Gelion PLC (GB:GELN)
LSE:GELN
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Gelion PLC
(LSE:GELN)
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Rating:46Neutral
Price Target:
12.00 p
▼(-35.14% Downside)
Action:ReiteratedDate:03/24/26
The score is primarily weighed down by weak financial performance (persistent losses and cash burn despite low leverage) and bearish technical signals (price below key moving averages with negative MACD). The earnings call provides a partial offset due to tangible technical milestones and improved EBITDA loss, but commercialization timing and partner/engineering risks remain material, while valuation offers limited support for a loss-making profile.
Positive Factors
Conservative balance sheet / very low leverage
Extremely low debt reduces near-term solvency pressure and preserves strategic optionality while Gelion continues R&D and scale-up. This structural financial flexibility lowers forced refinancing risk and supports multi‑quarter commercialization work funded by grants and targeted capex.
Negative Factors
Persistent negative operating and free cash flow
Consistent cash burn signals ongoing funding dependence until commercial revenue scales. Weak cash generation constrains self‑funding of manufacturing scale, increases dilution or debt risk over time, and limits flexibility to absorb schedule slips or extended validation cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / very low leverage
Extremely low debt reduces near-term solvency pressure and preserves strategic optionality while Gelion continues R&D and scale-up. This structural financial flexibility lowers forced refinancing risk and supports multi‑quarter commercialization work funded by grants and targeted capex.
Read all positive factors
Gelion PLC (GELN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£30.97M
Dividend YieldN/A
Average Volume (3M)395.75K
Price to Earnings (P/E)―
Beta (1Y)-0.06
Revenue GrowthN/A
EPS GrowthN/A
CountryUK
Employees50
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.02
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)N/A
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 |
|---|---|---|---|---|---|---|---|
75 Outperform | £936.65M | 7.96 | 14.90% | 1.11% | 8.20% | 25.85% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
56 Neutral | £375.36M | -21.41 | -6.50% | ― | -18.43% | 24.86% | |
54 Neutral | £670.14M | -3.71 | -39.26% | ― | 12.58% | 12.39% | |
52 Neutral | £121.38M | -3.53 | -76.88% | ― | 732.03% | 12.60% | |
46 Neutral | £30.97M | -2.66 | -42.23% | ― | ― | ― | |
46 Neutral | £48.82M | -5.44 | -42.08% | ― | 265.67% | -16.50% |
* Industrials Sector Average
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Gelion PLC Corporate Events
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...
Executive/Board Changes
Gelion Awards Additional Share Options to CEO John Wood
Neutral
Mar 3, 2026
Gelion plc has granted Chief Executive Officer John Wood 270,400 share options under its Share Option Plan, taking his total option holding to 2,974,400. The options, exercisable at 0.1 pence, vest in full on 30 June 2026 subject to continuous emp...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Gelion strengthens sulfur battery push with TDK tie-up, funding boost and key technical milestone
Positive
Mar 2, 2026
Gelion reported unaudited half-year results to 31 December 2025 marked by substantial technical and commercial progress in its sulfur battery programme. The company secured a full collaboration agreement with Japan’s TDK to co-develop large-...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Gelion advances sulfur battery push with TDK deal, grant wins and key technical milestone
Positive
Mar 2, 2026
Gelion reported unaudited half-year results to 31 December 2025 marked by strong technical and commercial momentum in its sulfur-based battery platform. The company advanced its Nano-Encapsulated Sulfur cathode material toward commercial viability...
Business Operations and StrategyPrivate Placements and FinancingProduct-Related Announcements
Gelion advances sulfur battery push with TDK, QinetiQ and extra ARENA funding
Positive
Feb 11, 2026
Gelion has advanced its commercialisation roadmap by delivering Nano‑Encapsulated Sulfur cathode active material samples to Japan’s TDK and the UK’s QinetiQ, enabling both partners to produce initial pouch cells that meet the com...
Business Operations and Strategy
Gelion Shifts Registered Office to New Norwich Address
Neutral
Feb 4, 2026
Gelion has announced a change to its registered office address, relocating its official corporate domicile to premises at External Services Limited, Central House, on St Andrews Business Park in Norwich. While primarily an administrative move, the...
Regulatory Filings and Compliance
Gelion Reports Limited Share Issuance Under Existing Option Plan
Neutral
Jan 27, 2026
Gelion plc has reported its latest block admission return for its existing share option plan for the period from 26 July 2025 to 26 January 2026. Over the period, 69,673 ordinary shares of 0.1p each were issued under the plan, leaving 7,803,267 or...
Business Operations and StrategyExecutive/Board Changes
Gelion Taps Lithium-Ion Pioneer Rachid Yazami to Drive Sulfur Battery Push
Positive
Jan 15, 2026
Gelion has appointed world-renowned battery scientist Professor Rachid Yazami as a Technology Advisor to support its push into sulfur battery innovation, particularly the development of a sulfur cathode designed as a drop-in alternative to standar...
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.