During the first quarter 2019 sales for PowerCell Sweden AB (publ) increased to MSEK 9.2 compared to MSEK 7.8 for the same period last year (+18 %). Operating income for the period amounted to MSEK -17.8 compared to MSEK -19.1 for the same period last year. The increase in sales is somewhat below the trendline.
“The slower increase in sales is attributable to normal fluctuations in product mix and timing of orders and is not reflecting any changes in the underlying demand for our products and technology”, Per Wassén, President and CEO of PowerCell said.

The quarter was charachterized by the work to finalize the negotiations with Robert Bosch GmbH for a development and licensing agreement with Robert Bosch GmbH.

The first quarter 2019 turned out to be a quarter charachterized by intense negotiations with Robert Bosch GmbH to finalize the development and licensing agreement regarding the fuel cell stack PowerCell S3 for the automotive segment.
“This is a cooperation that combines the best of two worlds – our leading fuel cell technology with Bosch’s outstanding position within the automotive industry”, Per Wassén, CEO of PowerCell said.

Among the orders PowerCell received during the quarter was an order for two MS-100 fuel cell systems from a global construction equipment manufacturer for a joint fuel cell feasibility study, and a follow-on order for fuel cell stacks from a leading European vehicle manufacturer at a value of MSEK 5.3.

Financial highlights

Thousand SEK Jan-Mar 2019 Jan-Mar 2018 Jan-Dec 2018
Net sales 9,226 7,814 60,513
Operating profit (loss) before items affecting comparability -17,804 -19,087 -60,893
Operating profit (loss) -19,912 -19,087 -60,893
Income after tax -20,238 -19,274 -61,862
Basic earnings per share, SEK -0.4 -0.4 -1.2
Diluted earnings per share, SEK -0.4 -0.4 -1.2
Net debt/equity ratio, % 43.4% 64.6% 58.6%
Operating cash flow -9,773 -9,922 -99,981

Per Wassén
For further information, please contact:

CEO, PowerCell Sweden AB (publ)
Phone: +46 (0) 31 720 36 20
Email: per.wassen@powercell.se

This information is insider information that PowerCell Sweden AB (Publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on May 6, 2019.

About PowerCell Sweden AB (publ) 

PowerCell Sweden AB (publ) develops and produces fuel cell stacks and systems for stationary and mobile applications with a world class energy density. The fuel cells are powered by hydrogen, pure or reformed, and produce electricity and heat with no emissions other than water. As the stacks and systems are compact, modular and scalable, they are easily adjusted to any customer need.

PowerCell was founded in 2008 as an industrial spinout from the Volvo Group. The share (PCELL) is since 2014 subject to trade at Nasdaq First North Stockholm. G&W Fondkommission is Certified Adviser, e-mail: ca@gwkapital.se, phone: +46 8 503 000 50.

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