PowerCell (PCELL) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue grew 13%, with full-year growth at 8%, marking a recovery and return to positive operating income after a soft market in 2023 and early 2024.

• Strong OEM order intake in H2, including a SEK 208m marine fuel cell order, and product launches in marine and methanol power segments.

• Achieved AS9100 aviation certification and began serial production deliveries for the first time.

• Strategic focus remains on OEM contracts, product innovation, and balancing short-term profitability with long-term investments.

• Directed share issue in December 2024 improved financial stability and balance sheet.

Financial highlights

• Q4 2024 sales reached SEK 144m, up from SEK 128m in Q4 2023; full-year sales were SEK 334m, up from SEK 310m.

• Q4 gross profit margin improved to 40.0% from 36.9% year-over-year; full-year margin declined to 34.8% from 40.0%.

• Q4 EBIT turned positive at SEK 1m (from -3m), but full-year EBIT was -84m (worse than -67m in 2023).

• Net profit for Q4 was SEK 2.3m (from -10m); full-year net loss narrowed to -47.3m from -63m.

• SEK 30m non-recurring grant and directed share issuance strengthened the balance sheet.

Outlook and guidance

• Focus on reaching break-even in 2025, driven by OEM contracts, scaling product lines, and industrialization.

• Entering 2025 with a strong order book and the start of serial production.

• No formal forecast provided, but management expects continued growth and improved margins.