myFC Holding AB (publ) interim report January - March 2022
- Net sales amounted to SEK 854 kSEK (0)
- Operating profit amounted to SEK -3,7 million (-9,9)
- Earnings per share amounted to SEK -0,03 (-0,06)
- myFC carries out a targeted new share issue and issues warrants
- myFC aims for the North American market - with financial support from the Swedish Energy Agency
- Chairman of the Board Ulf Henning resigns re-election to the Board of myFC Holding AB (publ)
- myFC's board of directors has secured a loan since the share issue has not been completed on time
A word from our CEO Michael Glantz:
"The first quarter of 2022 has started at a high pace with a further focus on the outside world of renewable and alternative energy supply. This has ended up even higher on the agenda in the light of the external factors that have affected us all.
Geopolitical developments in Europe have focused on energy supply. This has led to alternative energy sources for natural gas and oil being even more in focus, which has also led to our fuel cell technology arousing further increased interest and generating interesting inquiries. This, combined with the political goals for reduced emissions by 2030 and the individual companies' high environmental goals, has placed myFC in a very good position to be involved in driving the green transition.
When the restrictions that applied during the pandemic eased, it opened up increased opportunities to work with sales and physical meetings with customers, which myFC took advantage of. Among other things, we visited the Autonomy trade fair in Paris, an exhibition dedicated to new mobility solutions. There we got attention for our technology and had several interesting opportunities for further business in the segment. Our recruitment of a sales manager gives us the opportunity to address the increased interest at the pace it requires. The company has also initiated targeted activity in the interesting North American market within our priority segments.
Our ongoing development projects in soft mobility and intralogistics have progressed according to plan during the period and we intend to deliver according to the timelines. Both projects have significant potential and arouse great interest in each segment. After the end of the period, the company carried out a successful demonstration according to plan with the customer before the final delivery of the Soft Mobility Proof-of-Concept.
Since the company received only a small part of the subscribed share issue, SEK 1.1 million out of SEK 33 million, and there is great uncertainty as to whether the company will receive the remaining part of the new share issue, the company is therefore in a difficult financial situation and the board decided to raise a short-term loan of SEK 15 million. This affects the planned investments towards volume production for a commercial breakthrough of our patented microfuel cell LAMINA ™ Strip.
The need for energy storage, green alternatives and more efficient use of the earth's finite resources generates a focus on the sustainable and clean hydrogen technology that we work with, and I see a very bright future for the company's technology and products. We are getting steadily more inquiries with clear potential, and I can state that the interest in our technology has never been greater."
This disclosure contains information that myFC is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 31-05-2022 08:00 CET.