Interim report
First quarter 2025
Interim report first quarter 2025
Steady pace through rough waters
January-March 2025
- Net sales SEK 74.1m (52.1), an increase of 42% compared to same quarter previous year
- Gross profit increased to SEK 27.5m (24.6) with a gross margin of 37.1% (47.2)
- Operating income before and after items affecting comparability SEK -11.3m (-29.3)
- Net income SEK -15.7m (-25.1)
- Operating cash flow SEK -79.3m (38.7)
- Earnings per share (basic and diluted) SEK -0.43 (-0.66)
Significant events during the first quarter
- PowerCell Secures 2 MW Order for M2Power 250 systems in Maritime Sector
- PowerCell Group Attains Aviation AS9100D Certification
Key performance indicators
SEK million, unless other stated | Jan-Mar 2025 | Jan-Mar 2024 | 2024 |
Net sales | 74.1 | 52.1 | 334.3 |
Gross profit | 27.5 | 24.6 | 116.2 |
Gross margin, % | 37.1 | 47.2 | 34.8 |
EBITDA | -6.0 | -23.7 | -30.9 |
Operating income | -11.3 | -29.3 | -53.7 |
Net income | -15.7 | -25.1 | -47.3 |
Earnings per share (basic and diluted), SEK | -0.43 | -0.66 | -1.52 |
Equity asset ratio, % | 65.3 | 58.9 | 62.5 |
Operating cash flow | -79.3 | 38.7 | -18.6 |
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Interim report first quarter 2025
CEO comments
Steady pace through rough waters
In the first quarter of 2025, we continued to navigate a complex global landscape with steady hands and clear direction. A landmark 2 MW order for our M2Power 250 systems worth over 150 MSEK from a major European shipbuilder marked a strong start to the year and is an important step forward in our transition toward an OEM-driven business model.
This order is not just a commercial success, it shows that our marine offering is meeting the needs of customers moving from pilot projects to real operations. Fuel cell systems are increasingly becoming part of long-term propulsion and power generation plans in active fleets, particularly within cruise ships and large yachts.
While policy and regulatory signals remain mixed, demand continues at a steady pace. More of our customers now come to us with clear industrialization plans, structured procurement processes, and a readiness to scale, although decision cycles are being slowed by broader global uncertainty.
Solid First Quarter Performance with Continued Focus on Long-Term Fundamentals
The order also confirms our growth strategy: increase the number of installations - and increase PowerCell's value per installation. The M2Power 250 supports both. It's encouraging to see yet another new product gaining traction so soon after launch. With the M2Power 250, we are taking PowerCell beyond fuel cell electrification, simplifying integration for shipyards and system integrators, and accelerating hydrogen adoption in markets where infrastructure is still catching up.
In the first quarter, net sales amounted to SEK 74 million, representing a 42% increase compared to the same period last year. The growth is primarily driven by increased OEM deliveries, which now account for a growing share of our overall business.
EBITDA improved to SEK -6 million, compared to SEK -24 million in the first quarter of 2024, reflecting improved leverage and continued cost discipline. Gross margins remained stable, supported by a better product mix and growing contributions from application development and services.
Operating cash flow for the quarter was SEK -79 million. The decline is primarily due to periodization of significant procurements in Q4 2024 attached to project deliveries with customer invoice milestones during H1 2025. Q1 also marks the third consecutive quarter with monthly OEM-related product order intake exceeding SEK 50 million, an important signal of both consistency and scale in our core business.
Investing in Capability and Scaling for Long-Term Delivery
We continue to strengthen our industrial foundation to support growing OEM demand. In the quarter, we were awarded AS9100 certification, confirming our quality management systems meet the rigorous standards of the aviation industry.
Production of the Marine System 225 is scaling up to meet increasing volumes from OEM customers, and we have expanded our capacity for customer commissioning. These steps are key as more deliveries move from pilots to full- scale commercial use.
From Innovation to Integration
The theme of this quarter is steady progress. As the green energy transition continues, we see mixed policy signals and financial pressure across parts of the industry. It's a complex environment, but real transformation is rarely about perfect conditions. It's about moving forward even when things aren't fully settled.
At PowerCell, we're focused on integration. Innovation isn't just about introducing new technology, it's about making sure it works in the hands of real customers, in real operations. That's where the Marine System 225 and M2Power 250 come in. These platforms are designed to meet industrial requirements in lab settings, shipyards, docks, and day-to-day maritime operations.
We're now delivering systems that plug into our customers' existing workflows and long-term plans. That's how we support the transition, not just by developing new solutions, but by making sure they're usable, scalable, and aligned with where the market is heading.
We're seeing early signals of this shift across the board: demand from more mature customers, product adoption tied to real operational plans, and technology that is moving from demonstration to deployment.
Gothenburg, March 2025
CEO Richard Berkling
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Interim report first quarter 2025
Financial performance January-March 2025
Net sales
Net sales amounted to SEK 74.1m (52.1), an increase of 42%. The Marine segment contributes by SEK 43.5m to the quarterly net sales. Sales of projects, according to percentage of completion, amounted to SEK 41.5m (27.9). Royalty fees from Robert Bosch GmbH accounted to SEK 5.0m (2.8).
Gross profit and operating income/loss
Gross profit increased to SEK 27.5m (24.6) with a gross margin of 37.1% (47.2), however margin was held back by negative currency effects EUR/SEK, approximately SEK 18m, following re-evaluating project reported as percentage of completion. During first quarter 2024 gross margin was impacted positively by currency effects of approximately SEK 8m.
Other operating income amounted to SEK 24.1m (6.9). The difference compared to previous year predominantly caused by more projects subject for grants.
In the quarter, SEK 10.5m (9.5) was capitalised as development expenditures. The majority of the capitalised expenditures are related to the development of a new version of PS200 system.
Net income and financial items
Net financial items amounted to SEK -4.5m (4.1). Net income in the quarter was SEK -15.7m (-25.1).
Cash flow
During the quarter operating cash flow was SEK -79.3m (38.7). The negative operating cash flow is predominantly related to significant changes in accounts receivable and accounts payable totalling approximately SEK -79m impacting operating cash flow negatively. This situation is deriving from large pre-buys for projects during Q4 and milestones for invoicing in customer project plans during Q1, not yet collected. The rollover effect between quarters was expected and mentioned in the Q4 presentation.
Cash flow from investing activities was affected by product development capitalisation. In the quarter, SEK 10.5m (9.5) was capitalised as intangible assets.
Total cash flow for the quarter amounts to SEK -92.1m (26.5).
Financial position
On March 31, 2025, cash and cash equivalents amounted to SEK 140.8m (101.2).
Net sales | Gross profit % | ||||||||||||||||||||||||
160 | 400 | 60% | 60% | ||||||||||||||||||||||
140 | 350 | 50% | 50% | ||||||||||||||||||||||
120 | 300 | ||||||||||||||||||||||||
40% | 40% | ||||||||||||||||||||||||
100 | 250 | ||||||||||||||||||||||||
80 | 200 | 30% | 30% | ||||||||||||||||||||||
60 | 150 | 20% | 20% | ||||||||||||||||||||||
40 | 100 | ||||||||||||||||||||||||
10% | 10% | ||||||||||||||||||||||||
20 | 50 | ||||||||||||||||||||||||
0 | 0 | 0% | 0% | ||||||||||||||||||||||
Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | Q1 23 | Q2 23 | Q3 23 | Q4 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | Q1 25 | ||||||||
Net sales, SEK million | R12M | Gross profit margin, % | R12 Gross profit margin % | ||||||||||||||||||||||
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Interim report first quarter 2025
Condensed income statement - Group
SEK thousand | Note | Jan-Mar 2025 | Jan-Mar 2024 | 2024 |
Net sales | 74,110 | 52,067 | 334,278 | |
Costs of goods and services sold | -46,601 | -27,513 | -218,107 | |
Gross profit | 27,509 | 24,554 | 116,171 | |
Selling and administrative costs | 4 | -30,379 | -29,094 | -113,334 |
Research and development costs | -27,889 | -22,824 | -110,877 | |
Other operating income | 7 | 24,100 | 6,859 | 48,908 |
Other operating costs | 8 | -4,630 | -8,813 | -24,611 |
Operating income before items affecting | -11,289 | -29,318 | -83,743 | |
comparability | ||||
Items affecting comparability | 6 | - | - | 30,000 |
Operating income | -11,289 | -29,318 | -53,743 | |
Net financial items | -4,493 | 4,067 | 6,159 | |
Profit (loss) after financial items | -15,782 | -25,251 | -47,584 | |
Income tax | 84 | 103 | 299 | |
Profit (loss) for the period | -15,698 | -25,148 | -47,285 | |
Other comprehensive income: | ||||
Items that may be reclassified to profit or loss | ||||
Exchange differences from foreign operations | -165 | -184 | -317 | |
Other comprehensive income for the period | -165 | -184 | -317 | |
Total comprehensive income for the period | -15,863 | -25,332 | -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 | Jan-Mar 2025 | Jan-Mar 2024 | 2024 |
Earnings per share, basic | 5 | -0.43 | -0.66 | -1.52 |
Earnings per share, diluted | 5 | -0.43 | -0.66 | -1.52 |
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Interim report first quarter 2025
Condensed balance sheet - Group
SEK thousand | 2025-03-31 | 2024-03-31 | 2024-12-31 |
ASSETS | |||
Non-current assets | |||
Intangible assets | 72,749 | 31,371 | 62,769 |
Right of use assets (leasing) | 25,775 | 32,170 | 26,326 |
Tangible fixed assets | 23,251 | 31,586 | 25,440 |
Deferred tax assets | 437 | 344 | 413 |
Total non-current assets | 122,212 | 95,471 | 114,948 |
Current assets | |||
Inventories | 133,859 | 134,008 | 144,180 |
Current receivables | 214,453 | 96,781 | 165,854 |
Cash and cash equivalents | 140,772 | 101,216 | 237,458 |
Total current assets | 489,084 | 332,005 | 547,492 |
TOTAL ASSETS | 611,296 | 427,476 | 662,440 |
EQUITY AND LIABILITIES | |||
Equity attributable to Parent Company | |||
shareholders | |||
Share capital | 1,274 | 1,147 | 1,274 |
Other contributed capital | 816,892 | 635,007 | 816,892 |
Reserves | -482 | -184 | -317 |
Retained earnings (including profit (loss) for the | -418,575 | -384,159 | -404,146 |
year) | |||
Total equity attributable to Parent Company | 399,109 | 251,811 | 413,703 |
shareholders | |||
Liabilities | |||
Non-current liabilities leases | 16,352 | 21,852 | 17,174 |
Non-current liabilities | 334 | 30,572 | 395 |
Current liabilities leases | 7,183 | 6,952 | 6,646 |
Current liabilities | 188,318 | 116,289 | 224,522 |
Total liabilities | 212,187 | 175,665 | 248,737 |
TOTAL EQUITY AND LIABILITIES | 611,296 | 427,476 | 662,440 |
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Interim report first quarter 2025
Condensed statement of changes in equity - Group
Attributable to shareholders of the Parent Company | ||||||||||||||
Retained | ||||||||||||||
Other | earnings incl. | |||||||||||||
contributed | profit (loss) for | |||||||||||||
SEK thousand | Note | Share capital | capital | Reserves | the year | Total equity | ||||||||
Opening balance 1 January 2025 | 1,274 | 816,892 | -317 | -404,146 | 413,703 | |||||||||
Profit (loss) for the period | - | - | - | -15,698 | -15,698 | |||||||||
Other comprehensive income for the period | ||||||||||||||
- | - | -165 | - | -165 | ||||||||||
Total comprehensive income for the period | - | - | -165 | -15,698 | -15,863 | |||||||||
Transactions with shareholders | ||||||||||||||
Share-based compensation to employees | - | - | - | 1,269 | 1,269 | |||||||||
Closing balance 31 March 2025 | ||||||||||||||
1,274 | 816,892 | -482 | -418,575 | 399,109 | ||||||||||
Opening balance 1 January 2024 | 1,147 | 635,007 | - | -360,720 | 275,434 | |||||||||
Profit (loss) for the period | - | - | - | -25,148 | -25,148 | |||||||||
Other comprehensive income for the period | - | - | -184 | - | -184 | |||||||||
Total comprehensive income for the period | - | - | -184 | -25,148 | -25,332 | |||||||||
Transactions with shareholders | ||||||||||||||
Share-based compensation to employees | - | - | - | 1,709 | 1,709 | |||||||||
Closing balance 31 March 2024 | 1,147 | 635,007 | -184 | -384,159 | 251,811 | |||||||||
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Interim report first quarter 2025
Condensed cash flow - Group
SEK thousand | Jan-Mar 2025 | Jan-Mar 2024 | 2024 |
Cash flow from operating activities | |||
Operating profit (loss) | -11,289 | -29,318 | -53,743 |
Adjustments for non-cash items | 1,589 | 10,347 | 2,184 |
Interest paid/received | -46 | 158 | -980 |
Paid income tax | -288 | -641 | -413 |
Cash flow from operating activities before | -10,034 | -19,454 | -52,952 |
changes in working capital | |||
Cash flow before changes in working capital | |||
Increase/decrease of inventories | 10,326 | -17,050 | -26,542 |
Increase/decrease of current receivables | -44,635 | 51,651 | -20,409 |
Increase/decrease of current liabilities | -34,967 | 23,570 | 81,333 |
Total changes in working capital | -69,276 | 58,171 | 34,382 |
Cash flow from operating activities | -79,310 | 38,717 | -18,570 |
Cash flow from investing activities | |||
Acquisitions of tangible and intangible assets | -10,931 | -10,318 | -46,542 |
Cash flow from investing activities | -10,931 | -10,318 | -46,542 |
Cash flow from financing activities | |||
Borrowed short-term loans | - | - | 50,000 |
Repayment of leasing liability | -1,856 | -1,886 | -7,321 |
Share issue | - | - | 182,012 |
Cash flow from financing activities | -1,856 | -1,886 | 224,691 |
Decrease/increase of cash and cash | -92,097 | 26,513 | 159,579 |
equivalents | |||
Opening cash and cash equivalents | 237,458 | 70,809 | 70,809 |
Effects of exchange rate changes on cash and | -4,589 | 3,894 | 7,070 |
cash equivalents | |||
Closing cash and cash equivalents | 140,772 | 101,216 | 237,458 |
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Interim report first quarter 2025
Condensed income statement - Parent Company
SEK thousand | Note | Jan-Mar 2025 | Jan-Mar 2024 | 2024 |
Net sales | 74,110 | 52,067 | 334,278 | |
Costs of goods and services sold | -46,601 | -27,513 | -218,107 | |
Gross profit | 27,509 | 24,554 | 116,171 | |
Selling and administrative costs | -28,777 | -28,428 | -114,314 | |
Research and development costs | -38,478 | -32,241 | -150,555 | |
Other operating income | 23,979 | 6,829 | 48,818 | |
Other operating costs | -4,630 | -8,829 | -24,606 | |
Operating income before items affecting | -20,397 | -38,115 | -124,486 | |
comparability | ||||
Items affecting comparability | - | - | 30,000 | |
Operating income | -20,397 | -38,115 | -94,486 | |
Net financial items | -4,253 | 3,572 | 6,449 | |
Profit (loss) after financial items | -24,650 | -34,543 | -88,037 | |
Income tax | 23 | 64 | 134 | |
Profit (loss) for the period | -24,627 | -34,479 | -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.
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Interim report first quarter 2025
Condensed balance sheet - Parent Company
SEK thousand | 2025-03-31 | 2024-03-31 | 2024-12-31 |
ASSETS | |||
Non-current assets | |||
Intangible assets | 5,443 | 5,389 | 6,194 |
Tangible fixed assets | 23,251 | 31,585 | 25,440 |
Financial assets | 3,623 | 1,359 | 1,429 |
Total non-current assets | 32,317 | 38,333 | 33,063 |
Current assets | |||
Inventories | 133,859 | 134,008 | 144,180 |
Current receivables | 215,463 | 99,934 | 168,910 |
Cash and bank balances | 137,445 | 97,255 | 232,993 |
Total current assets | 486,767 | 331,197 | 546,083 |
TOTAL ASSETS | 519,084 | 369,530 | 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 | -383,159 | -298,676 | -296,525 |
Profit (loss) for the period | -24,627 | -34,479 | -87,903 |
Total non-restricted equity | 329,606 | 222,352 | 352,964 |
Total equity | 330,880 | 223,499 | 354,238 |
Liabilities | |||
Non-current liabilities leases | - | 30,000 | - |
Current liabilities | 188,204 | 116,031 | 224,908 |
Total liabilities | 188,204 | 146,031 | 224,908 |
TOTAL EQUITY AND LIABILITIES | 519,084 | 369,530 | 579,146 |
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