CEO's message

Growth and diversification paving the way forward

In addition to a number of exciting agreements and new developments, 2025 ended with the announcement of a new share issue and our intention to diversify our operations to broaden our unique expertise into industrial areas other than fuel cells and electrolyzers.

Sales for the year ended on a weak note compared with 2024. Net sales for the fourth quarter amounted to SEK 1.1 million (2.2), down 50 percent compared with the same quarter in 2024. Net sales for the full year amounted to SEK 5.6 million (37.3), down 85 percent compared with 2024. We reported an operating loss of SEK –65.4 million for the quarter and SEK –127.9 million for the full year. Cash flow from operating activities amounted to SEK –3.1 million for the fourth quarter and SEK –45.4 million for the full year.

Gradual steps in the right direction

Our efforts to lay the foundation for future volume orders continued and intensified in 2025. Ongoing projects proceeded according to plan, and we are making progress that is steadily bringing us closer to large-scale flow plate production.

During the final quarter of the year, we also announced a number of positive new developments that confirmed we are moving in the right direction in many ways.

Together with one of our customers, we have transitioned into an initial phase of continuous production, with an expected gradual increase in the number of flow plates delivered. While this business is still limited in scope, it confirms that Cell Impact, and the flow plates that we are developing, are certainly on the right path. We have delivered the first phase of flow plates to the customer and can report that the design has been approved and we are now awaiting additional follow-up orders.

Joint development work

During the quarter, we also announced a strategic cooperation agreement with thyssenkrupp Automation Engineering. Together, we will carry out technical development of flow plates and manufacturing technology, address the hydrogen market and conduct joint marketing activities. The strength of the partnership lies in how well we complement each other and can thus offer customers complete manufacturing flows. The concept combines our unique expertise in designing, forming and cutting flow plates and thyssenkrupp Automation Engineering’s global presence and outstanding expertise in integration and automation. Since the agreement was announced, we have expanded our cooperation, including two customer projects in the start-up phase and joint market development targeting current, former and potential customers in Asia.

In parallel with this cooperation, we signed an agreement with a leading Asian vehicle manufacturer in the fourth quarter for the delivery of a forming tool. This transaction was the latest result of a long line of successful projects which have gradually proven the strength of our concept and expertise. Delivery of the tool is taking place in the first quarter of 2026.

In addition, we were named Flow Plate Manufacturer of the Year in Europe 2025 by the industry publication Energy Tech Review, which is proof of the confidence our customers have in our technology and processes. Our progress in advancing our sustainability agenda was also confirmed during the quarter when we were awarded a gold medal by EcoVadis, the world’s most trusted sustainability ranking. Thanks to our more detailed reporting, expanded monitoring and stronger procedures, Cell Impact is now ranked in the top 5 percent of all rated companies.

Progressing towards higher volumes

Despite these successes, 2025 was nevertheless a year in which we moved closer to achieving large volumes, without quite reaching the end goal. The outlook for the hydrogen market – which is growing as we, our customers and other players implement successful projects – remains highly optimistic.

For us, 2025 brought a need for further capital injections until such time as our projects and efforts result in larger deals involving the manufacturing of flow plates for fuel cell and electrolyzer manufacturers. The subscription period for the guaranteed rights issue will begin soon, which will provide us with up to SEK 33.2 million after deduction of issue costs.

Diversifying the operations

In connection with the rights issue, we announced a diversification of our operations that will allow us to address needs in industrial segments beyond those we have focused on in recent years. Diversification therefore marks a further step in our commercialization journey, broadening our market reach and thus reducing our dependence on individual sectors.

The starting point is simple: Cell Impact Forming™ is a technology with potential reaching far beyond flow plates.

The same technology that enables thin, robust flow plates can also add value to other industrial applications where efficient cutting is essential.

It is within this broader context that our investment in machine sales is taking shape. Our initial focus will be on areas of the mechanical engineering industry that have a well-defined need for fast, cost-effective and precise cutting. These mature markets have shorter lead times, more predictable decision-making processes and a strong willingness to invest – a combination of factors that creates a good foundation for recurring and complementary revenue streams, alongside our core business.

Cell Impact Cutting

Cell Impact Cutting represents our first application of this complementary business. In addition to machine sales, the diversification will enable us to provide a service offering, including maintenance and updates of customers’ machinery. We will also identify further industrial segments with a need for metal forming and cutting – operations where we hold a unique position.

This will result in a more robust business, more even cash flows and a more stable financial profile. But above all, it will open the door to new customer relationships and faster business as we demonstrate the power of technology in new contexts.

We have already identified concrete business opportunities in both Sweden and Europe, not least through our cooperation with thyssenkrupp Automation Engineering, where machine sales are a potential business. This reinforces our conviction that the technology we have developed over many years has broader relevance – and that we are now taking further steps that will enable us to realize its full commercial value.

Daniel Vallin, CEO
Karlskoga, February 2026