Kvartalsrapport Q1 2025

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

Interim report 
First quarter 2025

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

Interim report first quarter 2025 
 
2 
Steady pace through rough waters 
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  
SEK million, unless other stated    Jan-Mar 2025 Jan-Mar 2024 2024 
Net sales    74.1 52.1 334.3 
Gross profit    27.5 24.6 116.2 
Gross margin, %    37.1 47.2 34.8 
EBITDA    -6.0 -23.7 -30.9 
Operating income    -11.3 -29.3 -53.7 
Net income    -15.7 -25.1 -47.3 
Earnings per share (basic and diluted), SEK    -0.43 -0.66 -1.52 
Equity asset ratio, %    65.3 58.9 62.5 
Operating cash flow    -79.3 38.7 -18.6 
.

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

Interim report first quarter 2025 
 
3 
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 ye ar 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 fl eets, 
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 slo wed 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 ev en 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 platfo rms 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

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

Interim report first quarter 2025 
 
4 
Financial performance January-March 2025 
Net sales  
Net sales amounted to SEK 74.1m (52.1), an increase of 
42%. The Marine segment contributes by SEK 43.5m to the 
quarterly net sales. Sales of projects, according to 
percentage of completion, amounted to SEK 41.5m (27.9). 
Royalty fees from Robert Bosch GmbH accounted to SEK 
5.0m (2.8).  
 
Gross profit and operating income/loss 
Gross profit increased to SEK 27.5m (24.6) with a gross 
margin of 37.1% (47.2), however margin was held back by 
negative currency effects EUR/SEK, approximately SEK 
18m, following re-evaluating project reported as percentage 
of completion. During first quarter 2024 gross margin was 
impacted positively by currency effects of approximately 
SEK 8m. 
 
Other operating income amounted to SEK 24.1m (6.9). The 
difference compared to previous year predominantly 
caused by more projects subject for grants. 
 
In the quarter, SEK 10.5m (9.5) was capitalised as  
development expenditures. The majority of the capitalised  
expenditures are related to the development of a new  
version of PS200 system. 
 
Net income and financial items 
Net financial items amounted to SEK -4.5m (4.1). 
Net income in the quarter was SEK -15.7m (-25.1).  
 
Cash flow 
During the quarter operating cash flow was SEK -79.3m 
(38.7). The negative operating cash flow is predominantly 
related to significant changes in accounts receivable and 
accounts payable totalling approximately SEK -79m  
impacting operating cash flow negatively. This situation is 
deriving from large pre-buys for projects during Q4 and 
milestones for invoicing in customer project plans during 
Q1, not yet collected. The rollover effect between quarters 
was expected and mentioned in the Q4 presentation. 
 
Cash flow from investing activities was affected by product 
development capitalisation. In the quarter, SEK 10.5m (9.5) 
was capitalised as intangible assets.  
 
Total cash flow for the quarter amounts to SEK -92.1m  
(26.5).  
 
Financial position  
On March 31, 2025, cash and cash equivalents amounted 
to SEK 140.8m (101.2).  
 
  
0%
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Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
Gross profit margin, % R12  Gross profit margin %
Gross profit %
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Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
Net sales, SEK million R12M
Net sales

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

Interim report first quarter 2025 
 
5 
Condensed income statement - Group 
SEK thousand Note   Jan-Mar 2025 Jan-Mar 2024 2024 
Net sales     74,110 52,067 334,278 
Costs of goods and services sold     -46,601 -27,513 -218,107 
Gross profit     27,509 24,554 116,171 
Selling and administrative costs 4   -30,379 -29,094 -113,334 
Research and development costs    -27,889 -22,824 -110,877 
Other operating income 7   24,100 6,859 48,908 
Other operating costs 8   -4,630 -8,813 -24,611 
Operating income before items affecting 
comparability 
   -11,289 -29,318 -83,743 
Items affecting comparability 6   - - 30,000 
Operating income    -11,289 -29,318 -53,743 
Net financial items    -4,493 4,067 6,159 
Profit (loss) after financial items    -15,782 -25,251 -47,584 
Income tax    84 103 299 
Profit (loss) for the period    -15,698 -25,148 -47,285 
Other comprehensive income:        
Items that may be reclassified to profit or loss       
Exchange differences from foreign operations    -165 -184 -317 
Other comprehensive income for the period    -165 -184 -317 
Total comprehensive income for the period    -15,863 -25,332 -47,602 
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 2025 Jan-Mar 2024 2024 
Earnings per share, basic 5   -0.43 -0.66 -1.52 
Earnings per share, diluted 5   -0.43 -0.66 -1.52

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

Interim report first quarter 2025 
 
6 
Condensed balance sheet - Group 
SEK thousand    2025-03-31 2024-03-31 2024-12-31 
ASSETS       
Non-current assets       
Intangible assets    72,749 31,371 62,769 
Right of use assets (leasing)    25,775 32,170 26,326 
Tangible fixed assets    23,251 31,586 25,440 
Deferred tax assets    437 344 413 
Total non-current assets    122,212 95,471 114,948 
       
Current assets       
Inventories    133,859 134,008 144,180 
Current receivables    214,453 96,781 165,854 
Cash and cash equivalents    140,772 101,216 237,458 
Total current assets    489,084 332,005 547,492 
       
TOTAL ASSETS    611,296 427,476 662,440 
       
EQUITY AND LIABILITIES       
Equity attributable to Parent Company 
shareholders       
Share capital    1,274 1,147 1,274 
Other contributed capital    816,892 635,007 816,892 
Reserves    -482 -184 -317 
Retained earnings (including profit (loss) for the 
year) 
   -418,575 -384,159 -404,146 
Total equity attributable to Parent Company 
shareholders 
   399,109 251,811 413,703 
       
Liabilities       
Non-current liabilities leases    16,352 21,852 17,174 
Non-current liabilities    334 30,572 395 
Current liabilities leases    7,183 6,952 6,646 
Current liabilities    188,318 116,289 224,522 
Total liabilities    212,187 175,665 248,737 
       
TOTAL EQUITY AND LIABILITIES    611,296 427,476 662,440

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

Interim report first quarter 2025 
 
7 
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 2025  1,274 816,892 -317 -404,146 413,703 
Profit (loss) for the period  - - - -15,698 -15,698 
Other comprehensive income for the period  - - -165 - -165 
Total comprehensive income for the period  - - -165 -15,698 -15,863 
Transactions with shareholders       
Share-based compensation to employees  - - - 1,269 1,269 
Closing balance 31 March 2025  1,274 816,892 -482 -418,575 399,109 
       
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 -184 -384,159 251,811

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

Interim report first quarter 2025 
 
8 
Condensed cash flow - Group 
SEK thousand    Jan-Mar 2025 Jan-Mar 2024 2024 
Cash flow from operating activities       
Operating profit (loss)    -11,289 -29,318 -53,743 
Adjustments for non-cash items    1,589 10,347 2,184 
Interest paid/received    -46 158 -980 
Paid income tax    -288 -641 -413 
Cash flow from operating activities before 
changes in working capital 
   -10,034 -19,454 -52,952 
       
Cash flow before changes in working capital       
Increase/decrease of inventories    10,326 -17,050 -26,542 
Increase/decrease of current receivables    -44,635 51,651 -20,409 
Increase/decrease of current liabilities    -34,967 23,570 81,333 
Total changes in working capital    -69,276 58,171 34,382 
       
Cash flow from operating activities    -79,310 38,717 -18,570 
       
Cash flow from investing activities       
Acquisitions of tangible and intangible assets    -10,931 -10,318 -46,542 
Cash flow from investing activities    -10,931 -10,318 -46,542 
       
Cash flow from financing activities       
Borrowed short-term loans    - - 50,000 
Repayment of leasing liability    -1,856 -1,886 -7,321 
Share issue    - - 182,012 
Cash flow from financing activities    -1,856 -1,886 224,691 
       
Decrease/increase of cash and cash 
equivalents 
   -92,097 26,513 159,579 
Opening cash and cash equivalents    237,458 70,809 70,809 
Effects of exchange rate changes on cash and 
cash equivalents 
   -4,589 3,894 7,070 
Closing cash and cash equivalents    140,772 101,216 237,458

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

Interim report first quarter 2025 
 
9 
Condensed income statement - Parent Company 
SEK thousand Note   Jan-Mar 2025 Jan-Mar 2024 2024 
Net sales     74,110 52,067 334,278 
Costs of goods and services sold     -46,601 -27,513 -218,107 
Gross profit     27,509 24,554 116,171 
Selling and administrative costs    -28,777 -28,428 -114,314 
Research and development costs    -38,478 -32,241 -150,555 
Other operating income    23,979 6,829 48,818 
Other operating costs    -4,630 -8,829 -24,606 
Operating income before items affecting 
comparability 
   -20,397 -38,115 -124,486 
Items affecting comparability    - - 30,000 
Operating income    -20,397 -38,115 -94,486 
Net financial items    -4,253 3,572 6,449 
Profit (loss) after financial items    -24,650 -34,543 -88,037 
Income tax    23 64 134 
Profit (loss) for the period    -24,627 -34,479 -87,903 
       
In the Parent Company there are no items recognised as other comprehensive income, which is why total comprehensive income corresponds 
to profit (loss) for the period.

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

Interim report first quarter 2025 
 
10 
Condensed balance sheet - Parent Company 
SEK thousand    2025-03-31 2024-03-31 2024-12-31 
ASSETS       
Non-current assets       
Intangible assets    5,443 5,389 6,194 
Tangible fixed assets    23,251 31,585 25,440 
Financial assets    3,623 1,359 1,429 
Total non-current assets    32,317 38,333 33,063 
       
Current assets       
Inventories    133,859 134,008 144,180 
Current receivables    215,463 99,934 168,910 
Cash and bank balances    137,445 97,255 232,993 
Total current assets    486,767 331,197 546,083 
       
TOTAL ASSETS    519,084 369,530 579,146 
       
EQUITY AND LIABILITIES       
Restricted equity       
Share capital    1,274 1,147 1,274 
Total restricted equity    1,274 1,147 1,274 
       
Non-restricted equity       
Share premium reserve    737,392 555,507 737,392 
Retained loss    -383,159 -298,676 -296,525 
Profit (loss) for the period    -24,627 -34,479 -87,903 
Total non-restricted equity    329,606 222,352 352,964 
Total equity    330,880 223,499 354,238 
       
Liabilities       
Non-current liabilities leases    - 30,000 - 
Current liabilities    188,204 116,031 224,908 
Total liabilities    188,204 146,031 224,908 
       
TOTAL EQUITY AND LIABILITIES    519,084 369,530 579,146

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

Interim report first quarter 2025 
 
11 
Notes to the consolidated statements
Note 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 24, 2025. 
 
All amounts are stated in SEK thousand unless stated  
otherwise. Amounts in brackets refer to the comparative 
year. 
Note 2 | Accounting policies 
PowerCell applies IFRS as endorsed by the EU. The  
accounting policies and definitions adopted are consistent 
with those described in PowerCell Group’s Annual Report 
2024. 
 
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. 
 
 
Note 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 2025 Jan-Mar 2024 2024 
Hardware   9,084 14,963 71,278 
Services   18,494 6,426 36,901 
Royalty fees   5,027 2,801 37,787 
Projects according to percentage of completion   41,505 27,877 188,312 
Total    74,110 52,067 334,278 
 
 
Revenue from contracts with customers per country, based on where customers are located 
   Jan-Mar 2025 Jan-Mar 2024 2024 
Sweden   5,673 304 3,031 
Germany   19,145 7,490 71,429 
Great Britain   1,977 2,109 12,047 
US   -3,089 2,993 21,204 
Norway   454 20,900 100,575 
Italy   44,931 3,036 87,284 
Other   5,019 15,235 38,708 
Total    74,110 52,067 334,278 
 
Note 4 | Related party transactions 
No significant transactions with related parties have taken 
place in the period.

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

Interim report first quarter 2025 
 
12 
Note 5 | Earnings per share 
 
SEK   Jan-Mar 2025 Jan-Mar 2024 2024 
Earnings per share, basic   -0.43 -0.66 -1.52 
Earnings per share, diluted   -0.43 -0.66 -1.52 
      
 
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 
 
SEK thousand      
Profit (loss) attributable to Parent Company shareholders   -24,627 -34,479 -87,903 
      
 
 
Number      
Weighted average number of ordinary shares at the calculation 
of earnings per share, basic 
  57,892,434 52,142,434 57,892,434 
Adjustment for the calculation of earnings per share, diluted   57,892,434 52,142,434 57,892,434 
      
 
Note 6 | Items affecting comparability 
 
SEK thousand   Jan-Mar 2025 Jan-Mar 2024 2024 
Government loan converted into grant   - - 30,000 
Total   - - 30,000 
      
 
Note 7 | Other operating income 
 
SEK thousand   Jan-Mar 2025 Jan-Mar 2024 2024 
Currency exchange gains   12,842 2,443 16,913 
Grants   11,255 3,583 30,735 
Other   3 833 1,260 
Total   24,100 6,859 48,908 
      
The majority of the R&D grants come from the EU and relate to projects within the aviation segment. Costs related to the EU-granted projects 
are to be found in operating expenses as R&D costs. 
 
Note 8 | Other operating cost 
 
SEK thousand   Jan-Mar 2025 Jan-Mar 2024 2024 
Currency exchange losses   -4,630 -8,813 -24,611 
Total   -4,630 -8,813 -24,611

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

Interim report first quarter 2025 
 
13 
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 analysing PowerCell’s  
business. The performance measures in this financial report 
are described and defined below. 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 understand 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 14 =====

Interim report first quarter 2025 
 
14 
Other information 
Employees 
On March 31, 2025, the Group had 146 (149) employees 
measured as full-time equivalents, FTE. 
 
The share 
The share is listed on Nasdaq Stockholm under the ticker 
PCELL. On March 31, 2025, the total number of outstanding 
shares was 57,892,434. PowerCell holds no treasury 
shares. 
 
Risks and uncertainties 
Through its operations, PowerCell is exposed to risks and 
uncertainties, which have been increasingly present during 
the last months of global financial uncertainties. For 
extensive information on the most significant operational 
and financial risks, please see pages 59-60 and pages 66-
67 in the Annual Report for 2024.  
 
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.  
 
Parent Company 
The main part of the Group’s activity is carried out in the 
Parent Company Powercell Sweden AB. Out of 146  
employees, 143 are employed by the Parent Company. The 
Parent Company’s revenue amounted to SEK 74.1m (52.1) 
in the first quarter. Operating income for the quarter 
amounted to SEK -20.4m (-38.1). 
 
 
 
 
 
Ten largest owners March 31, 2025 
Name     
Number of 
Shares 
Votes and 
capital 
Robert Bosch     6,493,531 11.22% 
Norges Bank Investment Management     3,994,413 6.90% 
Avanza Pension     1,956,881 3.38% 
Axon Partners Group Investment SGEIC     1,055,193 1.82% 
Ruth Asset Management     950,000 1.64% 
Swedbank Robur Fonder     603,895 1.04% 
Global X Management Company LLC     490,211 0.85% 
Carnegie Fonder     478,601 0.83% 
VanEck     342,709 0.59% 
Handelsbanken Fonder     340,396 0.59% 
Total ten largest owners     16,705,830 28.86% 
Others     41,186,604 71.14% 
Total     57,892,434 100.00% 
       
 
Source: Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial  
Supervisory Authority (Finansinspektionen).

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

Interim report first quarter 2025 
 
15 
 
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. 
This report has not been reviewed by the Company’s  
auditor. 
 
 
 
 
 
 
 
 
 
 
  
Gothenburg, April 24, 2025 
 
Magnus Jonsson 
Chairman 
Nicolas Boutin 
Director 
Helen Fasth Gillstedt 
Director 
 
Riku-Pekka Hägg 
Director 
Karin Ryttberg-Wallgren 
Director 
Uwe Hillman 
Director 
 
 Annette Malm Justad 
Director 
Richard Berkling 
CEO

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

Interim report first quarter 2025 
 
16 
Financial calendar  
Annual General Meeting, April 29 
Interim report first half year 2025, July 17 
Interim report Q3 2025, October 23 
Interim report Q4 and year-end report 2025,  
February 4, 2026 
 
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=5005
486 
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 
+46 (0) 31 7203620 
richard.berkling@powercellgroup.com  
 
CFO Anders Düring 
+46 (0) 70 8887733 
anders.during@powercellgroup.com  
 
This information constitutes information that Powercell 
Sweden AB (publ) is obliged to make public according to the 
EU Market Abuse Regulation and the Swedish Securities 
Market Act. The information was submitted for publication 
through the contact person set out above at 07:30 am CEST 
on April 24, 2025. 
 
Every care has been taken in the translation of this interim 
report. If there are 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 
https://powercellgroup.com. 
 
 
  
  
Powercell Sweden AB (publ) 
Corp. Reg. No. 556759-8353 
Ruskvädersgatan 12, SE-418 34 Gothenburg 
Tel: +46 (0) 31 720 36 20 
powercellgroup.com