PowerCell (PCELL) Q3 2026 earnings summary

Executive summary

• Q3 sales fell 61% YoY to SEK 33.1m amid weak demand, lower automotive royalties and delivery timing delays; operating loss widened to SEK 33.7m.

• Cost reductions lowered combined selling, administrative and R&D expenses 25% YoY in Q3; annual cost base is expected to be ~SEK 50m lower in 2027 versus 2025.

• Marine and Power Generation orders support activity, while management expects subdued market conditions into early 2027.

Financial highlights

• Q3 net sales were SEK 33.1m vs SEK 85.8m; gross profit was SEK 9.1m vs SEK 33.1m, and net loss was SEK 34.2m vs SEK 15.3m.

• 9M net sales were SEK 117.0m, down 60% YoY; excluding the prior-year Bosch licensing transaction, revenue declined 41%.

• 9M gross margin was 20.0% vs 48.5%; operating income was SEK -126.3m vs SEK -4.4m, and net income was SEK -125.2m vs SEK -8.6m.

• Q3 operating cash flow was SEK -1.2m vs SEK -39.4m; 9M operating cash flow was SEK -74.4m vs SEK -126.3m.

Outlook and guidance

• ~SEK 15m of deliveries shifted into Q4; completing secured deliveries is a near-term priority.

• Cost measures are expected to lower the annual cost level by ~SEK 50m in 2027 versus 2025, with benefits continuing through 2026.

• Planning assumes subdued market conditions into early 2027; larger project timing remains uncertain, and some automotive royalties are now expected in 2027.