Cell Impact Q3 2023: Low demand but continued high interest
Cell Impact AB (Nasdaq First North GM: CI) reports the following summary for the third quarter 2023.
The third quarter was a weak period in line with the expectations that Cell Impact communicated after the second quarter. Net sales during the third quarter of the year amounted to SEK 9.3 million (17.0) and the operating loss was SEK -23.7 million (-28.6).
As communicated after the second quarter, there is lower demand for flow plates in particular. To adapt the company’s organization to these new conditions, Cell Impact implemented a cost reduction program during the third quarter that will take full effect at the end of 2023.
In October, we received a new order worth SEK 22.0 million from Plug Power for ongoing production of flow plates and other deliveries during the first half of 2024. This will provide a good foundation for production in 2024.
Several ongoing application projects are nearing order status for test tools. Test tools are an important part of application work as a first step toward producing the full-scale tools needed to manufacture flow plates. These projects are an opportunity broaden our customer base and promote long-term growth in both fuel cells and electrolyzers.
In accordance with what we communicated earlier, Cell Impact needs additional capital to continue financing its operations in 2023. The company has taken measures to acquire financing and has convened an Extraordinary General Meeting on November 3, 2023 to resolve on providing additional authorization for the Board and amending the company’s Articles of Association regarding share capital and the minimum and maximum number of shares.
Financial summary Q3 2023
- Net sales totaled SEK 9.3 million (17.0).
- Operating profit (EBIT) was SEK -23.7 million (-28.6).
- The Group’s result after financial items was SEK -24.9 million (-28.9).
- Earnings per share attributable to the Parent Company’s shareholders before and after dilution totaled SEK -0.33 (-0.38).
- Debt/equity ratio was 75 percent (81) on the balance sheet date.
- Cash flows from operating activities amounted to SEK -26.3 million (-21.4).
- On the balance sheet date, the Group’s cash and cash equivalents totaled SEK 35.1 million (211.6).
The information was submitted for publication at 08:00 CET on 3 November 2023.
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).
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