CEO's message

New opportunities despite continuing challenges

During the quarter, we completed a rights issue and continued to streamline our operations. Further opportunities to expand our business are emerging. The next step is to translate this progress into revenue growth.

Sales for the third quarter amounted to SEK 0.9 million and consisted of services and flow plates. During the quarter, we completed a rights issue that was 75 percent subscribed and generated proceeds of approximately SEK 40.2 million for the company before issue costs and repayment of bridge financing, including accrued interest. Approximately 48.6 percent of the rights issue was subscribed with and without the support of unit rights, while approximately 26.4 percent was allotted to the underwriter.

“The progress we have made to date now needs to be translated into orders, revenue and stronger cash flow.”

We have continued our review of our organization, which has resulted in a more efficient structure and a lower cost base. Along with the proceeds from the rights issue, this strengthens our ability to continue operations while we work to secure larger deals. To build a long-term sustainable business, we also need to increase our revenue in 2027. We need to complete the transactions currently in progress, or secure additional financing, to be able to continue our operations into the next financial year.

Acceleration of order

During the quarter, we signed an order with a leading US manufacturer of fuel cells and electrolyzers. The order includes established flow plates for the customer’s day-to-day operations. Since the products have already undergone design development and validation, no further development is required. They can now be manufactured and delivered on demand. Deliveries were originally scheduled to take place on an ongoing basis over a two-year period. However, after the end of the quarter, the customer requested earlier deliveries, and final delivery is now scheduled for April 2027.

The acceleration of the project is a positive sign for this customer relationship. As we previously announced, many of our projects are nearing regular production as we, in many cases, have worked with customers to develop flow plates that meet their high standards.

Expanding the offering

During the quarter, we continued our efforts to expand Cell Impact’s offering with the aim of creating new applications for our technology and expertise. This is part of the strategy we adopted in 2025 to complement our core business in the hydrogen industry with operations in other industrial segments, based on the technology, expertise and production capacity already established when developing Cell Impact Forming™.

During the quarter, we also continued our efforts to identify and develop new industrial applications where our forming, cutting and other material processing processes can add value.

Expanding into new applications will allow our existing technology and capacity to be utilized in more markets and create opportunities for complementary revenue streams alongside our core business. Furthermore, in more established industrial segments, lead times are often shorter and decision-making processes more predictable than in the project-based hydrogen market. Although these efforts have not yet translated into any formal agreements, we are continuing to work towards commercializing these opportunities.

Daniel Vallin, CEO
Karlskoga, November 2026