Gelion PLC (GELN) AI Stock Analysis

• Market Cap: £39.58M
• Dividend Yield: N/A
• Average Volume (3M): 395.75K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.38
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 50
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.02
• Shares Outstanding: 229,421,460
• 10 Day Avg. Volume: 121,404
• 30 Day Avg. Volume: 395,753
• PEG Ratio: 0.17
• Price to Book (P/B): 3.53
• Price to Sales (P/S): 38.63
• P/FCF Ratio: -7.13
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: 16.50 p ▼(-10.81% Downside)
• Action: Reiterated Date: 03/03/26
• Date: Action: Reiterated 03/03/26

The score is held down primarily by weak financial performance (loss-making profile and ongoing cash burn) and an unattractive earnings-based valuation (negative P/E). Technicals are mixed, showing only tentative short-term strength within a longer-term downtrend. The latest earnings call adds a partial offset due to tangible technical/commercial progress and improved EBITDA loss, but execution, partner, and commercialization timing risks remain significant.

Positive Factors

Strategic partnerships & IP

A diversified partner and advisory network plus ongoing patent activity materially strengthens Gelion’s commercialization pathway and technical defensibility. These relationships provide access to manufacturing expertise, validation partners and non-dilutive funding, lowering execution risk over the medium term.

Technology scale-up & prototyping progress

Demonstrable progress from lab to prototype pouch cells and a ~167% CAM scale-up shows the company is advancing core technical milestones needed for commercial systems. Sustained scaling success improves prospects for repeatable manufacturing and supports eventual revenue growth if yields and life metrics follow.

Conservative balance sheet & grant funding

Extremely low financial leverage and extended government grants give Gelion runway to complete scale-up work without heavy debt burdens. Combined with targeted fundraising, this reduces near-term solvency risk and preserves optionality to pursue commercialization milestones while minimizing immediate refinancing pressure.

Negative Factors

Persistent negative cash flow

Sustained cash burn forces reliance on external funding and grants, constraining the company’s ability to scale manufacturing or absorb delays. Over the 2–6 month horizon this structural cash deficit elevates dilution or funding-risk, limiting strategic flexibility and slowing commercial roll-out absent durable revenue generation.

Small, volatile revenue and deep losses

Very small and erratic top-line receipts combined with outsized operating losses indicate the cost base is not yet aligned with commercial revenue. This structural mismatch undermines margin sustainability and means the business remains far from self-sustaining until integration and recycling units generate steady contract wins.

Commercialization, partner & technical risk

Key commercialization pathways face durable execution risk: partner disruptions require requalification, manufacturing yield improvements are needed for viable unit economics, and calendar life is not yet proven. These structural uncertainties can materially delay revenue realization and prolong cash burn.

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 applications, which include industrial light towers, solar and wind farms, desalination plants, mining pumps, passenger and heavy vehicles, electric buses and trains, and irrigation systems and other agricultural applications, as well as used by commercial and industrial enterprises and grid operators. The company was incorporated in 2015 and is headquartered in Eveleigh, Australia.

How the Company Makes Money

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Gelion PLC Financial Statement Overview

Summary

Weak operating fundamentals dominate: very small/volatile revenue, deeply negative profitability, and persistent losses. Cash flow remains consistently negative with ongoing free-cash-flow burn. The main offset is very low leverage, which reduces near-term solvency risk despite declining equity and negative ROE.

Income Statement

Revenue is small and volatile, with FY2025 revenue down ~61% versus FY2024 (which had no revenue). Profitability remains very weak: FY2025 gross margin is ~26%, but operating and net results are deeply negative (net margin around -656%), reflecting a cost base far above current sales. Losses have persisted for multiple years with no clear inflection to sustained profitability yet.

Balance Sheet

The balance sheet is conservatively levered, with very low debt relative to equity (FY2025 debt-to-equity ~0.003), which reduces financial risk and provides flexibility. However, equity has trended down from prior years and returns on equity are materially negative (FY2025 roughly -60%), indicating ongoing value erosion driven by recurring losses.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are consistently negative across the period, including FY2025 operating cash flow of about -£4.5m and free cash flow of about -£4.9m. While the cash burn improved versus FY2023 (less negative free cash flow), FY2025 free cash flow deteriorated versus FY2024 and the business remains dependent on funding until it can scale revenue and narrow losses.

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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VLX	75 Outperform	£819.11M	7.96	15.54%	1.11%	8.20%	25.85%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
CWR	56 Neutral	£634.64M	-2.05	-24.51%	―	12.58%	12.39%
XPP	56 Neutral	£370.31M	-21.41	-6.50%	―	-18.43%	24.86%
AFC	52 Neutral	£123.27M	-3.53	-76.88%	―	732.03%	12.60%
GELN	48 Neutral	£39.58M	-2.66	-42.23%	―	―	―
IKA	44 Neutral	£51.36M	-5.44	-42.08%	―	265.67%	-16.50%

Gelion PLC Corporate Events

Gelion Awards Additional Share Options to CEO John Wood

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 employment and will expire on 2 March 2036.

Following this award, Gelion now has about 17.34 million options outstanding, equivalent to 7.6% of its issued share capital. The options are subject to malus, clawback, and leaver provisions, with unvested awards capable of vesting on a change of control, underscoring the company’s use of equity incentives to align executive interests with shareholders and corporate event outcomes.

The most recent analyst rating on (GB:GELN) stock is a Hold with a £19.50 price target. To see the full list of analyst forecasts on Gelion PLC stock, see the GB:GELN Stock Forecast page.

Gelion strengthens sulfur battery push with TDK tie-up, funding boost and key technical milestone

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-format pouch cell prototypes and advanced its Nano-Encapsulated Sulfur cathode material, achieving the key 4Q areal capacity milestone in coin-cell testing, a benchmark for high-energy sulfur cathodes.

The group strengthened its funding base with an oversubscribed £9.9m capital raise and ended the period with £10.5m in cash and no debt, while reducing its adjusted EBITDA loss to £2.4m on modestly higher grant-driven income. Additional grants from U.K. and Australian agencies, new technical validation with partners TDK and QinetiQ, and the appointment of leading battery scientist Professor Rachid Yazami bolster Gelion’s efforts to scale and commercialise sulfur cathode materials, reinforcing its positioning as an emerging Tier‑1 contender in next-generation battery materials and systems integration.

The most recent analyst rating on (GB:GELN) stock is a Hold with a £19.50 price target. To see the full list of analyst forecasts on Gelion PLC stock, see the GB:GELN Stock Forecast page.

Gelion advances sulfur battery push with TDK deal, grant wins and key technical milestone

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, supported by new grants, a capital raise and expanded facilities in Sydney and Europe.

Operationally, Gelion signed a full collaboration agreement with Japan’s TDK to develop large-format commercial pouch cell prototypes using its sulfur cathode material. It also secured about £0.5 million from the U.K.’s DRIVE35 programme with QinetiQ to scale and independently validate high-energy lithium-sulfur pouch cells, while successfully transferring sulfur CAM technology from the Max Planck Institute into its Advanced Commercial Prototyping Centre.

The group achieved a key technical milestone by reaching its targeted 4Q areal capacity in coin-cell testing, a benchmark seen as critical for practical high-energy-density sulfur cathodes. Post period, Gelion delivered NES cathode samples to TDK and GEN3 CAM to QinetiQ, which have already fabricated initial pouch cells that are meeting internal expectations, underscoring progress toward real-world formats.

Financially, Gelion generated £0.5 million in total income, mainly from government grants, and narrowed its adjusted EBITDA loss to £2.4 million through focused development spending. A heavily oversubscribed equity raise in November added £9.9 million in net proceeds, lifting cash to £10.5 million with no debt, providing headroom to accelerate scale-up and commercialisation activities.

The company further strengthened its technology bench by appointing leading battery scientist Professor Rachid Yazami as a technology advisor. Additional ARENA funding of £0.25 million to extend its Australian project budget reinforces institutional backing, while ongoing discussions with multiple global partners signal growing industry interest in sulfur-based cathode materials and battery recycling capabilities.

The most recent analyst rating on (GB:GELN) stock is a Hold with a £19.50 price target. To see the full list of analyst forecasts on Gelion PLC stock, see the GB:GELN Stock Forecast page.

Gelion advances sulfur battery push with TDK, QinetiQ and extra ARENA funding

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 company’s early performance expectations. These developments underscore Gelion’s ability to manufacture at demonstration scale and validate its sulfur technology in real‑world cell formats, supporting its push to replace strategic minerals in lithium‑ion batteries.

The company also secured increased support from the Australian Renewable Energy Agency, which has expanded project funding to accelerate sulfur cathode scale‑up at Gelion’s Advanced Commercial Prototyping Centre and boost testing capacity for existing and prospective partners. Alongside active talks with multiple global manufacturers and a forthcoming half‑year results presentation, the strengthened funding and partner engagement are set to speed Gelion’s route to market and enhance its positioning in the competitive battery materials sector.

The most recent analyst rating on (GB:GELN) stock is a Hold with a £20.00 price target. To see the full list of analyst forecasts on Gelion PLC stock, see the GB:GELN Stock Forecast page.

Gelion Shifts Registered Office to New Norwich Address

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 change formalises a new legal and correspondence base for the AIM‑quoted battery technology company, with no indication in the announcement of any immediate impact on its operational footprint or strategic focus in advanced energy storage solutions.

The most recent analyst rating on (GB:GELN) stock is a Hold with a £20.50 price target. To see the full list of analyst forecasts on Gelion PLC stock, see the GB:GELN Stock Forecast page.

Gelion Reports Limited Share Issuance Under Existing Option Plan

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 ordinary shares still available but not yet issued out of the 8,100,000 originally admitted, indicating only a modest level of option exercises and limited dilution for existing shareholders during the half-year.

The most recent analyst rating on (GB:GELN) stock is a Hold with a £19.50 price target. To see the full list of analyst forecasts on Gelion PLC stock, see the GB:GELN Stock Forecast page.

Gelion Taps Lithium-Ion Pioneer Rachid Yazami to Drive Sulfur Battery Push

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 standard lithium-ion cathode materials in LFP and NMC cells. The appointment brings to Gelion the expertise of the pioneer behind the lithium-graphite anode now standard in commercial lithium-ion batteries, reinforcing its plans to pair its sulfur cathodes with conventional graphitic anodes and strengthening its technological leadership in the emerging Li-S segment, which is touted for cost-effective, high-energy-density and safe energy storage and could enhance the company’s position in the rapidly evolving energy storage market.

The most recent analyst rating on (GB:GELN) stock is a Hold with a £21.50 price target. To see the full list of analyst forecasts on Gelion PLC stock, see the GB:GELN Stock Forecast page.

Gelion Updates Total Voting Rights After December Option Exercises

Gelion PLC has confirmed that, following the exercise of employee share options in December 2025, its issued share capital now comprises 229,421,456 ordinary shares of 0.1 pence each, all carrying equal voting rights and with no shares held in treasury. The updated share count establishes the new total voting rights in the company, providing the reference figure shareholders must use to assess whether they are required to disclose holdings or changes in their interests under the UK Disclosure Guidance and Transparency Rules.

Gelion CFO Increases Stake with Purchase of 50,000 Shares

Gelion plc disclosed that its chief financial officer, Amit Gupta, purchased 50,000 ordinary shares in the company on 23 December 2025 at 19 pence per share on the London Stock Exchange’s AIM market. Following this transaction, Gupta’s holding increased to 193,810 ordinary shares, representing approximately 0.084% of the company’s total voting rights, signalling increased insider ownership and potential confidence in Gelion’s prospects.

Gelion Secures Shareholder Backing as All AGM Resolutions Pass

Gelion announced that all resolutions put to shareholders at its latest Annual General Meeting were duly passed, confirming continued investor backing for the company’s strategic direction and governance. The outcome reinforces management’s mandate to advance its portfolio of sulfur-based and zinc hybrid battery technologies and commercial energy storage projects, supporting its positioning as a specialist player in sustainable energy storage solutions.