Continued Growth and Strengtened Gross Margin Led to Improved Operating Income during the Second Quarter
PowerCell Sweden AB grew its sales by 28 percent during the second quarter 2021, from MSEK 22.2 to MSEK 28.2. Operating income improved to MSEK -21.7 (-28.3) driven by increased sales and strengthened gross margin.
In terms of sales, the second quarter 2021 was the strongest second quarter in the company’s history. This was the third quarter in a row with record sales in comparison with corresponding quarters previous years.
“Growth was driven by increased demand in all segments while also sales to Robert Bosch remained high. Underlying demand was stronger than what can be seen in the figures, but due to disturbance in the supply chain we experienced delay for deliveries into the third quarter”, Richard Berkling, CEO of PowerCell Sweden AB said.
During the second quarter 2021 total sales amounted to 28,162 thousand SEK compared to 22,064 thousand SEK the same quarter previous year, an increase by 28 percent. Operating income both before and after items affecting comparability amounted to -21,711 thousand SEK for the second quarter compared to -28,270 thousand SEK during the same quarter 2020, driven by strengthened gross margin and increased sales. Operating cash flow for the quarter amounted to 5,644 (-10,996) thousand SEK as a result of improved operating income and received advance payments for larger orders.
“We now clearly observe growth in demand for fuel-cell-based power solutions illustrated by an increase in commercial orders with higher order values and also by increased lead times. Our combination of industrialized products and unique expertise give us competitiveness in the rapidly emerging hydrogen-electric economy”, Richard Berkling, CEO of PowerCell said.
Financial highlights
| All amounts in thousand SEK | 2021 Apr-Jun |
2020 Apr-Jun |
2021 Jan-Jun |
2020 Jan-Jun |
| Net sales | 28,162 | 22,064 | 57,911 | 48,790 |
| Operating income before items affecting comparability | -21,711 | -28,270 | -44,402 | -45,880 |
| Operating income | -21,711 | -28,270 | -45,658 | -45,880 |
| Profit/loss after tax | -25,878 | -50,269 | -42,379 | -42,476 |
| Operating cash flow | 5,644 | -10,996 | -5,538 | -43,695 |
For further information, please contact:
Richard Berkling Mårten Wikforss
CEO, PowerCell Sweden AB (publ) Investor Relations
Phone: +46 (0) 31 720 36 20 +46 705 59 11 49
Email: richard.berkling@powercell.se Email: marten.wikforss@powercell.se
This information is insider information that PowerCell Sweden AB (Publ) 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 08:30 CET on 20 August, 2021.
About PowerCell Sweden AB (publ)
PowerCell Sweden AB (publ) develops and produces fuel cell stacks and systems for stationary and mobile applications with a world class energy density. The fuel cells are powered by hydrogen, pure or reformed, and produce electricity and heat with no emissions other than water. As the stacks and systems are compact, modular and scalable, they are easily adjusted to any customer need.
PowerCell was founded in 2008 as an industrial spinout from the Volvo Group. The share (PCELL) is since 2014 subject to trade at Nasdaq First North Growth Market, Stockholm. G&W Fondkommission is Certified Adviser, e-mail: ca@gwkapital.se, phone: +46 8 503 000 50.