PowerCell (PCELL) Q4 2025 earnings summary

Executive summary

• Achieved positive full-year EBITDA for 2025, with record improvements in margins and disciplined execution despite lower-than-anticipated top-line revenue and cautious market investment in hydrogen fuel cells.

• Net sales increased 15% year-over-year to SEK 385m, with gross margin rising to 45.2% from 34.8% the previous year.

• Marine remained the core growth and income segment, while Power Generation emerged as a second pillar for scalable growth with limited capital exposure.

• Delivered on strategic priorities, including on-time production and delivery in Marine and successful product launches in Power Generation.

• Available cash at year-end was SEK 129m, supporting financial resilience into 2026.

Financial highlights

• Full-year net sales reached SEK 385m, up 15% year-over-year; Q4 net sales were SEK 95m, down 34% year-over-year due to order timing and FX impacts.

• Gross margin improved to 45.2% in 2025 from 34.8% in 2024.

• EBITDA turned positive at SEK 3.9m for 2025, compared to SEK -30.9m in 2024.

• Operating cash flow improved to SEK -10m for the year, a significant recovery from previous quarters.

• Liquidity was enhanced by a new SEK 50m credit facility tied to customer projects.

Outlook and guidance

• 2026 expected to return to a more typical "hockey stick" growth pattern, with less even revenue distribution across quarters.

• Focus remains on protecting EBITDA and maintaining cost discipline while being ready to scale if market opportunities arise.

• Management expects continued market volatility in 2026, with a focus on maintaining flexibility and resilience.

• Strategic emphasis on leveraging current platforms, growing top-line, and maintaining fiscal discipline.

• No dividend proposed for fiscal year 2025.