PowerCell (PCELL) Q3 2025 earnings summary

Executive summary

• Q3 revenue growth reached 90% year-over-year in some reports and 19% in others, with net sales at SEK 85.8 million and positive rolling 12-month EBITDA, reflecting operational improvements and cost efficiency.

• Major deliveries and ramped-up production supported strong marine and power generation demand, with strategic orders from GMI Rederi, Zeppelin Power Systems, and E-Cap Marine.

• Consolidation of product platforms and management structure streamlined operations, enabling growth without cost-based inflation.

• Strategic investments in new product platforms and organizational changes position the company for future growth.

Financial highlights

• Gross margin improved to 38.6% in Q3 2025 from 32.1% in Q3 2024, supported by a significant Q2 Bosch IP deal, though this high level is not expected to persist.

• Q3 EBITDA was nearly break-even at minus SEK 2 million in some reports and minus SEK 7 million in others, with net loss at SEK -15 million; both figures include SEK -5 million in extraordinary items.

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

• Operating cash flow was negative, impacted by working capital tied up in large project deliveries, with expected improvement as deliveries are completed.

• Accumulated Q3 sales for 2025 reached SEK 290 million, up 53% year-over-year, with gross margin at 48%.

Outlook and guidance

• Focus remains on reaching break-even at SEK 400 million revenue, with plans to operate 2026 on a lower overhead cost base and scaling OEM contracts.

• Enhanced product offerings for power generation and data centers to be introduced in Q4, targeting more price-sensitive segments.

• Accelerating industrialization of next-generation product portfolio, including heavy and medium duty fuel cell platforms.

• Growth expected to continue, driven by regulatory clarity and proven delivery capacity.