Improved business mix and continued stable gross margin development during the quarter
Sales for PowerCell Sweden AB amounted to SEK 30.0m for the first quarter 2022 compared to SEK 29.7m the same quarter last year. Operating income at SEK -28.6m (-23.9) was impacted by investments in sales and marketing. Gross margin for the quarter was 32.8% (32.4), following a continued stable development.
The English version is an in house-translation. In case of any discrepancy, the Swedish text will prevail.
The first quarter 2022 saw an increased interest in hydrogen-electric solutions with a greater proportion of total sales being generated by a growing number of customers in different segments.
“During the first quarter last year, sales to a large extent consisted of fuel cell stack deliveries to Robert Bosch GmbH. During the first quarter this year, however, we see how an increased number of larger customers are ordering more of complete systems and customized solutions within transition services”, Richard Berkling, CEO of PowerCell Sweden AB said.
During the first quarter 2022, total sales amounted to SEK 30.0m compared with SEK 29.7m the same quarter previous year. Operating income amounted to SEK -28.6m compared with SEK -23.9m during the same quarter 2021, impacted by investments in sales and marketing. Gross profit amounted to SEK 9.8m (9.6) driven by a continued stable gross margin development, which for the quarter amounted to 32.8% (32.4).
Operating cash flow for the period amounted to SEK -42.2m compared with SEK -11.2m the same period last year, impacted by an increase in working capital, mainly due to inventory build-up from low levels by the end of 2021.
Financial highlights
| SEK million, unless other stated | Q1 2022 | Q1 2021 | 2021 |
| Net sales | 30.0 | 29.7 | 159.8 |
| Gross profit | 9.8 | 9.6 | 49.0 |
| Gross margin. % | 32.8 | 32.4 | 30.7 |
| Operating income before items affecting comparability | -28.6 | -22.7 | -80.5 |
| Operating income | -28.6 | -23.9 | -81.7 |
| Net income | -24.5 | -16.5 | -75.1 |
| Earnings per share (basic and diluted). SEK | -0.45 | -0.31 | -1.50 |
| Shareholder equity ratio. % | 72.9 | 78.8 | 73.6 |
| Operating cash flow | -42.2 | -11.2 | -66.3 |
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 28 April 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.