Cell Impact AB (CI) AI Stock Analysis

• Market Cap: kr70.70M
• Dividend Yield: N/A
• Average Volume (3M): 4.50M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.09
• Revenue Growth: -81.35%
• EPS Growth: 42.35%
• Country: SE
• Employees: 41
• Sector: Industrials
• Sector Strength: 72
• Industry: Manufacturing - Metal Fabrication
• EPS (TTM): -0.19
• 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): -0.48
• Revenue Forecast (FY): kr40.00M

• Rating: 40 Underperform
• Price Target: kr0.11 ▼(-56.92% Downside)
• Action: Downgraded Date: 03/11/26
• Date: Action: Downgraded 03/11/26

The score is driven primarily by weak financial performance—sharp 2025 revenue decline, deeply negative profitability, and multi-year cash burn—creating elevated execution and funding risk. Technicals reinforce downside pressure with price below all key moving averages and negative MACD, while valuation provides little support given negative earnings and no dividend.

Positive Factors

Proprietary Manufacturing Technology

Cell Impact's proprietary high-speed forming process is a durable competitive asset for producing bipolar flow plates. This engineering moat can lower unit costs at scale, shorten customer industrialization cycles, and create switching frictions as customers qualify a specific forming method for serial stack production.

Exposure to Structural Hydrogen Market

The company's core market — fuel cells and electrolyzers — is a secular growth area driven by decarbonization and industrial electrification. Structural demand growth for stacks and electrolyzers supports multiyear volume upside for suppliers of critical components like flow plates as deployment ramps globally.

Moderate Financial Leverage

Relatively low debt-to-equity provides balance-sheet flexibility despite operating losses. That lower leverage reduces near-term insolvency risk and preserves options for equity or project financing, allowing the company to pursue industrialization and customer development without immediate pressure from heavy interest burdens.

Negative Factors

Revenue Collapse and Scale Risk

A sudden, large revenue decline signals fragile customer demand or execution issues in scaling production. Durable commercial traction is uncertain when annual sales swing materially; this weakens the path to fixed-cost absorption, undermines margin recovery prospects, and increases future funding needs to rebuild revenue base.

Negative Gross Margins and Loss-making Operations

Deeply negative gross margins indicate the core manufacturing model currently destroys value — from unfavorable mix, pricing, or elevated unit costs. Sustained negative manufacturing margins prevent operating leverage, hinder customer supply continuity, and make profitable scale difficult without major cost structure or price improvements.

Equity Erosion and Value Destruction

Rapid equity decline over consecutive years reflects persistent losses and capital depletion. Lower equity reduces the company’s financial cushion, complicates fundraising, increases dilution risk for existing shareholders, and raises execution risk for multi-year industrialization programs that need consistent capital support.

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 primarily makes money by selling formed metal flow plates to customers in the fuel cell and electrolyzer value chain. Revenue is generated through (1) product sales of flow plates/plate components manufactured using the company’s forming process and delivered to customers for integration into stacks and systems, and (2) customer-funded development and industrialization work, such as engineering support, design-for-manufacturing, prototyping, and pilot/low-volume production as customers move from concept and validation toward serial production. The company’s earnings are therefore tied to customer adoption of its plate designs/process and the scale-up of hydrogen-related deployments: as customers’ stack production ramps, recurring revenue potential increases through higher-volume plate supply. Specific pricing terms, customer concentration, and named partnerships are not available in the provided prompt; null.

Cell Impact AB Financial Statement Overview

Summary

Financials are highly stressed: revenue collapsed in 2025 (5.6m vs 37.3m in 2024), gross margin turned deeply negative, and losses persist across 2020–2025. Operating cash flow and free cash flow are negative every year (2025 OCF -45.4m; FCF -47.3m), indicating ongoing funding risk despite only moderate leverage.

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 0.13, above the 50-day MA of 0.15, and above the 200-day MA of 0.20, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 38.31 is Neutral, neither overbought nor oversold. The STOCH value of 4.28 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	kr110.83M	-13.81	-17.60%	―	-27.29%	72.72%
SALT.B	46 Neutral	kr913.57M	-12.66	-39.97%	―	11.85%	6.39%
PCELL	44 Neutral	kr948.86M	-58.70	-7.30%	―	36.59%	91.88%
BOMILL	44 Neutral	kr65.69M	-6.08	-110.39%	―	-65.29%	-33.93%
TRANS	42 Neutral	kr225.49M	-2.89	0.35%	―	10.36%	-100.68%
CI	40 Underperform	kr70.70M	-0.25	―	―	-81.35%	42.35%