Impact Coatings
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Impact Coatings (IMPC) investor relations material

Impact Coatings Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Feb, 2026

Executive summary

  • Strategic pivot towards the SOFC (solid oxide fuel cell) market, leveraging established expertise in PEM fuel cell coatings and services, and broadening focus beyond hydrogen.

  • Maintains market leadership in PEM fuel cell coatings in China, with about half of stainless steel plates for PEM fuel cells coated using company machines.

  • Net sales for 2025 were SEK 47.3 million, down from SEK 109.9 million in 2024, mainly due to the absence of major system sales and a challenging investment climate.

  • Coating Services showed strong growth, with net sales rising to SEK 36.0 million from SEK 21.6 million year-over-year, offsetting some decline in system sales.

  • Rights issue completed in Q4 2025, raising SEK 26.6 million before costs, strengthening liquidity.

Financial highlights

  • Q4 net sales: SEK 17.6 million, down from SEK 42.4 million in Q4 2024, mainly due to lower machine sales.

  • Coating services contributed SEK 15.3 million in Q4, with strong performance and doubled customer deliveries year-over-year.

  • Q4 operating loss: SEK -3.3 million, a slight improvement from SEK -3.7 million in Q4 2024.

  • Full-year net loss: SEK -45.9 million, compared to SEK -29.6 million in 2024.

  • Cash and liquid assets at year-end were SEK 37.4 million, up from SEK 32.5 million.

Outlook and guidance

  • Market recovery expected to be gradual; coating services to provide a stable base while pursuing system sales.

  • Focus for 2026 is on increasing system sales and expanding into new application areas, especially SOFC for power generation.

  • Management expects improved conditions for growth due to cost reductions, a stronger financial position, and strategic realignment.

  • Cost reductions and efficiency initiatives to have full effect in 2026.

Detail SOFC strategy for data center power
What is the plan to boost system sales?
What is the strategy for an industrial partner?
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Frequently asked questions

Impact Coatings AB is a Swedish company specializing in physical vapor deposition (PVD) coating technology. The company provides surface treatment solutions for a range of applications, including fuel cells, decorative coatings, and metallization. Its key product lines include the INLINECOATER systems, which offer PVD coatings for industrial uses, and MaxPhase, a coating used as a replacement for gold in electrical contacts. The company is headquartered in Linköping, Sweden, and its shares are listed on the Stockholm Stock Exchange.

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