Hydrogen is no longer just a promise — it’s taking off. PowerCell, a leading developer of hydrogen fuel cell systems, has delivered its strongest quarter ever, fueled by rising global demand for clean energy solutions. In Q2 2025, the company recorded net sales of SEK 130 million, nearly doubling revenue year-over-year and achieving positive net income and EBITDA for the first time on a 12-month rolling basis. These results signal a decisive shift from pilot projects to commercial momentum, as hydrogen moves closer to mainstream adoption in both the marine and stationary energy sectors.
For the first half of 2025, PowerCell posted net sales of SEK 204.1 million, up 72% from the previous year. The rolling 12-month revenue has now crossed the SEK 400 million mark, while EBITDA turned positive at SEK 27.4 million in Q2—PowerCell’s first 12-month period with positive earnings before depreciation.
“This quarter confirms that we’ve moved from isolated breakthroughs to real, scalable operations,” said Jon Duffy, CEO of PowerCell. “We’re becoming more predictable in how we deliver value, and our strategy is resonating with both existing and new customers across key segments.”
Key Q2 Highlights:
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Strategic IP Licensing Deal with Bosch: A renewed partnership with Robert Bosch GmbH includes licensing of intellectual property and generated SEK 62.2 million in royalty and license fees. It reflects a market shift in how industrial partners are valuing long-term hydrogen capabilities.
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First Commercial Order from Hitachi Energy: PowerCell will supply fuel cell systems for Hitachi’s Hyflex™ platform, a clean, off-grid hydrogen generator designed to replace diesel in remote applications. This order strengthens PowerCell’s position in the stationary segment.
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Major Marine Contract in Italy: A SEK 44 million agreement was signed with a leading Italian marine OEM to co-develop and deliver a next-generation 1 MW marine fuel cell system—PowerCell’s first commercial order using its new MW-class platform.
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Certification Milestone: The company’s Marine System 225 was granted Type Approval by Lloyd’s Register, reinforcing its market readiness for marine deployment.
Strategic Market Positioning
PowerCell’s participation in Nor-Shipping and the Electric & Hybrid Marine Expo confirmed the marine segment’s rapid evolution. According to Duffy, “Conversations are moving from pilots to real deployment. Fuel cells are now being viewed as core power solutions, not niche technology.”
The company noted increasing demand for methanol-based fuel cell systems and rising engagement with OEMs and system integrators, driven in part by new regulatory requirements from the IMO. These developments are enhancing visibility and solidifying PowerCell’s role in the transition to clean marine propulsion and stationary power.
Financial Summary (Q2 2025):
| Key Figures | Q2 2025 | Q2 2024 |
|---|---|---|
| Net Sales | SEK 130.0m | SEK 66.3m |
| Gross Profit | SEK 80.1m | SEK 11.0m |
| Gross Margin (%) | 61.6% | 16.6% |
| Operating Income | SEK 21.9m | SEK -9.5m |
| Net Income | SEK 22.4m | SEK -8.6m |
| Earnings per Share (SEK) | 0.24 | -0.33 |
| Operating Cash Flow | SEK 6.9m | SEK -50.6m |
| Equity Asset Ratio (%) | 73.6% | 57.0% |
Looking Ahead
PowerCell’s capital-light licensing model and focus on scalable, certified platforms is gaining traction. With more installations underway and higher system value per customer, the company anticipates stronger revenue quality and sustained growth. The strategic choices made in product development, partnerships, and internal efficiencies are beginning to reflect in both top-line and bottom-line performance.
“The environment remains complex, but we’re advancing with confidence, agility, and a clear strategy to build long-term value,” Duffy concluded.
