Strong sales growth with a significant improvement in operating income
PowerCell Sweden AB grew its sales by 171 percent during the third quarter 2021, from MSEK 17 to MSEK 45. Operating income improved to MSEK -12 (-28) due to increased sales and strengthened gross margin. Growth was driven by increased demand in all segments.
In terms of sales, the third quarter 2021 was yet another very strong quarter for PowerCell Sweden AB
and a new record for a single quarter, in terms of both sales and growth. This was the fourth quarter in a row with record sales in absolute numbers in comparison with corresponding quarters previous years.
“The disruptions in our supply chains that we reported for the second quarter have been managed and we saw a high level of productivity in our production, which provides increased business margins”, Richard Berkling, CEO of PowerCell Sweden AB said.
During the third quarter 2021 total sales amounted to 45,055 thousand SEK compared to 16,587 thousand SEK the same quarter previous year, an increase by 171 percent. Operating income both before and after items affecting comparability amounted to -12,205 thousand SEK for the third quarter compared to -22,327/27,964 thousand SEK during the same quarter 2020, driven by increased sales and strengthened gross margin.
Operating cash flow for the period amounted to -40,034 (73,657) TSEK. The main reason for the negative cash flow was the increase in accounts receivable associated with the increase in sales. Cash flow for the third quarter of 2020 was impacted by the payment of 15% of the Bosch proceeds, totaling MEUR 7.9, that, after the transaction in April 2019, had until then been withheld pursuant to German tax regulations.
Financial highlights
| All amounts in thousand SEK | 2021 Jul-Sep |
2020 Jul-Sep |
2021 Jan-Sep |
2020 Jan-Sep |
| Net sales | 45,055 | 16,587 | 102,966 | 65,378 |
| Operating income before items affecting comparability | -12,205 | -22,327 | -56,607 | -68,207 |
| Operating income | -12,205 | -27,964 | -57,863 | -73,844 |
| Profit/loss after tax | -9,421 | -23,822 | -51,799 | -66,299 |
| Operating cash flow | -40,034 | 73,657 | -45,572 | 29,961 |
Link to the report: https://powercell.se/en/reports/interim-report-third-quarter-2021
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 12 November 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.