Continued strong sales growth and improvement in operating income
PowerCell Sweden AB grew its sales by 49 percent during the fourth quarter 2021, from MSEK 38.2 to MSEK 56.8 compared with the same quarter last year. For the full year 2021, sales grew by 54 percent to MSEK 159.8 (103.5).
Operating income improved to MSEK -23.9 (-29.5) due to continued increasing sales and strengthened gross margin.
The fourth quarter 2021 was yet another very strong quarter for PowerCell Sweden AB with a new sales record for a single quarter. Sales for the full year also set a record.
“Demand continued to be strong during the quarter with large-scale deliveries to the emerging hydrogen-electric aviation industry, in which, for example, we delivered the largest serial produced order in PowerCell’s history in the form of 12 PS-100 fuel cell systems. In 2021 as a whole , we saw increased deliveries to all our segments”, Richard Berkling, CEO of PowerCell Sweden AB said.
During the fourth quarter 2021 total sales amounted to 56,791 thousand SEK compared to 38,150 thousand SEK the same quarter previous year, an increase by 49 percent. Operating income both before and after items affecting comparability amounted to -23,869 thousand SEK for the fourth quarter compared to -29,543 thousand SEK during the same quarter 2020, driven by increased sales and strengthened gross margin.
Operating cash flow for the period amounted to -20,766 compared with -33,826 thousand SEK. The increase in sales led to an increase in accounts receivable, which impacted the cash flow negatively, but the operating cash flow for the period is nevertheless stronger than that for the same quarter last year.
Financial highlights
| All amounts in thousand SEK | 2021 Oct-Dec |
2020 Oct-Dec |
2021 Jan-Dec |
2020 Jan-Dec |
| Net sales | 56,791 | 38,150 | 159,757 | 103,528 |
| Operating income before items affecting comparability | -23,869 | -29,543 | -80,475 | -97,749 |
| Operating income | -23,869 | -29,543 | -81,731 | -103,386 |
| Profit/loss after tax | -23,285 | -50,324 | -75,084 | -116,622 |
| Operating cash flow | -20,766 | -33,826 | -66,338 | -3,863 |
Link to the report: https://powercell.se/en/reports-and-presentations
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 February, 2022.
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.