Impact Coatings (IMPC) Q1 2026 earnings summary

Executive summary

• Net sales reached SEK 12.7 million in Q1 2026, mainly from Coating Services and a one-off metals sale, reflecting a weak quarter but with signs of business momentum building for Q2.

• Two new customers were added in Coating Services during Q1, with further strategic wins in PEM electrolysis and SOFC in early April.

• A significant machine order (INLINECOATER IC500) was secured from HJWAVE in Korea after the quarter, with delivery expected in Q3.

• Cost-saving measures, including a 42% workforce reduction since December 2024, improved margins and reduced expenses.

• The company continues to focus on energy, automotive, electronics, and luxury segments, with growing interest in solid oxide technology.

Financial highlights

• Net sales: SEK 12.7 million (up from SEK 9.5 million in Q1 2025), mainly from Coating Services (SEK 11.7 million), including SEK 4.8 million from metal inventory sales.

• EBITDA improved to SEK -8.8 million from SEK -12.4 million year-over-year; EBIT/operating loss improved to SEK -11.3 million from SEK -14.2 million.

• Gross margin increased to 62% from 52% year-over-year.

• Operational costs (excluding raw materials) dropped to SEK 19.8 million from SEK 23.6 million.

• Closing cash balance was SEK 18.3 million, down from SEK 26.3 million in Q1 2025.

Outlook and guidance

• Business momentum is improving with new customer wins and system orders expected to drive future growth.

• SOFC is confirmed as the long-term strategic focus, but activities in PEM and other segments continue.

• Cost reductions and improved system margins are expected to support a path to profitability as volumes grow.

• Aftermarket is expected to recover as customer activity normalizes, especially in China.

• Break-even will require increased machine sales across all segments.