Impact Coatings (IMPC) CMD 2025 summary

Strategic direction and market focus

• Strategic shift prioritizes solid oxide fuel cells (SOFC) for power generation, especially targeting data centers and off-grid needs, due to surging demand and slower green hydrogen market growth.

• Maintains strong positions in hydrogen and electrolyzer markets, leveraging SOFC learnings to improve hydrogen solutions and supporting long-term hydrogen customers.

• Flexible business model enables machine sales, coating services, and managed services, supporting growth across energy, automotive, electronics, and luxury goods markets.

• Expansion in China has led to significant revenue growth, with the region now representing a major share of turnover and a robust push-pull strategy with end customers.

• Active collaborations with leading SOFC players like Ceres and HD Hydrogen accelerate market entry and technology adoption.

Financial guidance and operational efficiency

• Achieved SEK 110 million in sales in 2024 and SEK 29.7 million in net sales in 2025, with strong growth in Coating Services and after-market services.

• Coating Services revenue is forecasted to exceed 2025 levels in 2026, with strong order intake from North America, Europe, and China.

• System sales have been challenging due to postponed investments, but are expected to rebound in all four major markets in 2026.

• Cost-saving initiatives include staff cuts, local sourcing, and OPEX optimization, targeting over 15% reduction in COGS and a lower breakeven point.

• No immediate need for major investments; current facilities can double machine output with minor upgrades.

Technology and product development

• InlineCoater platform supports high-volume, high-quality coatings for flat components, adaptable for new and existing applications.

• Introduction of iridium oxide PVD coatings for PEM electrolyzers reduces iridium usage and production costs.

• SOFC coatings are critical for stack longevity and system economics, with the company’s technology offering a competitive advantage.

• Ongoing collaborations with major SOFC ecosystem players provide access to global licensees and market opportunities.

• Exploring new verticals such as semiconductors, heat exchangers, and defense, leveraging expertise in advanced coatings.