Cell Impact AB (CI) AI Stock Analysis

• Market Cap: kr81.31M
• Dividend Yield: N/A
• Average Volume (3M): 4.50M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.20
• Revenue Growth: -81.35%
• EPS Growth: 42.35%
• Country: SE
• Employees: 41
• Sector: Industrials
• Sector Strength: 72
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): N/A
• Shares Outstanding: 589,169,500
• 10 Day Avg. Volume: 6,494,872
• 30 Day Avg. Volume: 4,501,845
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.27
• Price to Sales (P/S): 5.83
• P/FCF Ratio: -0.69
• 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: 42 Neutral
• Price Target: kr0.14 ▼(-46.54% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is primarily weighed down by weak financial performance, including a major 2025 revenue drop, persistent losses, and ongoing cash burn. Technicals also indicate a weak downtrend with negative MACD and price below longer-term averages. Valuation provides limited support due to negative earnings and no dividend yield.

Positive Factors

Proprietary high-speed forming tech

Cell Impact's proprietary high-speed forming process is a structural competitive asset in the hydrogen supply chain. It supports engineering-to-volume scaling, can lower per-unit cost and cycle time versus manual methods, and creates a technical barrier that helps secure longer-term supply contracts as customers scale production.

Low leverage / balance-sheet flexibility

Relatively low reported leverage provides financial flexibility to manage ongoing investment needs and weather operational volatility. With modest debt levels the company faces less immediate refinancing pressure, giving time to execute commercialization steps or secure partner-funded programs without acute solvency risk.

Customer-funded development model

Revenue streams that include customer-funded engineering, prototyping and industrialization create a low-capex route to product maturation. This model aligns incentives with customers, fosters long-term technical partnerships, and can convert into recurring plate supply as clients transition from validation to serial stack production.

Negative Factors

Severe revenue contraction

A collapse in revenue scale materially weakens unit economics and the company's ability to absorb fixed costs. Such a sharp decline signals customer delays or lost contracts, reduces bargaining power with suppliers, and undermines visibility for near-term recovery, increasing execution risk over the coming months.

Persistent negative operating cash flow

Consistent, large negative operating and free cash flows indicate the core business is not self-funding. Continued cash burn necessitates external financing, which can be dilutive or costly, and constrains the company's ability to invest in capacity, R&D or commercialization needed to capture long-term hydrogen market opportunities.

Negative gross margins and sustained losses

Deeply negative gross margins point to adverse unit economics or unfavorable mix, not just temporary costs. Sustained operating and net losses erode equity and limit reinvestment capacity, raising long-term profitability concerns and making it harder to prove a scalable, profitable manufacturing model in the electrolyzer/fuel-cell market.

Cell Impact AB Business Overview & Revenue Model

Company Description

Cell Impact AB (CI) is a Swedish company specializing in the development and production of advanced fuel cell components, primarily focusing on bipolar plates for hydrogen fuel cells. The company operates within the renewable energy sector, aiming to contribute to the transition towards sustainable energy solutions. CI's core products include innovative flow plates that enhance the efficiency and performance of fuel cells, catering to various applications such as transportation, stationary power generation, and backup power systems.

How the Company Makes Money

Cell Impact AB generates revenue primarily through the sale of its fuel cell components, particularly its proprietary bipolar plates. The company engages in contracts with manufacturers and suppliers in the automotive and energy sectors, providing them with high-quality, efficient components that are crucial for the operation of hydrogen fuel cells. Key revenue streams include direct sales to OEMs (original equipment manufacturers) and partnerships with companies in the hydrogen and fuel cell industries. Additionally, CI may benefit from research and development agreements, as well as potential collaborations with governmental and research institutions focused on advancing hydrogen technology. The growing demand for clean energy solutions and increased investment in hydrogen infrastructure further contribute to the company's earnings potential.

Cell Impact AB Financial Statement Overview

Summary

Financials are strained: revenue fell sharply in 2025 (5.6m vs. 37.3m in 2024) and gross margin turned deeply negative. Losses persist across 2020–2025 and operating/free cash flow are negative every year (2025 FCF -47.3m). Leverage is relatively low, but equity has declined materially, increasing funding and execution risk.

Income Statement

Operating performance has deteriorated materially: revenue declined sharply in 2025 (to 5.6m from 37.3m in 2024), and profitability collapsed with gross margin turning deeply negative in 2025 (vs. positive in 2020–2024). Losses are persistent across the full period (2020–2025) with negative operating and net margins every year, and 2025 shows a step-down in both scale and profitability, indicating weak cost absorption and/or unfavorable mix.

Balance Sheet

Leverage appears moderate with debt-to-equity staying relatively low (about 0.11–0.27), which provides some balance-sheet flexibility. However, equity has fallen substantially (121.0m in 2025 vs. 219.1m in 2024 and 324.3m in 2022), and returns on equity are strongly negative throughout, reflecting ongoing value erosion from sustained losses.

Cash Flow

Cash generation is consistently weak: operating cash flow and free cash flow are negative every year, including 2025 operating cash flow of -45.4m and free cash flow of -47.3m. While free cash flow losses narrowed versus 2024, the business remains cash-consuming, and the pattern of negative operating cash flow suggests the core operations are not self-funding.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.57M	37.33M	47.26M	76.81M	71.35M
Gross Profit	-124.93M	5.42M	25.45M	36.94M	34.88M
EBITDA	-55.03M	-66.52M	-97.72M	-86.22M	-68.84M
Net Income	-131.98M	-100.43M	-121.40M	-104.22M	-79.85M
Balance Sheet
Total Assets	163.37M	261.25M	381.93M	401.51M	238.72M
Cash, Cash Equivalents and Short-Term Investments	10.86M	20.39M	99.89M	164.67M	28.56M
Total Debt	32.54M	30.92M	42.75M	44.70M	19.51M
Total Liabilities	42.34M	42.16M	78.56M	77.17M	96.10M
Stockholders Equity	121.03M	219.08M	303.37M	324.35M	142.63M
Cash Flow
Free Cash Flow	-47.29M	-76.66M	-152.75M	-174.32M	-140.39M
Operating Cash Flow	-45.36M	-62.23M	-100.97M	-105.93M	-86.08M
Investing Cash Flow	2.30M	-14.43M	-51.78M	-68.40M	-54.32M
Financing Cash Flow	33.68M	-2.84M	88.09M	310.47M	17.01M

Cell Impact AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CI, the sentiment is Negative. The current price of 0.26 is above the 20-day moving average (MA) of 0.14, above the 50-day MA of 0.16, and above the 200-day MA of 0.21, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 45.26 is Neutral, neither overbought nor oversold. The STOCH value of 17.65 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CI.

Cell Impact AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AXOLOT	53 Neutral	kr116.44M	-17.99	-17.60%	―	-27.29%	72.72%
PCELL	47 Neutral	kr1.28B	-43.29	-1.63%	―	36.59%	91.88%
SALT.B	46 Neutral	kr878.97M	-11.57	-40.77%	―	11.85%	6.39%
BOMILL	44 Neutral	kr65.54M	-4.35	-115.02%	―	-65.29%	-33.93%
CI	42 Neutral	kr81.31M	-0.19	―	―	-81.35%	42.35%
TRANS	42 Neutral	kr245.68M	-1.95	0.35%	―	10.36%	-100.68%