EL7.AI
StocksMedium•22 October 2026•
4 min read

PowerCell sales fall 61% to SEK 33.1 million in third quarter

Key Facts

1PowerCell sales were SEK 33.1 million in the third quarter of 2026, down 61% from SEK 85.8 million.
2The net loss widened to SEK 34.2 million from SEK 15.3 million, and loss per share was SEK 0.59 versus SEK 0.26.
3Nine-month sales fell 60% to SEK 117 million; the decline was 41% excluding the Bosch licensing deal.
4The company expects to lower its annual cost base by about SEK 50 million in 2027.

PowerCell sales fell 61% year over year to SEK 33.1 million in the third quarter of 2026, from SEK 85.8 million in the corresponding period of 2025, according to the company’s financial report. The net loss widened to SEK 34.2 million, compared with SEK 15.3 million a year earlier, while loss per share was SEK 0.59 versus SEK 0.26. Management said the decline came amid a weak market, lower royalties from the automotive sector and some deliveries shifting from the third quarter to the fourth alongside increased production of the PS190 system. The results therefore combined weak demand in the core market with delays to revenue and deliveries expected during the period. The company published its results on October 22, 2026.

The decline in sales weighed on gross profit, which fell to SEK 9.1 million from SEK 33.1 million in the third quarter of the previous year. The gross margin contracted to 27.5% from 38.6%, indicating weaker overall profitability alongside lower revenue. The company posted an EBITDA loss of SEK 26 million, compared with a loss of SEK 6.9 million a year earlier. Basic and diluted earnings per share also fell to a loss of SEK 0.59, from a loss of SEK 0.26. These indicators show that quarterly pressure extended beyond sales volume to margins and operating results as well.

For the first nine months of 2026, sales were SEK 117 million, down 60% from SEK 289.9 million in the corresponding period of 2025. The comparison, however, includes a large licensing deal with Bosch recorded last year; excluding its one-off effect, the company said revenue fell 41%. The net loss for the nine months was SEK 125.2 million, compared with a loss of SEK 8.6 million a year earlier. Selling and administrative expenses also declined 20% year over year during the period. The adjusted comparison shows that the licensing deal explains part of the decline, while revenue remained below its previous level even after that effect was excluded.

Management attributed part of the market weakness to a slowdown in the sector, saying the industry had expected growth in 2026 compared with 2025 but instead faced a contracting market of as much as 55–60%. It also said expansion in China fell short of expectations and delayed incentives slowed activity. In addition to the weak market, lower automotive royalties weighed on quarterly revenue, while deliveries tied to increased PS190 production shifted from the third quarter to the fourth. The company said some royalty revenue it had expected would move to 2027, and that it was monitoring this development closely. These factors place the quarterly decline within a set of market and timing pressures whose effects extend into coming periods.

PowerCell began cost-cutting and organizational measures earlier in the year and said their effects were visible in the third quarter. Selling, administrative and research and development expenses combined fell 25% compared with the same period of 2025. The company expects these measures to lower its annual cost base by about SEK 50 million in 2027. During the quarter, it also announced a multi-megawatt power-generation order for an AI data center worth approximately SEK 30 million, and a partnership with ECL to provide more than 300 megawatts of hydrogen power to data centers with support from Bosch. It also recorded an order from the German Aerospace Center (DLR) worth approximately SEK 21 million for an integrated system that converts fuel into power.

After the quarter ended, the company signed a non-binding memorandum of understanding with Bosch to cooperate in meeting demand for power-generation solutions. PowerCell linked growth in this demand to the expansion of data centers and interest in energy resilience and strategic independence. It also announced a follow-up order worth SEK 27 million from GMI Group for two additional hydrogen-electric bulk carriers. Management said the core market would remain weak for the rest of the year and early next year, with some royalty revenue expected in 2026 potentially shifting to 2027. The company’s financial calendar says its fourth-quarter 2026 report and results presentation are scheduled for February 12, 2027.