PowerCell (PCELL) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 revenue/net sales of SEK 130 million, up 96% year-over-year, with rolling 12-month revenue surpassing SEK 400 million for the first time.

• First positive EBITDA on a rolling 12-month basis, marking a key milestone in company history.

• Strategic OEM orders and partnerships secured from Hitachi, Bosch, and an Italian/European marine OEM, validating commercial traction and driving growth.

• Operational model remains lean, with disciplined cost control and early signs of commercial consistency.

• Notable product milestones include type approval for Marine System 225 and first revenues from next-generation products.

Financial highlights

• Q2 revenue reached SEK 130 million, with rolling 12-month revenue above SEK 400 million and Q2 sales up from SEK 66 million in Q2 2024.

• Gross margin improved to 62% in Q2 2025 from 17% in Q2 2024, with Q2 gross profit at SEK 80.1 million.

• EBITDA turned positive at SEK 27 million in Q2 2025, compared to -34 million in Q2 2024 (excluding E.O items).

• Net profit was SEK 22.4 million in Q2 2025, up from a loss of -39 million in Q2 2024.

• Cash position at end of H1 2025 was SEK 72 million, with an additional SEK 50 million unutilized credit facility.

Outlook and guidance

• Sustainable breakeven level identified at SEK 400–450 million, depending on product mix.

• Market remains complex but is showing signs of improvement, with higher maturity and financing in customer orders.

• Focus remains on controlled growth, delivery precision, commercial repeatability, and maintaining cost discipline.

• Strategic emphasis on balancing innovation with industrial stability and commercial reputability.

• Growth strategy is gaining traction, with more installations and higher value per installation.