Powercell Q1’22: First comment - Redeye

Redeye expected higher sales and lower Opex compared to Powercell’s reported Q1 numbers. However, we also note a couple of bright spots like solid gross margins and higher royalty fees than expected. Powercell has expanded its customer base and organization laying the foundation for long-term growth and remains optimistic about business opportunities. We will make some adjustments in our near-term forecasts, as costs are growing faster than revenues. This will probably push our expected break-even point to around 2024/25. But with SEK 290m in net cash, Powercell’s financial position is still solid.

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