Impact Coatings AB (publ)

IMPC.ST

Industrial - Machinery · Industrials

Price

kr 3.00

+0.06 (+2.04%)

Market Cap

kr 315.7M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+53.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 57.5M (2021) → 88.0M (2025)

Winston Score History

The full picture

Impact Coatings is a Swedish company that makes specialized coating machines and coating materials used to improve the performance of metal surfaces. Its main product is a technology called PECVD (plasma-enhanced chemical vapor deposition), which applies ultra-thin protective layers onto parts used in fuel cells, electronics, and industrial components. The company sells its equipment and coating services to manufacturers in the clean energy and electronics industries.

Impact Coatings earns money by selling coating machines, providing contract coating services, and supplying the materials used in the coating process. It is based in Linköping, Sweden, and operates primarily in Europe with some exposure to Asian and North American customers through its fuel cell industry partnerships. The company is small and currently unprofitable, with negative gross and operating margins, which signals it is still in an early commercial stage. Its key growth driver is the expansion of hydrogen fuel cell adoption, particularly in vehicles and industrial power, but slow industry scaling remains a significant risk to reaching profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+38.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+27.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

17.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 months

kr 25M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Revenue accelerating

Impact Coatings AB (publ) grew revenue 39% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

-142.3%

Thin — -142.3% gross margin

Profit after running costs

Operating Margin

-142.3%

Losing money on operations — -142.3%

Return on the money invested

ROCE

-35.5%

Weak — -35.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-40.9%

Shrinking sales (-40.9% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-189.9%

Burning cash (-189.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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