January–March 2025

• Net sales SEK 74.1m (52.1), an increase of 42% compared to same quarter previous year
• Gross profit increased to SEK 27.5m (24.6) with a gross margin of 37.1% (47.2)
• Operating income before and after items affecting comparability SEK -11.3m (-29.3)
• Net income SEK -15.7m (-25.1)
• Operating cash flow SEK -79.3m (38.7)
• Earnings per share (basic and diluted) SEK -0.43 (-0.66)

Significant events during the first quarter

• PowerCell Secures 2 MW Order for M2Power 250 systems in Maritime Sector
• PowerCell Group Attains Aviation AS9100D Certification

Key performance indicators

CEO comments

Steady pace through rough waters
In the first quarter of 2025, we continued to navigate a complex global landscape with steady hands and clear direction. A landmark 2 MW order for our M2Power 250 systems worth over 150 MSEK from a major European shipbuilder marked a strong start to the year and is an important step forward in our transition toward an OEM-driven business model.

This order is not just a commercial success, it shows that our marine offering is meeting the needs of customers moving from pilot projects to real operations. Fuel cell systems are increasingly becoming part of long-term propulsion and power generation plans in active fleets, particularly within cruise ships and large yachts. 

While policy and regulatory signals remain mixed, demand continues at a steady pace. More of our customers now come to us with clear industrialization plans, structured procurement processes, and a readiness to scale, although decision cycles are being slowed by broader global uncertainty. 

Solid First Quarter Performance with Continued Focus on Long-Term Fundamentals 
The order also confirms our growth strategy: increase the number of installations - and increase PowerCell’s value per installation. The M2Power 250 supports both. It’s encouraging to see yet another new product gaining traction so soon after launch. With the M2Power 250, we are taking PowerCell beyond fuel cell electrification, simplifying integration for shipyards and system integrators, and accelerating hydrogen adoption in markets where infrastructure is still catching up. 

In the first quarter, net sales amounted to SEK 74 million, representing a 42% increase compared to the same period last year. The growth is primarily driven by increased OEM deliveries, which now account for a growing share of our overall business. 

EBITDA improved to SEK -6 million, compared to SEK -24 million in the first quarter of 2024, reflecting improved leverage and continued cost discipline. Gross margins remained stable, supported by a better product mix and growing contributions from application development and services. 

Operating cash flow for the quarter was SEK -79 million. The decline is primarily due to periodization of significant procurements in Q4 2024 attached to project deliveries with customer invoice milestones during H1 2025. Q1 also marks the third consecutive quarter with monthly OEM-related product order intake exceeding SEK 50 million, an important signal of both consistency and scale in our core business. 

Investing in Capability and Scaling for Long-Term Delivery 
We continue to strengthen our industrial foundation to support growing OEM demand. In the quarter, we were awarded AS9100 certification, confirming our quality management systems meet the rigorous standards of the aviation industry. 
Production of the Marine System 225 is scaling up to meet increasing volumes from OEM customers, and we have expanded our capacity for customer commissioning. These steps are key as more deliveries move from pilots to full-scale commercial use. 

From Innovation to Integration 
The theme of this quarter is steady progress. As the green energy transition continues, we see mixed policy signals and financial pressure across parts of the industry. It’s a complex environment, but real transformation is rarely about perfect conditions. It’s about moving forward even when things aren’t fully settled. 

At PowerCell, we’re focused on integration. Innovation isn’t just about introducing new technology, it’s about making sure it works in the hands of real customers, in real operations. That’s where the Marine System 225 and M2Power 250 come in. These platforms are designed to meet industrial requirements in lab settings, shipyards, docks, and day-to-day maritime operations. 

We're now delivering systems that plug into our customers’ existing workflows and long-term plans. That’s how we support the transition, not just by developing new solutions, but by making sure they’re usable, scalable, and aligned with where the market is heading. 

We’re seeing early signals of this shift across the board: demand from more mature customers, product adoption tied to real operational plans, and technology that is moving from demonstration to deployment. 

Gothenburg, March 2025
CEO Richard Berkling

Webcast presentation 
An online presentation will take place today at 08:30 am CEST. The presentation can be listened to online or by calling in. A question-and-answer session will follow the presentation. The presentation is held in English. 

If you wish to participate online, please use the link: https://powercell-group.events.inderes.com/q1-report-2025 

You can ask questions in writing at the online presentation. 

If you wish to participate in the telephone conference, you can register using the link: https://conference.inderes.com/teleconference/?id=5005486 

Following registration, you will receive telephone numbers and a conference ID to log in to the conference. You can ask questions verbally at the telephone conference.