Impact Coatings AB (publ), Year-End Report 2022



  • Net sales amounted to SEK 18,077 thousand (28,642)
  • Total revenue amounted to SEK 22,785 thousand (25,055)
  • Operating profit amounted to SEK -12,387 thousand (-187)
  • Operating profit after financial items amounted to SEK -12,381 thousand (-188)
  • Cash flow amounted to SEK -21,369 thousand (-8,602)


  • Net sales amounted to SEK 32,022 thousand (57,198)
  • Total revenue amounted to SEK 57,047 thousand (54,549)
  • Operating profit amounted to SEK -47,003 thousand (-32,083)
  • Operating profit after financial items amounted to SEK -47,002 thousand (-32,092)
  • Cash flow amounted to SEK -68,259 thousand (79,835)
  • Liquidity ratio amounted to 202% (1,124)
  • Order backlog for coating systems at period end amounted to EUR 1,899 thousand (0)
  • No dividend is proposed


  • Pilot coating services order for electrolysis plates from US manufacturer
  • Announcement of intention to carry out a fully guaranteed rights issue of shares of approximately SEK 148 million


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

(1) Significant events refer to events that comprise insider information and shall be made public via press release.


During the fourth quarter and full year 2022, Impact Coatings achieved several central milestones in industrializing and internationalizing the company. During 2022, we have clarified our strategy in Coating Services and other service offerings, which helps us accelerate commercialization by working more closely with customers and scaling up production in an appropriate way.

We ended 2022 with strong momentum. In November, the company won its first order within electrolysis for green hydrogen production from a customer in USA. The order marks a historic achievement for the company and creates a robust platform for growth in a highly compelling market.

Technology that matches the market’s development and needs
Our unique competence in coating technology and our new coating system for volume production – INLINECOATER™ IC2000 – form a solid basis for continued commercial development. We have a technology, initially developed for fuel cells, that is applicable to electrolysis in parallel with our continuing efforts in fuel cells.

Strong start of 2023 following a slower 2022
The fourth quarter, like 2022 in general, was characterized by challenging macroeconomic developments. Net sales for the full year 2022 amounted to SEK 32,022 thousand (57,198). One of three system orders received during the year was delivered with the associated revenue recognized as planned during the fourth quarter. Revenue recognition for the other two systems ordered during 2022 will occur during 2023. During the year, we also built two coating machines for internal use, which have been recognized as capitalized work for own account and included in total revenue. Fewer system deliveries during 2022 is the primary reason for the lower sales level compared to 2021.

After a promising start to the year, annual sales for Coating Services during 2022 ended at the same level as in 2021. A slowdown occurred during the year due to component shortages that affected our customers and, by extension, our business. A recovery toward the end of the fourth quarter and high capacity utilization in Coating Services at the start of 2023 have significantly improved our outlook for Coating Services development.

Operating expenses increased during 2022 due to increased investments in expertise, ongoing R&D projects, and increased production capacity, as well as the establishment of a subsidiary and Coating Services Center in China – important initiatives to strengthen our long-term competitive position.

Positive developments in Europe – activity is picking up again
Europe remains the company’s primary market, with important customers in all business areas. Within the hydrogen solutions area, an increasing number of large European automotive component suppliers are investing in fuel cells. At the same time, we see a number of European companies increasingly focusing on electrolysis. With the REPowerEU Plan, which aims to secure Europe’s energy needs and independence from Russian gas, the EU Commission has also taken a significant step during 2022 towards formalizing the initiative for green hydrogen.

We expect the pace of European activities to increase significantly during 2023. We are confident that our combination of Coating Services (via our Coating Services Center in Linköping), coating systems, and other service offerings give us the flexibility to meet our customers’ needs quickly.

Continued progress in China
Preparation of our Coating Services Center in Shanghai continued during the fourth quarter. An INLINECOATER™ IC500 machine is scheduled to be shipped from Linköping in March 2023, with start of production in China later during the spring. Our Coating Services Center will facilitate meeting the increased requirements of both new and existing customers. With our establishment and the current team of six people, we have built a strong local organization for the Chinese market. With clear intentions in the production of fuel cell vehicles and hydrogen – focus areas in China’s 14th Five-year Plan (2021-2025) – China remains a strategically important market for the foreseeable future.

Rights issue facilitates investment in USA and green hydrogen
The global development of electrolysis for the production of green hydrogen from renewable energy sources is accelerating and the USA has in a short period of time emerged as a leader in the field. The strong commercial and political development in the region, which encompasses both the Inflation Reduction Act and Hydrogen Shot, create meaningful possibilities due to the USA’s focus on domestic production of green hydrogen.

Against this backdrop, we decided in December 2022 to carry out a fully guaranteed rights issue of approximately SEK 148 million. The issue secures our continuing investments, with a focus on electrolysis and the fast-growing market for green hydrogen. It also enables our initiatives in North America through the establishment of a Coating Services Center as well as the development of Coating Services Centers in other regions – well in line with our strategy.

Strong momentum into 2023
We continue strengthening our organization and are preparing to scale up the business. Our regional operations are growing, and through new Coating Services Centers we are increasing our production capacity. We have recently signed a leasing agreement for new headquarters in Linköping, with occupancy planned for the second half of 2024. The new facilities are better equipped for our operations, provide double the production space of our current facility, and will become an important component in the company’s development. During February 2023, Bengt Vernerson joined as interim CFO. In Bengt, the company gains valuable experience from international expansions and capital markets, and he will be an important part of our growth journey during 2023.

We are well positioned to deliver on our strategy during the coming years – a challenge we look forward to.

Torbjörn Sandberg, CEO

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