Kvartalsrapport Q1 2024

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===== SIDA 1 =====

Interim report first quarter 2024 
 
 
 1 
Increased gross margin and strong cash flow 
January - March 2024  
• Net sales SEK 52.1m (50.5), growth of 3%   
• Gross profit increased 28% to SEK 24.6m (19.1) and the gross margin 
improved to 47.2% (37.9)  
• Operating income SEK -29.3m (-26.2)   
• Income after tax SEK -25.1m (-24.2)  
• Operating cash flow SEK 38.7m (11.6)  
• Earnings per share (basic & diluted) SEK -0.66 (-0.45)   
  
Significant events during the first quarter  
• ColGar Energy, part of Vantastec Group, approved PowerCell’s product design and  
placed an initial order of SEK 35m 
• HyFlex™ - a flexible container solution – a collaboration together with Hitachi Energy demonstrated 
at Port of Gothenburg 
• PowerCell joined the EU project H2Marine to further improve the existing fuel cell  
platform for marine applications 
 
 
 
Key performance indicators  
   
 
SEK million, unless other stated Jan-Mar 
2024 
Jan-Mar 
2023 2023 
Net sales 52,1 50,5 310,3 
Gross profit 24,6 19,1 124,0 
Gross margin*, % 47,2 37,9 40,0 
Operating income before items affecting 
comparability -29,3 -26,2 -66,5 
Operating income -29,3 -26,2 -72,6 
Net income -25,1 -24,2 -63,0 
Earnings per share (basic and diluted), 
SEK -0,66 -0,45 -1,57 
Equity asset ratio, % 58,9 64,9 64,8 
Operating cash flow 38,7 11,6 -95,7

===== SIDA 2 =====

Interim report first quarter 2024 
 
 
 2 
 
The CEO’s comments 
Strong cash flow and growing interest for 
commercial projects 
The hydrogen-electric market is developing well and the interest for our emission-free fuel 
cell systems is increasing. As we gain more OEM customers and integrated installations 
of our industrialised fuel cell systems, deliveries increase more slowly in the transition 
phase from the previous project-driven market. In the quarter, we have focused on 
ramping up for coming serial deliveries and report a net sales increase of 3 percent. At the 
same time, we report a high gross margin in the first quarter of 47.2 percent (37.9) and 
high operating cash flow of SEK 38.7 million (11.6). With our leading position in significant 
market segments, efficient organisational structure and innovative capacity, we can 
continue growing in the attractive hydrogen market. 
The hydrogen-electric market is driven by the 
megatrends of electrification and the transition 
to emission-free energy. We are in many 
discussions with customers about commercial 
applications, as well as in industries where 
hydrogen-electric solutions have not previously 
been discussed. In the aviation and marine 
industries, hydrogen-electric solutions are well-
established and PowerCell has established itself 
as a leader in those sectors. 
We have recently made commercial progress 
with for example ColGar Energy which has 
approved our product design. ColGar Energy will 
use our VS5 fuel cell system to generate auxiliary 
power for a ‘Meals on Wheels’ van fleet in Wales 
and we have received the first serial order worth 
about SEK 35 million. This deal is a significant 
step since it means that we are entering a new 
commercial segment with our emission-free 
solutions, which opens up new opportunities. 
 
Unique flexible container solution 
A few weeks ago, we announced a strategic 
partnership with Hitachi Energy, a global technology 
leader in sustainable energy. Together we have 
developed HyFlex™, which is a flexible container 
solution that can be used in a wide range of 
applications for emission-free power production, 
independent of the grid. During a demonstration at 
the Port of Gothenburg, HyFlex™ provided power to 
an electric excavator from Volvo Construction 
Equipment. Linde Gas, the world's largest industrial 
gas company, provided green hydrogen for the 
production. This shows the power of collaboration in 
the hydrogen-electric industry and with HyFlex ™ 
diesel-driven generators can be replaced in many 
applications, such as construction sites, maritime 
and port electrification. 
 
 
 
Established leader in aviation and marine 
We are proud to have been selected to be part of the 
EU’s H2Marine project in February this year. 
Through, for example, our contract with Norwegian 
SEAM and deliveries to Norwegian ferries, we have 
shown that we are a key player in enabling fuel cell 
technology to the marine industry. As part of this EU 
project, we can further improve our existing fuel cell 
platform for the marine segment.  
 
Our strong position in the aviation industry was confirmed 
already a year ago when we were selected to be part of the 
EU Clean Aviation Joint Undertaking to develop 
environmentally sustainable aviation. As part of the project, 
a new 300 kW product platform will be developed. Today, 
PowerCell has over 20 customer projects in various phases 
within the aviation segment, which proves that we are the 
leader in this technically very demanding industry. 
 
Focus on profitable growth 
Even though we have a very strong interest in our products 
and the world urgently needs emission-free energy 
solutions, our industry is also affected by macroeconomic 
uncertainty. We note that it may take longer for our 
customers to come to a decision. Therefore, we focus on 
what we can control and work for continued effective 
ramp-up of volumes and good cash flows. By investing in 
innovation, we continuously strengthen our 
competitiveness. PowerCell also has an advantage by 
being efficiently structured and able to reach breakeven at 
lower volumes than others 
in our industry. In summary, 
we have a unique, strong 
position in a very attractive 
market and we are 
determined to continue our 
growth journey. 
 
Richard Berkling 
CEO

===== SIDA 3 =====

Interim report first quarter 2024 
 
 
 3 
Financial performance January – 
March  
 
Net sales 
Net sales increased 3% in the quarter to SEK 52.1m (50.5), driven by 
strong growth from customers in the marine industry. Sales of 
projects, according to percentage of completion, amounted to SEK 
28m and represented a major part of the product mix in the quarter. 
The increased sales of projects relate to higher activity in the projects 
that include material supply for fuel cell systems for the Norwegian 
ferries. Royalty fees from Robert Bosch GmbH amounted to SEK 2.8m 
(1.6). 
Gross profit and operating income/loss 
Gross profit increased 28% to SEK 24.6m (19.1) and the gross margin 
improved 9.3 percentage points to 47.2% (37.9). The increase is to a 
large extent due to exchange rate effects for projects reported 
according to percentage of completion.   
Operating expenses increased 8% to SEK -51.9m (-48.2).  
Other operating costs amounted to SEK -8.8m (-1.8) and relate mainly 
to exchange rate effects.  
Other operating income amounted to SEK 6.9m (4.7) and include 
exchange rate gains of SEK 2.4m (1.8) and R&D grants of SEK 3.6m 
(2.7). The majority of R&D grants came from the EU and relate to 
projects within the aviation industry. Costs related to the EU-granted 
projects are reported in operating expenses as R&D costs. In addition 
to the projects granted by the EU and development expenditures that 
are capitalized, PowerCell runs R&D activities and expenditures that 
focus on future technical solutions.   
In the quarter, SEK 9.5m was capitalised as development 
expenditures. The majority of the capitalised expenditures are related 
to the development of the new PS200 system and a minor part is 
related to the development of a 5 kW system. 
Operating income before and after items affecting comparability 
amounted to SEK -29.3m (-26.2).  
Net income and financial items 
Net financial items amounted to SEK 4.1m (2.0) and were mainly 
related to revaluation effects in bank accounts denominated in 
foreign currency, primarily EUR.  
Net income in the quarter was SEK -25.1m (-24.2). 
 
 
 
 
 
 
 
 
  
   
   
   
   
   
   
 
  
  
  
  
   
   
   
                                             
         
                          
 
  
   
   
   
   
   
   
  
   
   
   
   
   
   
                                             
             
                                              47.2% 
Gross margin January - March 2024

===== SIDA 4 =====

Interim report first quarter 2024 
 
 
 4 
Cash flow 
Operating cash flow improved to SEK 38.7m (11.6) and total cash flow 
increased to SEK 26.5m (8.4) due to improved working capital. 
Cash flow from investing activities is affected by product 
development capitalisation. In the quarter, SEK 9.5m was capitalised 
as intangible assets. 
Financial position 
PowerCell’s financial position and liquidity are satisfactory.  Cash and 
cash equivalents amounted to SEK 101.2m on March 31, 2024.

===== SIDA 5 =====

Interim report first quarter 2024 
 
 
 5 
Other information 
Employees 
On March 31, 2024, the Group had 149 (127) employees measured as full-time equivalents, FTE.  
The share 
The share is listed on Nasdaq Stockholm under the ticker PCELL. On March 31, 2024, the total 
number of outstanding shares was 52,142,434. PowerCell holds no treasury shares.  
Ten largest owners March 31, 2024  
Name Number of shares Votes and capital 
Robert Bosch Group 5,848,531 11.22% 
Norges Bank 1,819,264 3.49% 
Avanza Pension 1,216,524 2.33% 
Green Benefit AG 976,977 1.87% 
Legal & General 712,345 1.37% 
Global X Management Company LLC  590,949 1.13% 
Swedbank Robur Funds 481,130 0.92% 
Invesco 459,223 0.88% 
Almundi 458,920 0.88% 
VanEck 375,285 0.72% 
Total ten largest owners 12,939,148 24.81% 
Other 39,203,286 75.19% 
Total 52,142,434 100.00% 
Source: Modular Finance AB. Compiled and processed data from various sources, including Euroclear, 
Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen). 
Risks and uncertainties 
Through its operations, PowerCell is exposed to risks and uncertainties. For extensive information on 
the most significant operational and financial risks, please see pages 68-69 and pages 78-79 in the 
Annual Report for 2023. PowerCell’s underlying markets are driven by the strong megatrend of 
electrification and society’s need to transition to emission-free energy. However, severe declines in 
economic activity can have an impact on the timing of customers’ investment decisions. The curre nt 
macroeconomic situation is pushing inflation higher, which PowerCell can mitigate through 
contractual price compensation clauses.  
Parent Company 
The main part of the Group’s activity is carried out in the Parent Company PowerCell Sweden AB. Out 
of 149 employees, 147 are employed by the Parent Company. The Parent Company’s revenue 
amounted to SEK 52.1m (50.5m) in the first quarter. Operating income before and after items 
affecting comparability for the quarter amounted to SEK -38.1m (-25.9).

===== SIDA 6 =====

Interim report first quarter 2024 
 
 
 6 
 
Assurance of the Board of Directors 
The Board of Directors and the CEO warrant that this interim report for PowerCell Sweden AB (publ), 
Corp. Id. No 556759-8353, provides a true and fair picture of the Parent Company’s and the Group’s 
operations, financial position and results, and describes the significant risks and uncertainties of the 
parent company and the companies included in the Group. 
Gothenburg, April 25, 2024 
 
 
Magnus Jonsson Nicolas Boutin Helen Fasth Gillstedt 
Chairman Director Director 
   
Riku-Pekka Hägg Karin Ryttberg-Wallgren Uwe Hillmann 
Director Director Director 
   
Annette Malm Justad Richard Berkling  
Director CEO  
 
This report has not been reviewed by the Company’s auditor.

===== SIDA 7 =====

Interim report first quarter 2024 
 
 
 7 
 
Condensed income statement - Group  
     
SEK thousand Note Jan-Mar 
2024 
Jan-Mar 
2023 2023 
Net sales 3 52 067 50 521 310 287 
Costs of goods and services sold   -27 513 -31 391 -186 275 
Gross profit  24 554 19 130 124 012 
      
Selling and administrative costs 4 -29 094 -25 998 -105 796 
Research and development costs  -22 824 -22 240 -114 498 
Other operating income 7 6 859 4 701 55 036 
Other operating costs 8 -8 813 -1 763 -25 272 
Operating income before items affecting 
comparability 
 -29 318 -26 170 -66 518 
Items affecting comparability 6   - -6 057 
Operating income  -29 318 -26 170 -72 575 
Net financial items   4 067 1 998 9 620 
Profit (loss) after financial items  -25 251 -24 172 -62 955 
Income tax   103 6 -5 
Profit (loss) for the period  -25 148 -24 166 -62 960 
      
Other comprehensive income:      
Items that may be reclassified to profit or 
loss 
     
Exchange differences from foreign 
operations   -184 8 234 
Other comprehensive income for the 
period   -184 8 234 
Total comprehensive income for the 
period 
 -25 332 -24 158 -62 726 
     
Profit (loss) for the period and total comprehensive income are, in their entirety, attributable to 
shareholders of the Parent Company. 
       
Earnings per share, calculated on profit (loss) for the year attributable to Parent Company 
shareholders of ordinary shares: 
SEK Note Jan-Mar 
2024 
Jan-Mar 
2023 2023   
Earnings per share, basic 5 -0,66 -0,45 -1,57   
Earnings per share, diluted 5 -0,66 -0,45 -1,57

===== SIDA 8 =====

Interim report first quarter 2024 
 
 
 8 
 
 
 
 
 
Condensed balance sheet - Group 
    
SEK thousand 2024-03-31 2023-03-31 2023-12-31 
ASSETS     
Non-current assets     
Intangible assets 31 371 7 662 22 485 
Right of use assets (leasing) 32 170 35 872 31 838 
Tangible fixed assets 31 586 32 983 33 377 
Deferred tax assets 344 210 279 
Total non-current assets 95 471 76 727 87 979 
     
Current assets     
Inventories 134 008 94 094 116 985 
Current receivables 96 781 100 394 149 341 
Cash and cash equivalents 101 216 207 155 70 809 
Total current assets 332 005 401 643 337 135 
        
TOTAL ASSETS 427 476 478 370 425 114 
     
EQUITY AND LIABILITIES     
Equity attributable to Parent Company 
shareholders     
Share capital 1 147 1 147 1 147 
Other contributed capital 635 007 635 007 635 007 
Reserves -184 -226 - 
Retained earnings (including profit (loss) for 
the year) -384 159 -325 302 -360 720 
Total equity attributable to Parent 
Company shareholders 251 811 310 626 275 434 
     
LIABILITIES     
Non-current liabilities leases 21 852 25 155 21 521 
Non-current liabilities 30 572 30 575 30 611 
Current liabilities leases 6 952 7 215 6 614 
Current liabilities 116 289 104 799 90 934 
Total liabilities 175 665 167 744 149 680 
        
TOTAL EQUITY AND LIABILITIES 427 476 478 370 425 114

===== SIDA 9 =====

Interim report first quarter 2024 
 
 
 9 
 
 
 
Condensed statement of changes in equity - Group 
       
 Attributable to shareholders of the Parent Company 
SEK thousand Note Share capital 
Other 
contributed 
capital 
Reserves 
Retained 
earnings 
incl. profit 
(loss) for the 
year 
Total equity 
Opening balance 1 January 
2024 
 1 147 635 007 - -360 720 275 434 
Profit (loss) for the period  - - - -25 148 -25 148 
Other comprehensive income for 
the period   - - -184 - -184 
Total comprehensive income 
for the period   - - -184 -25 148 -25 332 
              
Transactions with shareholders       
Share-based compensation to 
employees   - - - 1 709 1 709 
Closing balance 31 March 2024   1 147 635 007 - -384 159 251 811 
       
Opening balance 1 January 
2023 
 1 147 635 007 -234 -303 046 332 874 
Profit (loss) for the period  - - - -24 166 -24 166 
Other comprehensive income for 
the period   - - 8 - 8 
Total comprehensive income 
for the period   - - 8 -24 166 -24 158 
              
Transactions with shareholders       
Share-based compensation to 
employees   - - - 1 910 1 910 
Closing balance 31 March 2023   1 147 635 007 -226 -325 302 310 626

===== SIDA 10 =====

Interim report first quarter 2024 
 
 
 10 
Condensed cash flow - Group  
     
SEK thousand Note Jan-Mar 
2024 
Jan-Mar 
2023 2023 
Cash flow from operating activities      
Operating profit (loss)  -29 318 -26 170 -72 574 
Adjustments for non-cash items  10 347 7 780 22 354 
Interest received  158 -223 3 005 
Paid income tax   -641 -696 -78 
Cash flow from operating activities 
before changes in working capital 
 -19 454 -19 309 -47 293 
Cash flow before changes in working 
capital 
     
Increase/decrease of inventories  -17 050 -18 204 -34 195 
Increase/decrease of current receivables  51 651 23 539 -25 740 
Increase/decrease of current liabilities   23 570 25 596 11 541 
Total changes in working capital   58 171 30 931 -48 394 
      
Cash flow from operating activities  38 717 11 622 -95 687 
      
Cash flow from investing activities      
Acquisitions of tangible and intangible 
assets 
 -10 318 -1 067 -28 170 
Change in financial assets   - - 0 
Cash flow from investing activities  -10 318 -1 067 -28 170 
      
Cash flow from financing activities      
Repayment of leasing liability   -1 886 -2 136 -8 780 
Cash flow from financing activities  -1 886 -2 136 -8 780 
      
Decrease/increase of cash and cash 
equivalents 
 26 513 8 419 -132 637 
Opening cash and cash equivalents  70 809 196 857 196 857 
Effects of exchange rate changes on cash 
and cash equivalents   3 894 1 879 6 589 
Closing cash and cash equivalents  101 216 207 155 70 809

===== SIDA 11 =====

Interim report first quarter 2024 
 
 
 11 
Condensed income statement – Parent Company 
     
SEK thousand Note Jan-Mar 
2024 
Jan-Mar 
2023 2023 
Net sales  52 067 50 521 310 287 
Costs of goods and services sold   -27 513 -31 391 -186 274 
Gross profit  24 554 19 130 124 013 
      
Selling and administrative costs  -28 428 -25 511 -102 806 
Research and development costs  -32 241 -22 450 -131 751 
Other operating income  6 829 4 700 54 987 
Other operating costs   -8 829 -1 734 -24 911 
Operating income after items affecting 
comparability 
 -38 115 -25 865 -80 468 
Items affecting comparability   - - -6 057 
Operating income  -38 115 -25 865 -86 525 
Net financial items   3 572 2 227 4 333 
Profit (loss) after financial items  -34 543 -23 638 -82 192 
Income tax   64 23 93 
Profit (loss) for the period  -34 479 -23 615 -82 099 
     
In the Parent Company there are no items recognized as other comprehensive income, 
which is why total comprehensive income corresponds to profit (loss) for the  year.

===== SIDA 12 =====

Interim report first quarter 2024 
 
 
 12 
Condensed balance sheet – Parent Company 
    
SEK thousand 2024-03-31 2023-03-31 2023-12-31 
ASSETS     
Non-current assets     
Intangible assets 5 389 7 662 5 996 
Tangible fixed assets 31 585 32 982 33 376 
Financial assets 1 359 2 100 1 294 
Total non-current assets 38 333 42 744 40 666 
     
Current assets     
Inventories 134 008 94 094 116 985 
Current receivables 99 934 105 522 150 438 
Cash and bank balances 97 255 203 512 67 978 
Total current assets 331 197 403 128 335 401 
        
TOTAL ASSETS 369 530 445 872 376 067 
     
EQUITY AND LIABILITIES     
Restricted equity     
Share capital 1 147 1 147 1 147 
Total restricted equity 1 147 1 147 1 147 
     
Non-restricted equity     
Share premium reserve 555 507 555 507 555 507 
Retained loss -298 676 -221 661 -218 285 
Profit (loss) for the period -34 479 -23 615 -82 099 
Total non-restricted equity 222 352 310 231 255 123 
Total equity 223 499 311 378 256 270 
     
     
LIABILITIES     
Non-current liabilities 30 000 30 000 30 000 
Current liabilities 116 031 104 494 89 797 
Total liabilities 146 031 134 494 119 797 
        
TOTAL EQUITY AND LIABILITIES 369 530 445 872 376 067

===== SIDA 13 =====

Interim report first quarter 2024 
 
 
 13 
Notes to the consolidated statements 
1. General 
PowerCell Sweden AB (publ) (PowerCell), Corp. Id. No 556759 -8353, is a Parent Company registered 
in Sweden and domiciled in Gothenburg, with address Ruskvädersgatan 12, 418 34 Gothenburg, 
Sweden.  
The Board has approved this interim consolidated financial statement for publication on April 25, 2024.  
All amounts are stated in SEK thousand unless stated otherwise. Amounts in brackets refer to the 
comparative year. 
2. Accounting policies 
PowerCell applies IFRS as endorsed by the EU. The accounting policies and definitions adopted are 
consistent with those described in PowerCell’s Annual Report 2023.  
 
This Interim financial statement has been prepared in accordance with IAS 34 Interim Financial 
Reporting and the Swedish Annual Accounts Act. The Parent Company applies RFR 2 Accounting for 
legal entities and the Swedish Annual Accounts Act. 
 
3. Net sales 
Revenue from contracts with customers 
Sales are reported as revenue when control of the goods is transferred to the customer, which 
normally coincides with its delivery.  
 
Revenue from contracts with customers 
SEK thousand Jan-Mar 
2024 
Jan-Mar 
2023 2023 
Hardware 14 963 21 535 92 267 
Services 6 426 16 802 65 499 
Royalty fees 2 801 1 606 18 993 
Projects according to percentage of 
completion 27 877 10 578 133 528 
Total 52 067 50 521 310 287 
    
Revenue from contracts with customers per country, based on where 
customers are located 
Sweden 304 515 6 111 
Germany 7 490 8 725 55 876 
Great Britain 2 109 16 399 83 694 
Netherlands 3 814 5 155 12 697 
US 2 993 16 873 38 514 
Norway 20 900 - 93 687 
Other 14 457 2 854 19 708 
Total 52 067 50 521 310 287

===== SIDA 14 =====

Interim report first quarter 2024 
 
 
 14 
4. Related party transactions 
No significant transactions with related parties have taken place in the period.  
5. Earnings per share 
SEK Jan-Mar 
2024 
Jan-Mar 
2023 2023 
Earnings per share, basic -0,66 -0,45 -1,57 
Earnings per share, diluted -0,66 -0,45 -1,57 
    
Performance measures used in the calculation of earnings per share  
Profit/loss attributable to the shareholders of the Parent Company used in the 
calculation of earnings per share, basic and diluted 
Profit (loss) attributable to Parent Company 
shareholders, thousand SEK -34 479 -23 615 -82 099 
    
Number    
Weighted average number of ordinary 
shares at the calculation of earnings per 
share, basic 
52 142 434 52 142 434 52 142 434 
Adjustment for the calculation of earnings 
per share, diluted 52 142 434 52 142 434 52 142 434 
 
6. Items affecting comparability 
Thousand SEK Jan-Mar 
2024 
Jan-Mar 
2023 2023 
Costs related to listing on Nasdaq 
Stockholm - - -6 057 
Total - - -6 057 
 
7. Other operating income 
Thousand SEK Jan-Mar 
2024 
Jan-Mar 
2023 2023 
Currency exchange gains 2 443 1 811 23 908 
Grants 3 583 2 746 30 607 
Other 833 144 521 
Total 6 859 4 701 55 036 
 
The majority of the R&D grants come from the EU and relate to projects within the aviation and heavy-
duty truck segments. Costs related to the EU-granted projects are to be found in operating expenses 
as R&D costs.

===== SIDA 15 =====

Interim report first quarter 2024 
 
 
 15 
8. Other operating cost 
Thousand SEK Jan-Mar 
2024 
Jan-Mar 
2023 2023 
Currency exchange losses -8 813 -1 763 -25 106 
Other - - -166 
Total -8 813 -1 763 -25 272 
 
9. Significant events after the end of the reporting period 
No significant events have occurred after the end of the period. 
 
 
Definition of key financial indicators 
 
In this financial report, there are references to several performance measures. Some of the measures 
are defined in IFRS, others are alternative performance measures and are not disclosed in accordance 
with applicable financial reporting frameworks or other legislations. The performance measures are 
used by the Group to assist both investors and management in analyzing Power Cell´s business. Below 
the performance measures found in this financial report are described and defined. The reason for the 
use of the performance measure is also disclosed. 
 
Equity/assets ratio, % 
Equity in relation to total assets. The ratio can help investors understand how much of the company’s 
assets are funded by issuing stock rather than borrowing money and may indicate how financially 
stable the company may be in the long run. 
 
Earnings per share 
Net income is divided by the weighted average number of outstanding shares.  
 
Gross margin, % 
Net revenue less cost of goods sold through net revenue. Gross margin may help investors in 
understanding how much revenue the company retains which can be used to pay other costs.  
 
Net sales rolling twelve-month 
Net sales for a period that is determined monthly and consists of the previous twelve consecutive 
calendar months. Net sales rolling twelve months can give investors an understanding of the 
company’s sales development on a more current basis than the previous financial year.

===== SIDA 16 =====

Interim report first quarter 2024 
 
 
 16 
Financial calendar 
Interim report Q2 July 18, 2024 
Interim report Q3 October 17, 2024 
Interim report Q4 and year-end report 2024, February 13, 2025 
Webcast presentation 
PowerCell’s first quarter 2024 will be published on Thursday 25 April at 07:30 am CEST. An online 
presentation will take place the same day at 08:30 am CEST. The presentation can be listened to 
online or by calling in. The presentation will be followed by a question-and-answer session. The 
presentation is held in English.  
 
If you wish to participate online, please use the link https://ir.financialhearings.com/powercell-q1-
report-2024. 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.financialhearings.com/teleconference/?id=5005470 . 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.  
 
Contact details:  
CEO Richard Berkling            CFO Torbjörn Gustafsson  
+46 (0) 31 7203620            +46 (0) 70 1866986  
richard.berkling@powercellgroup.com 
 
              torbjorn.gustafsson@powercellgroup.com  
   
This information constitutes information that PowerCell Sweden AB (publ) is obliged to make public 
according to the EU Market Abuse Regulation. The information was submitted for publication through 
the agency of the contact person set out below, at 07:30 am CEST on April 25, 2024.  
 
Every care has been taken in the translation of this interim report. In the event of discrepancies, the 
Swedish original will supersede the English translation. The addition of the totals presented may 
result in minor rounding differences. 
About PowerCell 
PowerCell is a world leader in hydrogen electric solutions with unique fuel cell stacks and systems. 
With decades of experience, we use our expertise to accelerate the transition to an emission-free, 
more sustainable world. We target industries such as aviation, marine, off -road, on-road and 
stationary power generation. With our cutting-edge products, we help our customers to reach net 
zero emissions already today. 
 
We are headquartered in Gothenburg, Sweden with sales globally. PowerCell is listed on Nasdaq 
Stockholm.  
 
To read more about our products and services, visit powercellgroup.com. 
 
 
 
 
 
PowerCell Sweden AB (publ) 
Corp. Reg. No. 556759-8353 
Ruskvädersgatan 12 
SE-418 34 Göteborg 
Tel: +46 (0) 31 720 36 20 
powercellgroup.com