Impact Coatings AB (publ), Interim Report April-June 2023



  • Net sales amounted to SEK 25,119 thousand (4,379)
  • Net sales, excluding metals for electrolysis, amounted to SEK 22,677 thousand (4,379) [1]
  • Total revenue amounted to SEK 20,708 thousand (10,934)
  • Operating profit amounted to SEK -9,720 thousand (-13,307) [2]
  • Operating profit after financial items amounted to SEK -9,718 thousand (-13,312)
  • Cash flow amounted to SEK -39,325 thousand (-17,209)
  • Liquidity ratio amounted to 238% (457)
  • Order backlog coating systems at period end amounted to SEK 36,318 thousand (20,278) [3]
  • Order backlog Coating Services, excluding metals for electrolysis, amounted to SEK 3,250 thousand [1] [3]
  • Order backlog Coating Services, including metals for electrolysis, amounted to SEK 5,924 thousand [1] [3]


  • Net sales amounted to SEK 45,135 thousand (9,739)
  • Net sales, excluding metals for electrolysis, amounted to SEK 39,944 thousand (9,739) [1]
  • Total revenue amounted to SEK 40,687 thousand (20,399)
  • Operating profit amounted to SEK -18,851 thousand (-23,022) [2]
  • Operating profit after financial items amounted to SEK -18,848 thousand (-23,028)
  • Cash flow amounted to SEK 92,856 thousand (-23,804)


  • System order for the new INLINECOATER™ IC2000 for volume production from SEKSUN (China), for coating of fuel cell plates


  • No significant events have occurred after the end of the period

[1] Metals for electrolysis are invoiced in a cost-neutral manner and do not affect operating profit.
[2] Includes a provision for severance pay for the departing CEO of SEK 2,960 thousand. Adjusted operating profit SEK -6,760 thousand and SEK -15,891 thousand, respectively.
[3] Currency exchange rate at period end.
[4] Significant events refer to events that comprise insider information and shall be made public via press release.

Strong quarter lays the foundation for the rest of 2023

The second quarter of 2023 showed strong revenue growth, in line with the previously reported order status. Net sales for the group amounted to SEK 22,677 thousand (4,379), excluding metals for electrolysis. In comparison to the same quarter in 2022, the second quarter of the year includes a system delivery and was our strongest period to-date for Coating Services.

Coating Services achieved net sales during the period of SEK 8,599 thousand (2,362), excluding metals for electrolysis, with the primary contribution from electrolysis coatings for green hydrogen. As in the previous report, we focus on sales figures excluding the metals used for electrolysis within Coating Services, since these are invoiced cost-neutrally and do not affect operating profit.

Coating Services is expected to grow further in the long term after we, during the quarter, brought our Coating Service Center in Shanghai into full operation and in 2024 will open a Coating Service Center in the USA and move to a larger more modern facility in Linköping. These three initiatives will lead to a marked increase in capacity.

The order book for Coating Services is reported at the end of the second quarter with a value of SEK 3,250 thousand, excluding the value of metals for electrolysis. Orders within Coating Services are normally delivered over 1-4 months and the order book at the end of the quarter is a snapshot. Our large American customer, with whom we entered into a Letter of Intent in February 2023, has continued to place electrolysis coating orders for separator plates and porous transport layer plates.

In June, we received the first order for an INLINECOATER™ IC2000, our new coating system for volume production to be used for the production of fuel cell plates for the automotive industry at SEKSUN in China. Delivery of the IC2000 system is planned for 2024. The order book for coating systems amounted to SEK 36,318 thousand at the end of the period.

The increasing sales volume generated improved earnings compared to previous quarters; at the same time, we are continuing to invest in our growth strategy with the goal of becoming profitable.

We continue to deliver on our strategy
Throughout the first half of 2023, we have intensified the company's focus and investments in the hydrogen area in accordance with our strategic agenda. As specified in connection with the March 2023 rights issue, the growth journey can be summarized in four points:

1. Investments in electrolysis and green hydrogen
It is becoming increasingly clear that green hydrogen produced by electrolysis using renewable energy and water will play a central role in the future global energy mix and will be a cornerstone in the transition to sustainable energy systems with low carbon dioxide emissions.

The company's coating technology is well-adapted to the two-dimensional metal plates found in both electrolyzers and fuel cells. Over the past year we have made significant investments in coating solutions for electrolysis and our new INLINECOATER™ IC2000 enables cost-effective coatings and production solutions that are competitive in meeting the industry’s needs.

Impact Coatings’ strong focus on hydrogen makes us unique in relation to other PVD suppliers who work broadly across many industries and applications. The focus means that today and in the future we can be at the forefront and quickly respond to customers' needs in an industry undergoing intense development.

2. Expansion in North America
Our investment in North America continues. In mid-June, we completed the registration of our subsidiary in the USA. The establishment improves our capability to meet the growing demand in the North American market. We move closer to customers and facilitate contract processes, at the same time increasing market awareness of Impact Coatings.

In the wake of strong regulatory and commercial developments, North America in general and the USA in particular have established themselves as our main markets in green hydrogen electrolysis. It is a central part of our strategic agenda, with significant commercial potential. We look forward to continuing our work in the region, with a focus on establishing a Coating Service Center, planned for operation in 2024.

3. Development of Coating Service Centers
Today, Coating Services is the cornerstone of our business. A great advantage lies in the fact that we even out both our cash flows and work efforts, which increases predictability. But above all, it enables customers to use our production solutions without significant investment, which lowers the threshold for an initial commitment. Our approach also creates the conditions for meeting customer demand immediately. Coating Services creates a solid platform to drive and scale up our business. Continuing to develop our existing Coating Service Centers in Linköping and Shanghai will be crucial to reaching larger sales volumes over time.

In Linköping, we increased production during the second quarter to include a second shift. At the same time, planning is underway for a move in Linköping to larger and more modern premises in the company's new headquarters, with planned occupancy in autumn 2024.

Our new Coating Service Center in Shanghai became fully operational in the second quarter, following the installation of the center's first coating machine, an INLINECOATER™ IC500, which arrived in April. The new facility now supplies bipolar plate coatings produced in the same region to fuel cell customers in China. The Shanghai facility will also serve as a model for future Coating Service Centers, first in the USA and later in the new facility in Linköping.

4. Industrialization
Continuing to industrialize the company will be of the utmost importance to ensure competitiveness and profitability over the long term. This includes automation, system solutions, securing components, and new facilities – activities that make it possible to reduce the relative share of costs as the business grows.

In addition, the capitalization of the company is an important part of our growth journey. It enables, in addition to investments, our ability to secure component supplies and purchase in advance central components such as machine bodies for coating systems. We tie up capital for a period of time, which is later released in connection with system sales and Coating Services.

Thank you
On September 18, Impact Coatings will host a capital markets update as a follow-up to the completed rights issue and our strategy. It will be my last investor presentation as CEO of the company. Incoming CEO Jonas Nilsson will participate and will introduce himself at the event.

I am pleased to pass the baton to Jonas Nilsson. Jonas brings solid experience in the coating industry and in technology companies in general. He has the right qualities to lead the company into its next phase. I am also proud that we have achieved so much during 2023, with the company in a stable position and with the right conditions for future growth and profitability.

I would like to thank all colleagues, customers, partners and shareholders for our collaboration during these past years.

Torbjörn Sandberg Kanon, CEO

The full report is attached, and can be retrieved on the company’s website at