UPPSALA – November 04, 2026 -- Metacon AB swung deeper into the red in the third quarter of 2026, posting an operating loss (EBIT) of SEK 29.5 million against a loss of SEK 18.3 million a year earlier, as costs on one of its largest electrolyser projects came in well above plan.
Net revenue for July-September fell to SEK 34.5 million from SEK 40.9 million. EBITDA came in at SEK -25.2 million (previous year: SEK -15.5 million), and the loss after financial items reached SEK 32.2 million (SEK 19.4 million). Loss per share was SEK 0.02, compared with SEK 0.01.
Nine-month revenue rises to SEK 173.0 million while losses deepen
For January-September, net revenue climbed to SEK 173.0 million from SEK 147.7 million. EBITDA fell to SEK -54.6 million (SEK -35.7 million) and EBIT to SEK -64.9 million (SEK -44.5 million). The loss after financial items was SEK 75.5 million, against SEK 47.3 million, and loss per share was SEK 0.05 (SEK 0.04).
Management blames extreme time pressure for one-off project costs
The CEO's comment in the report attributes the overruns to extreme time pressure to meet a customer's funding deadline, which produced unforeseen costs. Management believes the causes are non-recurring. It described the project as a first-of-its-kind undertaking at a scale among the largest in Europe.
Metacon to cut fixed costs by about 35 percent from January 2027
On August 27, the company announced that fixed costs will fall by approximately 35 percent starting in January 2027. Finance leadership also changed during the quarter. CFO Mattias Jansson resigned on August 10, and Mattias Brodin was named interim CFO on September 9, effective September 15.
On July 22, Metacon announced a directed issue of 54,142,714 warrants 2026/2031 to Fenja Capital.
New 20 MW module and pressurized stacks target lower hydrogen costs
On September 29, Metacon launched a compact 20 MW electrolysis module designed to cut costs and space requirements. Together with PERIC, it announced new pressurized alkaline electrolyzer stacks on September 10. The company says the new system solutions have been very well received by the market.
Klimatklivet grant of up to SEK 111 million backs Uppsala 10 MW plant
On July 2, Metacon announced grant support from Klimatklivet of up to SEK 111 million for a 10 MW electrolysis plant in Uppsala.
After the quarter, three EU funding awards went to Metacon SA, totaling about EUR 534,000. They were approximately EUR 104,000 for AMEL in AEM electrolysis (October 7), EUR 242,000 for BIOH2VAP (October 8) and EUR 188,000 for PUREHY2+ (October 9).