PowerCell (PCELL) Q1 2026 earnings summary

Executive summary

• Q1 2026 results missed expectations, with net sales at SEK 46.9m, down 37% year-over-year due to delayed deliveries, postponed orders, and lower royalty revenues.

• Gross profit fell to SEK 10.5m with a margin of 22.4%, impacted by lower license fee income and currency effects.

• Operating income was SEK -40.4m and net income SEK -39.8m, reflecting increased R&D costs and lower sales.

• Management remains focused on readiness, adaptability, and efficiency amid geopolitical and infrastructure challenges.

• The company joined major EU-funded projects (GAMMA and MiNaMi) to advance hydrogen fuel cell technology for maritime use.

Financial highlights

• Revenue and net profit declined year-over-year, mainly due to lower IP and royalty income and delayed orders.

• Gross margin improved year-over-year due to a significant IP deal with Bosch in June 2025, but fell to 22.4% in Q1 2026.

• SEK 30 million loan conversion into revenue in Q2 2025 impacted rolling 12-month figures.

• Project financing of SEK 28 million reported, with revenue streams and gross margin expected to cover repayment.

• Cash and cash equivalents at quarter-end were SEK 23.8m, with available liquidity including credit facility at SEK 73.8m.

Outlook and guidance

• Management expects continued volatility and market uncertainty in quarterly results due to project-driven sales and uneven order conversion.

• Focus remains on defending break-even in low-demand scenarios and scaling up if demand accelerates.

• Underlying demand for energy resilience and low-emission solutions remains strong, especially in marine, data centers, and distributed energy.