · OMXSTO:PCELL
Powercell Sweden Ab — Q1 2024 Earnings Presentation
15 slides from Powercell Sweden Ab's earnings presentation, Apr 25, 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: • 3% growth Q1 and 18% R12 months • Growing OEM orders, Ancillary Power to Vantastec Group • HyFlex proof-of-concept with Hitachi Energy, Skanska, Volvo Group and Port of Gothenburg • Historically strong operating cash flow: +38,7
Slide 4: First quarter of 2024 (Q1 2023)
First quarter of 2024 (Q1 2023) • Net sales Q1 +3% up to 52.1 MSEK, (50,5) • Net sales R12M + 18% up to 311.9 MSEK, (265) • Royalty increase R12M from 17.8 to 20.2 MSEK
Slide 5: Continued good gross margin
Continued good gross margin • Gross profit Q1 24.6 MSEK, +28% • Gross profit R12M 129.4 MSEK, +6% • Gross margin Q1 47.2% (37.9%) • Gross margin R12M 41.5%
Slide 6: Focus on operating leverage
Focus on operating leverage • OPEX Q1 53.9 MSEK • OPEX/net sales R12M 64% • Increasing with 17 percent in number of employees versus Q1 23, improving capabilities • 9.5 MSEK capitalized as product development expenditures in Q1
Slide 7: Cash flow impacted from working capital
Cash flow impacted from working capital • Operating Cash flow Q1 38.7 MSEK • Operating Cash flow R12 -68.6 MSEK • Impacted positively by changes in working capital, primarily current receivables • 9.5 MSEK was capitalized as intangible assets in Q1
Slide 8: In focus for 2024
In focus for 2024 • 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 Duty FC Platform 80 – 115 kW • I
Slide 9: 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 10: 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 11: 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 12: Summary
Summary STRONG MARKET DRIVERS LEADING TECHNOLOGY COMMERCIAL DELIVERIES • Accelerating transition to • Best validated fuel cell stack • Starts serial deliveries to emission-free energy technology in the industry commercial applications • Supranational initiatives – US • Reliable, high-power density,
Slide 13: Upcoming reports
Upcoming reports Interim report Q2 and first half year 2024, 18 July Interim report Q3 2024, 17 October Interim report Q4 and year-end report Q4 2024, 13 February 2025
Slide 14: Q&A
Q&A
Slide 15: PowerCell Group | Hydrogen electric solutions
PowerCell Group | Hydrogen electric solutions