Impact Coatings (IMPC) Q4 2025 earnings summary

Executive summary

• Strategic pivot towards the SOFC (solid oxide fuel cell) market, leveraging established expertise in PEM fuel cell coatings and services, and broadening focus beyond hydrogen.

• Maintains market leadership in PEM fuel cell coatings in China, with about half of stainless steel plates for PEM fuel cells coated using company machines.

• Net sales for 2025 were SEK 47.3 million, down from SEK 109.9 million in 2024, mainly due to the absence of major system sales and a challenging investment climate.

• Coating Services showed strong growth, with net sales rising to SEK 36.0 million from SEK 21.6 million year-over-year, offsetting some decline in system sales.

• Rights issue completed in Q4 2025, raising SEK 26.6 million before costs, strengthening liquidity.

Financial highlights

• Q4 net sales: SEK 17.6 million, down from SEK 42.4 million in Q4 2024, mainly due to lower machine sales.

• Coating services contributed SEK 15.3 million in Q4, with strong performance and doubled customer deliveries year-over-year.

• Q4 operating loss: SEK -3.3 million, a slight improvement from SEK -3.7 million in Q4 2024.

• Full-year net loss: SEK -45.9 million, compared to SEK -29.6 million in 2024.

• Cash and liquid assets at year-end were SEK 37.4 million, up from SEK 32.5 million.

Outlook and guidance

• Market recovery expected to be gradual; coating services to provide a stable base while pursuing system sales.

• Focus for 2026 is on increasing system sales and expanding into new application areas, especially SOFC for power generation.

• Management expects improved conditions for growth due to cost reductions, a stronger financial position, and strategic realignment.

• Cost reductions and efficiency initiatives to have full effect in 2026.