MyFC Holding (publ) financial report January – March 2018

Stockholm, April 27 2018                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

The quarter January – March 2018

  • Net sales: KSEK 180 (310)
  • Operatin loss: SEK -19,0 million (-8,3)
  • Earnings per share: SEK -0,65 kr (-0,38)

Significant events January – March 2018

  • MyFC attends CES in Las Vegas and Mobile World Congress in Barcelona
  • MyFC predicts that fuel cells will surpass batteries in energy density and cost efficiency in a few years
  • MyFC receives and delivers its first commercial order for JAQ Hybrid to Huangdou e-commerce
  • Three key patents granted in India and Sweden
  • MyFC reinforces Group leadership with Sebastian Weber as Chef Technology Integration Officer

Significant events after the end of the period

  • MyFC proposes a rights issue of SEK 75 million for offensive investments in fuel cell integration
  • Jörgen Lantto proposed to become new chairman of myFC; Per Svantesson proposed to become to member of the board.
  • MyFC presents a revised strategy as the result of a strategic review

Comment from CEO Björn Westerholm:

“In summary, I look back on Q1 2018 as a quarter when we took many important steps. Our first delivery of JAQ Hybrid has been completed and we have handled the continuous development of our base technology in a satisfying way. Interest in our products and technology among potential customers has accelerated. I look forward to continuing to sell JAQ Hybrid, and at the same time promote the underlying technical components and all the benefits of our patented technology to the smartphone world, power bank manufacturers and manufacturers (OEM) in the automotive industry, backed by a unique and world-leading technology, strong finances enabling investments ahead, and a strong team that can execute according to plan.”

This information is information that myFC is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:55 CET on 27 of April 2018.

For further information, please contact: 
myFC Press Office 
Email:  press@myfc.se 
Phone: +46 (0) 738 09 33 83

About myFC

MyFC, a Swedish innovation company and market leader in micro fuel cells, develops green energy solutions. Its JAQ Hybrid platform, which co-locates fuel cell and battery to charge smartphones and tablets, was launched in 2017. JAQ Hybrid is the company's third hydrogen-powered product following JAQ and PowerTrekk. It runs on the company's patented fuel consisting of salt, water and reactants. MyFC was founded in 2005 and is part of the group myFC Holding AB. MyFC Holding was listed on NASDAQ | First North in May 2014. Its head office is located in Stockholm and the company's Certified Advisor is Avanza Bank. For more information, visit www.myfcpower.com

Tags:

About Us

MyFC is a Swedish innovation company and market leader in micro fuel cells which develops green energy solutions and markets the underlying components and advantages of its patented technologies to the smartphone world, power bank manufacturers and manufacturers (OEM) in the automotive industry. In 2017, myFC launched its JAQ Hybrid platform, which co-locates fuel cell and battery. JAQ Hybrid is the company's third hydrogen-powered product following JAQ and PowerTrekk. It runs on the company's patented fuel consisting of salt, water and reactants. MyFC was founded in 2005 and is part of the group myFC Holding AB. MyFC Holding was listed on NASDAQ First North in May 2014. Its head office is located in Stockholm and the company's Certified Advisor is Avanza Bank. For more information, visit www.myfcpower.com

Subscribe

Quotes

In summary, I look back on Q1 2018 as a quarter when we took many important steps. Our first delivery of JAQ Hybrid has been completed and we have handled the continuous development of our base technology in a satisfying way. Interest in our products and technology among potential customers has accelerated. I look forward to continuing to sell JAQ Hybrid, and at the same time promote the underlying technical components and all the benefits of our patented technology to the smartphone world, power bank manufacturers and manufacturers (OEM) in the automotive industry, backed by a unique and world-leading technology, strong finances enabling investments ahead, and a strong team that can execute according to plan
Björn Westerholm, CEO