PowerCell (PCELL) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 revenue of SEK 130 million, up 96% year-over-year, and surpassed SEK 400 million in rolling 12-month revenue for the first time, with positive EBITDA and net income of SEK 22.4 million.

• Strong order intake, averaging SEK 150 million per quarter in H1 2025, driven by strategic partnerships and commercial orders in marine and stationary power segments.

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

• Notable OEM orders from Hitachi, Bosch, and an Italian shipyard, with repeat business and first revenues from next-generation products.

• Positive EBITDA for the rolling 12 months, marking a key milestone in company history.

Financial highlights

• Q2 gross profit rose to SEK 80.1 million, with gross margin improving to 61.6% from 16.6% last year.

• Operating income before items affecting comparability was SEK 21.9 million, and net income SEK 22.4 million.

• IP transaction in Q2 boosted both revenue and profit, but is not expected to recur every quarter.

• Cash position at end of H1 2025 was SEK 72–72.3 million, with an additional SEK 50 million unutilized credit facility.

• For H1 2025, net sales reached SEK 204.1 million, up 72% year-over-year.

Outlook and guidance

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

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

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

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

• Continued focus on asset-light operations and margin protection amid complex market conditions.