Cell Impact (CI) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were SEK 0.4 million, a sharp decline of 93% year-over-year, reflecting weak market demand and lengthy industry lead times.

• Operating loss (EBIT) widened to SEK -21.7 million from SEK -17.7 million in Q3 2024, with continued negative earnings and cash flow.

• Transitioned from development to initial continuous production for a North American customer, marking a strategic milestone despite limited immediate financial impact.

• Rights issue and directed share/warrant issues completed, raising SEK 39.2 million before costs and loan repayment.

Financial highlights

• Net sales: SEK 0.4 million (Q3 2024: SEK 5.5 million); Jan–Sep 2025: SEK 4.5 million (Jan–Sep 2024: SEK 35.1 million).

• Operating loss (EBIT): SEK -21.7 million (Q3 2024: SEK -17.7 million); Jan–Sep 2025: SEK -62.5 million.

• Net loss: SEK -22.8 million (Q3 2024: SEK -17.9 million); Jan–Sep 2025: SEK -65.6 million.

• Cash and cash equivalents at period end: SEK 6.7 million (Q3 2024: SEK 18.2 million).

• Cash flow from operating activities: SEK -19.6 million (Q3 2024: SEK 0.8 million).

Outlook and guidance

• Positioned to scale up operations as market momentum increases, with nearly 20 customer projects in various development phases.

• Main challenge remains slow market adoption of hydrogen and fuel cell technologies.