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PowerCell (PCELL) investor relations material
PowerCell Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 sales fell 61% YoY to SEK 33.1m amid weak demand, lower automotive royalties and delivery timing delays; operating loss widened to SEK 33.7m.
Cost reductions lowered combined selling, administrative and R&D expenses 25% YoY in Q3; annual cost base is expected to be ~SEK 50m lower in 2027 versus 2025.
Marine and Power Generation orders support activity, while management expects subdued market conditions into early 2027.
Financial highlights
Q3 net sales were SEK 33.1m vs SEK 85.8m; gross profit was SEK 9.1m vs SEK 33.1m, and net loss was SEK 34.2m vs SEK 15.3m.
9M net sales were SEK 117.0m, down 60% YoY; excluding the prior-year Bosch licensing transaction, revenue declined 41%.
9M gross margin was 20.0% vs 48.5%; operating income was SEK -126.3m vs SEK -4.4m, and net income was SEK -125.2m vs SEK -8.6m.
Q3 operating cash flow was SEK -1.2m vs SEK -39.4m; 9M operating cash flow was SEK -74.4m vs SEK -126.3m.
Outlook and guidance
~SEK 15m of deliveries shifted into Q4; completing secured deliveries is a near-term priority.
Cost measures are expected to lower the annual cost level by ~SEK 50m in 2027 versus 2025, with benefits continuing through 2026.
Planning assumes subdued market conditions into early 2027; larger project timing remains uncertain, and some automotive royalties are now expected in 2027.
- Order intake surged despite steep revenue and margin declines, signaling future growth amid volatility.PCELL
Q2 2026 - Q1 sales and margins declined sharply, but new agreements and EU projects support resilience.PCELL
Q1 2026 - Net sales up 15%, gross margin 45.2%, and positive EBITDA achieved despite market volatility.PCELL
Q4 2025 - Q3 net sales up 19% year-over-year, higher margins, and major marine contracts secured.PCELL
Q3 2025 - Record revenue, positive EBITDA, and strong OEM orders highlight accelerating momentum.PCELL
Q2 2025 - Q3 sales up 3% with major marine orders, serial production, and improved cash flow.PCELL
Q3 2024 - Q2 sales up 6%, marine orders drive growth, SEK 30m grant and SEK 50m loan secured.PCELL
Q2 2024 - Sales up 42% and EBITDA improved, driven by marine and OEM growth despite cash flow volatility.PCELL
Q1 2025 - Q4 sales up 13%, margins improved, and strong OEM orders set up 2025 growth.PCELL
Q4 2024
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