PowerCell (PCELL) Q3 2025 earnings summary

Executive summary

• Q3 net sales reached SEK 85.8 million, up 19% year-over-year, with gross margin improving to 38.6% from 32.1%.

• Rolling 12-month revenue exceeded SEK 400 million, maintaining strong top-line momentum.

• Positive EBITDA on a rolling 12-month basis, reflecting improved cost efficiency and operational leverage.

• Strategic contracts and major deliveries in the marine sector, including the world's first bulk carrier fuel cell installation and SEK 43m order for hydrogen-powered vessels.

• Management team changes and consolidation to support growth and operational efficiency.

Financial highlights

• Q3 2025 net sales: SEK 85.8m (up 19% year-over-year); gross profit: SEK 33.1m; gross margin: 38.6%.

• Nine-month net sales: SEK 289.9m (up 52% year-over-year); gross profit: SEK 140.7m; gross margin: 48.5%.

• EBITDA for Q3: SEK -6.7m; for nine months: SEK 14.6m; rolling 12-month EBITDA positive at SEK 21m.

• Operating cash flow for Q3: SEK -57.4m, impacted by working capital investments.

• Royalty and license fees from Bosch contributed SEK 11.3m in Q3 and SEK 91.6m for nine months.

Outlook and guidance

• Entering Q4 2025 with strong margins, stable order pipeline, and improving market visibility.

• Focus on operational leverage, cost discipline, and scaling marine and power generation segments.

• New product offerings for power generation and data centers to be introduced in Q4.

• Service contracts, such as the 10-15 year agreement with Torghatten, to drive recurring revenue.

• No immediate impact expected from IMO regulatory delays; European demand remains strong.