Continued Strong Sales and Increased Customer Interest

PowerCell Sweden AB grew its sales by 11 percent during the first quarter 2021, from MSEK 26.7 to MSEK 29.7. Operating income before items affecting comparability for the first quarter weakened to MSEK -22.7 (-17.6) mainly driven by operational currency effects and adjusted for these, operating income was basically unchanged at MSEK -22,5 (-22,7).

“In terms of sales, the first quarter 2021 was the strongest first quarter in the company’s history. Our sales to Robert Bosch GmbH continue to play a crucial role but we expect their share of the total sales to decline as we increase sales to our other prioritized segments such as the stationary”, Richard Berkling, CEO of PowerCell Sweden AB said.

During the first quarter 2021 total sales amounted to 29,749 thousand SEK compared to 26,727 thousand SEK the same quarter previous year, an increase by 11 percent. Operating income before items affecting comparability amounted to -22,689 thousand SEK for the first quarter compared to
-17,609 thousand SEK during the same quarter 2020. The weakening of the Swedish Krona has affected the operating income and adjusted for operational currency effects, the operating income before items affecting comparability was basically unchanged year over year. The items affecting comparability are associated with the development and launch of the new brand for products and services, PowerCellution.

Operating income amounted to -23,945 thousand SEK compared to -17,609 thousand SEK the same quarter last year.

The interest in hydrogen-electric solutions continues to increase against the background of increased demands from customers and legislators for reduced emissions of, above all, carbon dioxide. After quarter-end, PowerCell Sweden announced a deepened collaboration with Hitachi ABB Power Grids within fuel cell-based stationary power solutions.

“We are now focusing on a series of measures to prepare for the growth journey we expect going forward. These measures include improving internal efficiency and an increased focus on generating long-term value for our customers”, Richard Berkling, CEO of PowerCell said.

Financial highlights

All amounts in thousand SEK 2021
Jan-Mar
2020
Jan-Mar
2020
Jan-Dec
2019
Jan-Dec
Net sales 29,749 26,727 103,528 66,850
Operating income before items affecting comparability -22,689 -17,609 -97,749 -79,898
Operating income -23,945 -17,609 -103,386 448,408
Profit/loss after tax      -16,499 7,793 -116,622 438,011
Operating cash flow -11,182 -32,700 -3,863 369,146
 

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 11 May, 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.

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