PowerCell Sweden Stock Jumps 51% in a Month as AGM Grants Capital Flexibility and New Chair Takes Helm

PowerCell Sweden shares jump 51% in 30 days; AGM elects Katarina Bonde chair, grants capital authorization amid Q1 revenue drop and widening loss.

Shareholders in the hydrogen fuel-cell specialist have endured a volatile ride, but the past 30 days delivered a sharp reversal. PowerCell Sweden's stock surged roughly 51% over that period, reaching €2.54, though the shares remain about eight percent in the red since the start of the year. The extreme swings are reflected in an annualized volatility reading of 106%, underscoring the market's jittery view of the company's near-term trajectory.

Against that backdrop, Monday's annual general meeting in Gothenburg produced several key governance and financing decisions. Katarina Bonde was elected as the new chair of the board, stepping into the role at a time when the company is balancing operational weakness with signs of technological maturity. Bonde's compensation is set at SEK 650,000 out of a total board remuneration of SEK 2.6 million for the coming period. Six incumbent board members were re-elected, and management was discharged from liability for the 2025 financial year. Deloitte AB takes over as the new auditor, with Harald Jagner serving as lead auditor.

The most consequential resolution, however, was the granting of a capital authorization. Until the next AGM, PowerCell's management can issue new shares, convertible bonds, or warrants — either in a single tranche or multiple rounds — without requiring a separate shareholder vote. Such standby authorization is common in the hydrogen industry, where project-based financing needs can arise abruptly. As of late March 2026, the company held liquid assets of roughly SEK 23.8 million, extending to SEK 73.8 million when unused credit lines are included. While that provides a cushion, it is hardly lavish given the cash burn.

The urgency of that flexibility becomes clear when looking at the first-quarter numbers. Revenue slumped to SEK 46.9 million from SEK 74.1 million a year earlier, while the net loss ballooned to SEK 39.8 million versus SEK 15.7 million in the same period of 2025. Management blamed delayed deliveries and lower license income from partners.

CEO Richard Berkling contextualized the setback by noting that 2026 will be more heavily shaped by project-driven revenue patterns than the relatively stable 2025. Quarterly swings, he argued, are structurally tied to large hydrogen contracts rather than being outliers. The company's technology platform, meanwhile, continues to accumulate real-world evidence: over 200,000 hours of test data and 500,000 hours of field data underpin the fuel-cell systems. In the maritime segment — a core market — stacks are expected to achieve between 20,000 and 43,000 operating hours depending on the use profile.

No dividend will be paid for fiscal 2025; retained earnings are carried forward. The stock currently trades about 41% below its 52-week high of €4.37, though the recovery from the March trough — a gain of roughly 78% — shows how sharply sentiment can shift in this sector. Whether management exercises the new capital authorization and when the first major project milestones materialize will determine how the liquidity position evolves through the rest of the year.