During the third quarter 2018 sales for PowerCell Sweden AB (publ) increased to TSEK 11,091 compared to TSEK 10,929 for the same period last year (+1.5 %). Operating income for the period improved from TSEK -12,745 to TSEK -10,688.

“The sales development reflects the fluctuations between the quarters in a less mature market, where customers test new technology and vary their orders from single fuel cell stacks to orders for fuel cell systems and engineering services”, Per Wassén, CEO of PowerCell said. “The underlying demand continue to be very strong and for the first nine months sales increased with 55 percent compared to the same period last year.”

The English version is an in house-translation. In case of any discrepancy, the Swedish text will prevail.

The growing interest in PowerCell’s products and technology resulted in an increased number of requests for information and requests for quotes during the quarter. PowerCell also received several important orders, among them an additional order for PowerCell S3 fuel cell stacks from a tier 1 automotive supplier worth MSEK 10 and an order for engineering services from a leading European automotive manufacturer worth MSEK 3. During the quarter PowerCell also took an important step within the marine segment by signing an MOU with the German industrial company Siemens AG regarding the joint development of fuel cell-based drive and power generating systems for marine applications.

Financial highlights

All numbers in TSEK 2018
Jul-Sep
 
2017
Jul-Sep
 
2018
Jan-Sep
 
2017
Jan-Sep
 
Net sales 11 091  10 929  32 411  20 865 
Operating profit -10 688  -12 745  -48 784  -46 627 
Profit after tax -10 842  -12 746  -49 241  -46 630 
Operating cash flow -35 054  -25 118  -70 951  -33 386 

For further information, please contact:

Per Wassén
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 November 1, 2018.

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 with G&W Fondkommission as Certified Adviser.