Cell Impact (CI) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 were SEK 1.1 million, down 50% year-over-year; full-year net sales fell 85% to SEK 5.6 million compared to 2024.

• Operating loss (EBIT) for Q4 was SEK -65.4 million, with a full-year operating loss of SEK -127.9 million.

• Significant impairment of SEK 42.7 million related to overcapacity and changing production needs impacted Q4 results.

• Announced a SEK 38.3 million rights issue and secured a SEK 12 million bridge loan to strengthen liquidity.

• Diversification strategy launched to expand beyond hydrogen and fuel cell markets.

Financial highlights

• Q4 net sales: SEK 1.1 million (Q4 2024: SEK 2.2 million); full-year: SEK 5.6 million (2024: SEK 37.3 million).

• Q4 operating loss: SEK -65.4 million (Q4 2024: SEK -39.7 million); full-year: SEK -127.9 million (2024: SEK -99.0 million).

• Q4 loss after tax: SEK -66.4 million (Q4 2024: SEK -38.8 million); full-year: SEK -132.0 million (2024: SEK -100.4 million).

• Cash and cash equivalents at year-end: SEK 10.9 million (2024: SEK 20.4 million).

• Cash flow from operating activities for Q4: SEK -3.1 million (Q4 2024: SEK -7.9 million).

Outlook and guidance

• Ongoing projects progressing as planned, with gradual steps toward large-scale flow plate production.

• Diversification into new industrial segments expected to provide more stable cash flows and reduce sector dependence.

• Optimistic outlook for the hydrogen market as industry projects advance.