Cell Impact publishes operational update, announces preliminary sales figures for the third quarter 2023 and will convene an EGM to create flexibility in upcoming capital raising
The trend of delayed orders from fuel cell manufacturers, that Cell Impact communicated in the interim report for the second quarter of 2023, continues and the tendency is stronger than before.
Net sales during the third quarter preliminarily amounted to approximately SEK 8 million (17), which is less than expected.
The trend of delayed orders from the second quarter continues and the tendency is stronger than before. Sales during the third quarter of the year consisted mainly of flow plates, while delays were experienced in terms of expected tooling projects and equipment.
The company does not provide any forecasts, but considering the communication in the second quarter about lower sales than expected and a generally challenging situation, the company assesses that the lower level of demand for flow plates in particular will last several quarters before a positive trend is established again.
The current reduction in incoming orders for flow plates for fuel cells enables a greater focus within the company on electrolyser plates, tools for new projects, and equipment sales to larger industrial players.
Cell Impact has previously reported that after the pandemic, the company has had a very good influx of inquiries and visits from new prospects, with several well-known European companies as part of the company's pipeline. Cell Impact is strongly focused on converting the company's pipeline of projects into new customers and business. In the long run, this will create a more even sales trend. Earlier today, Cell Impact announced in a release that the company has received a new order, worth SEK 22 million, from the company’s largest customer for delivery during the first half of 2024.
The savings program communicated in July was fully negotiated by the end of August and means that 21 employees have had to leave the company. The full cost effect of the measures will be achieved towards the end of 2023. The company will continue to adapt its costs to the demand situation. The cash position as of the end of September amounts to approximately SEK 35 million.
In connection with the quarterly report for the second quarter of 2023, Cell Impact communicated new financial targets. Considering the third quarter's development and a feared continued lower demand for flow plates into 2024, an upcoming further adjustment of the targets cannot be ruled out.
The report for the third quarter 2023, as previously communicated, will be published on 3 November 2023.
In accordance with previous communication, Cell Impact needs new capital during 2023 to continue financing the business. The company is currently working on acquiring such financing where the main track is a rights issue. To create as much flexibility as possible, the board will convene an extraordinary general meeting to resolve on an extended issue authorization and changed limits for the minimum and maximum number of shares in the articles of association. Notice of the extraordinary general meeting will be published during the day.
This information is inside information that Cell Impact AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.
For more information, please contact:
Pär Teike
CEO and IR contact, Cell Impact AB (publ)
+46 73-024 06 84 or paer.teike@cellimpact.com
About Cell Impact
Cell Impact AB (publ) is a global supplier of advanced flow plates to fuel cell and electrolyzer manufacturers. The company has developed and patented a unique method for high velocity forming, Cell Impact Forming™ which is significantly more scalable and cost-efficient compared to conventional forming methods. Cell Impact Forming is an environmentally friendly forming technology that consumes no water and very little electrical power.
The Cell Impact share is listed on Nasdaq First North Growth Market and FNCA Sweden AB is the company’s Certified Advisor (CA). Contact info: +46 8-528 00 399 or info@fnca.se.