Gelion PLC (GB:GELN)
LSE:GELN
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Gelion PLC
(LSE:GELN)
Select Model
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Rating:52Neutral
Price Target:
20.00 p
▲(8.11% Upside)
Action:Reiterated
Date:06/03/26
The score is held back primarily by weak financial performance (losses and ongoing cash burn) and a negative earnings-based valuation signal. These are partially offset by constructive technical trends (price above key moving averages, positive MACD) and an earnings call that highlighted tangible technical/commercial milestones and improved EBITDA loss, albeit with meaningful execution and timing risks.
Positive Factors
Conservative balance sheet
Gelion's extremely low debt profile provides durable financial flexibility during multi-year commercialisation. Low leverage reduces near-term solvency risk, allowing the company to prioritize technical de‑risking and scale-up with grant and equity options rather than being forced into distressed financing.
Negative Factors
Persistent negative cash flow
Ongoing cash burn is a structural constraint: sustained negative OCF/FCF forces dependence on external funding or grants to execute scale plans. That reliance can dilute shareholders, limit optionality for faster commercialization, and raise execution risk if non-dilutive funding tails off.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Gelion's extremely low debt profile provides durable financial flexibility during multi-year commercialisation. Low leverage reduces near-term solvency risk, allowing the company to prioritize technical de‑risking and scale-up with grant and equity options rather than being forced into distressed financing.
Read all positive factors
Gelion PLC (GELN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£44.74M
Dividend YieldN/A
Average Volume (3M)395.75K
Price to Earnings (P/E)―
Beta (1Y)0.10
Revenue GrowthN/A
EPS Growth42.60%
CountryUK
Employees50
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.03
Shares Outstanding229,421,460
10 Day Avg. Volume121,404
30 Day Avg. Volume395,753
Financial Highlights & Ratios
PEG Ratio0.17
Price to Book (P/B)3.53
Price to Sales (P/S)38.63
P/FCF Ratio-7.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)£2.20M
Gelion PLC Business Overview & Revenue Model
Company Description
Gelion plc engages in the research and development, design, manufacture, and sale of battery systems in the United Kingdom and internationally. The company offers zinc-bromide batteries under the Endure name. Its products are used in various appli...
How the Company Makes Money
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Gelion PLC Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed a predominately positive operational and technical momentum: Gelion delivered several tangible technology and partnership milestones (TDK/QinetiQ pouch prototyping, scaling CAM to 4Q, ARENA funding extension), improved financial metrics (total income +25%, adjusted EBITDA loss reduced ≈17%), and strengthened advisory and partner networks. Key risks remain around partner disruptions (Ionblox), unproven full-cell calendar life and some technical integration tasks (solid-state separator densification), manufacturing yield improvements, and timing for commercial revenue from the Integration and Recycling businesses. Overall the achievements and progress on core technical and commercialization milestones substantially outweigh the outstanding challenges and schedule/partner risks.Positive Updates
Revenue and Grant Income Growth
Total income increased from GBP 0.4m to GBP 0.5m (≈+25%), driven by higher grant income (ARENA and APC/ARMD4 programs).
Negative Updates
No Near-Term Revenue from Integration Division
Integration division has a long sales cycle and management does not project revenue from this business in 2026, deferring expected revenue generation to 2027 and beyond.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Grant Income Growth
Total income increased from GBP 0.4m to GBP 0.5m (≈+25%), driven by higher grant income (ARENA and APC/ARMD4 programs).
Read all positive updates
Company Guidance
Management guided 2026 as a “make and market” year focused on scaling and commercialising Nano‑Encapsulated Sulfur (NES) cathode material, citing market context and key metrics: cathode materials market ~ $44bn today (projected to $132–150bn by 2032); total income up from GBP 0.4m to GBP 0.5m; adjusted EBITDA loss improved from GBP 2.9m to GBP 2.4m; ARENA project funding extended from GBP 4.8m to GBP 5.3m; equipment CapEx of GBP 0.9m planned for scaling (GBP 0.5m from Gelion, GBP 0.4m via grants); CAM scale-up achieved from 1.5Q to 4Q (4Q = commercial density); NES CAM delivered to TDK and Gen‑3 sent to QinetiQ with TDK pouch cells meeting expectations; integration revenue not expected in 2026 (pipeline maturity targeted in 2027); recycling validated at benchtop and moving to pilot scale; target demo of a lithium‑sulfur battery by Cenex Expo (Sept 2026); and continued expansion in the UK, Australia, US and Japan while maximising non‑dilutive government funding.Gelion PLC Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 959.00K | 912.00K | 0.00 | 0.00 | 1.75M | 351.49K |
| Gross Profit | -289.00K | 241.00K | -700.00K | -463.00K | -308.00K | 351.49K |
| EBITDA | -5.24M | -5.38M | -8.86M | -8.99M | -10.49M | -1.53M |
| Net Income | -5.68M | -5.98M | -7.95M | -7.41M | -13.81M | -1.80M |
Balance Sheet | ||||||
| Total Assets | 18.25M | 11.36M | 13.59M | 13.69M | 20.61M | 4.03M |
| Cash, Cash Equivalents and Short-Term Investments | 10.52M | 2.66M | 3.79M | 7.27M | 17.04M | 1.91M |
| Total Debt | 0.00 | 27.00K | 8.00K | 26.00K | 56.00K | 122.02K |
| Total Liabilities | 1.31M | 1.39M | 1.63M | 1.08M | 12.08M | 442.18K |
| Stockholders Equity | 16.95M | 9.97M | 11.97M | 12.60M | 19.72M | 3.59M |
Cash Flow | ||||||
| Free Cash Flow | -4.75M | -4.94M | -5.96M | -10.47M | -5.31M | -1.66M |
| Operating Cash Flow | -4.37M | -4.46M | -4.53M | -6.03M | -4.53M | -1.27M |
| Investing Cash Flow | -804.00K | -435.00K | -2.63M | -2.09M | -1.80M | -379.33K |
| Financing Cash Flow | 12.27M | 3.95M | 3.71M | -28.00K | 20.55M | -125.88K |
Gelion PLC Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £1.16B | 27.08 | 14.90% | 1.11% | 8.19% | 25.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | £1.32B | -27.64 | -39.26% | ― | -37.09% | -67.49% | |
57 Neutral | £63.29M | -8.52 | -42.08% | ― | -93.86% | -54.74% | |
54 Neutral | £499.73M | -42.72 | -6.50% | ― | -6.96% | -1.58% | |
52 Neutral | £44.74M | -6.62 | -42.23% | ― | ― | 42.60% |
* Industrials Sector Average
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Gelion PLC Corporate Events
Business Operations and StrategyProduct-Related Announcements
Gelion and Nissan team up on UK‑backed solid‑state sulfur EV battery project
Positive
Jun 2, 2026
Gelion has entered a three‑year collaboration with Nissan Technical Centre Europe and the University of Oxford to integrate its Nano‑Encapsulated Sulfur cathode into next‑generation solid‑state lithium‑sulfur batterie...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Gelion Marks Strong Q1 With Technical Gains and Deeper Industry Partnerships
Positive
Apr 13, 2026
Gelion has released its Q1 2026 newsletter, highlighting progress in commercial partnerships, technology development and organisational growth as it advances its sulfur-based battery platform. The company reported exceptional technical results usi...
Business Operations and StrategyProduct-Related Announcements
Gelion Advances Sulfur Battery Tech and Deepens Collaboration With TDK
Positive
Mar 31, 2026
Gelion reported exceptional technical results for its Nano-Encapsulated Sulfur cathode material, including strong cycle stability in two-layer lithium-metal pouch cells developed with TDK and over 750 cycles at 1C using lithiated NES with standard...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.