PowerCell Sweden AB (PCELL) AI Stock Analysis

• Market Cap: $1.86B
• Dividend Yield: N/A
• Average Volume (3M): 281.22K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.07
• Revenue Growth: 33.03%
• EPS Growth: 87.01%
• Country: SE
• Employees: 146
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.26
• Shares Outstanding: 57,892,433
• 10 Day Avg. Volume: 305,529
• 30 Day Avg. Volume: 281,216
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.75
• Enterprise Value/Revenue: 3.32
• Enterprise Value/Gross Profit: 7.41
• Enterprise Value/Ebitda: -264.29
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 54 Neutral
• Price Target: kr33.00 ▲(3.25% Upside)

PowerCell Sweden AB's overall score reflects strong growth and strategic achievements, particularly in the marine sector, as highlighted in the earnings call. However, significant challenges in profitability, cash flow management, and valuation weigh heavily on the score.

Positive Factors

Revenue Growth

PowerCell's robust revenue growth highlights its expanding market presence and successful product adoption, particularly in the marine sector, which is crucial for long-term business sustainability.

Positive EBITDA

Achieving positive EBITDA reflects PowerCell's effective cost management and operational efficiency, strengthening its financial position and supporting future growth initiatives.

Marine Sector Expansion

Entering the bulk carrier segment signifies strategic expansion into new markets, enhancing PowerCell's competitive edge and diversifying its revenue streams, which supports long-term growth.

Negative Factors

Profitability Challenges

Persistent profitability issues can hinder reinvestment capabilities and shareholder returns, potentially impacting PowerCell's ability to sustain growth and compete effectively.

Cash Flow Management

Inefficient cash flow management could limit PowerCell's operational flexibility and ability to fund new projects, posing risks to its long-term financial health and strategic initiatives.

Order Volatility

Order volatility introduces uncertainty in revenue projections and operational planning, potentially affecting PowerCell's ability to maintain consistent growth and meet strategic goals.

PowerCell Sweden AB Business Overview & Revenue Model

Company Description

PowerCell Sweden AB (publ) develops and produces fuel cells and fuel cell systems for automotive, marine, and stationary applications in Sweden and internationally. It offers PowerCell S2 based solutions that comprise PowerCell MS-30, a fuel cell system for battery-operated electric vehicles; PowerCell PS-5, a fuel cell system that is used for electricity generation, as well as an auxiliary power generator for telecom, traffic, building, and household applications; and PowerCell S2 fuel cell stack. The company also offers PowerCell S3 based solutions, including Powercell MS-100 for heavy-duty use applications; PowerCell megawatt solutions for marine and stationary applications; and PowerCell S3 fuel cell stack for stationary and mobile applications. In addition, it offers engineering services and zero emission solutions. The company was founded in 2008 and is based in Gothenburg, Sweden.

How the Company Makes Money

PowerCell Sweden AB generates revenue primarily through the sale of its fuel cell systems and stacks to various sectors, including automotive, maritime, and stationary power markets. The company's revenue model is diversified, with key revenue streams coming from direct sales, long-term supply agreements, and collaborations with notable industry partners. Significant partnerships with automotive manufacturers and technology firms enhance its market reach and facilitate joint development projects, contributing to the company's earnings. Additionally, PowerCell may benefit from government incentives and subsidies for clean energy technologies, further bolstering its financial performance.

PowerCell Sweden AB Financial Statement Overview

Summary

PowerCell Sweden AB shows revenue growth and a strong equity position, but faces significant challenges in profitability and cash flow management. Negative net profit margins and cash flow inefficiencies are major concerns.

Income Statement

PowerCell Sweden AB shows a positive revenue growth trend, with a notable 17.88% increase in TTM. However, the company struggles with profitability, as indicated by negative net profit and EBIT margins. The gross profit margin is relatively healthy at 44.82% TTM, but the consistent negative net profit margin highlights ongoing challenges in achieving profitability.

Balance Sheet

The balance sheet reflects a strong equity position with a low debt-to-equity ratio of 0.05 TTM, indicating financial stability. However, the negative return on equity suggests inefficiencies in generating returns from equity investments. The equity ratio of 73.63% TTM underscores a solid capital structure, but profitability remains a concern.

Cash Flow

Cash flow analysis reveals significant challenges, with negative operating and free cash flows. The free cash flow to net income ratio of 1.54 TTM indicates some ability to cover net income, but the negative free cash flow growth rate of -33.63% TTM highlights cash flow management issues. The operating cash flow to net income ratio is also negative, reflecting cash flow inefficiencies.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	420.02M	334.28M	310.29M	244.69M	159.76M	103.53M
Gross Profit	188.26M	116.17M	124.01M	113.02M	49.03M	25.78M
EBITDA	-5.28M	-22.06M	-27.23M	-22.95M	-44.04M	-51.13M
Net Income	-6.86M	-47.28M	-62.96M	-58.17M	-75.08M	-116.62M
Balance Sheet
Total Assets	574.21M	662.44M	425.11M	473.95M	521.33M	564.69M
Cash, Cash Equivalents and Short-Term Investments	72.29M	218.92M	70.81M	196.86M	332.51M	416.85M
Total Debt	22.50M	73.82M	28.14M	31.46M	37.22M	72.40M
Total Liabilities	151.40M	248.74M	149.68M	141.07M	137.88M	107.13M
Stockholders Equity	422.81M	413.70M	275.43M	332.87M	383.45M	457.56M
Cash Flow
Free Cash Flow	-121.96M	-65.27M	-124.17M	-138.31M	-84.23M	-14.36M
Operating Cash Flow	-79.05M	-18.57M	-95.69M	-120.51M	-66.34M	-3.86M
Investing Cash Flow	-57.40M	-46.54M	-28.17M	-24.39M	-17.92M	-10.79M
Financing Cash Flow	124.67M	224.69M	-8.78M	-8.46M	-7.52M	2.54M

PowerCell Sweden AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 31.96
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PCELL, the sentiment is Positive. The current price of 31.96 is above the 20-day moving average (MA) of 31.89, above the 50-day MA of 30.00, and above the 200-day MA of 28.81, indicating a bullish trend. The MACD of 0.66 indicates Positive momentum. The RSI at 51.65 is Neutral, neither overbought nor oversold. The STOCH value of 48.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:PCELL.

PowerCell Sweden 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%
PCELL	54 Neutral	$1.86B	―	-1.36%	―	33.03%	87.01%
BRILL	51 Neutral	kr67.03M	―	-16.35%	―	-2.99%	44.12%
LEVEL	49 Neutral	€125.69M	―	-5.16%	―	-3.99%	33.17%
SALT.B	43 Neutral	kr1.38B	―	-39.65%	―	-1.27%	-29.29%
FERRO	39 Underperform	kr192.59M	―	―	―	-57.73%	-7.45%

PowerCell Sweden AB Corporate Events

PowerCell Sweden AB Reports Strong Q3 2025 Growth

PowerCell Sweden AB is a leading company in the hydrogen electric solutions sector, known for its innovative fuel cell stacks and systems that cater to industries such as aviation, marine, and stationary power generation. In the third quarter of 2025, PowerCell reported a 19% increase in net sales, reaching SEK 85.8 million, and a gross profit rise to SEK 33.1 million, with a gross margin of 38.6%. Despite a net income loss of SEK 15.3 million, the company showed improved earnings per share at SEK -0.23 compared to the previous year. Key highlights include a significant contract with E-Cap Marine and a new order from Zeppelin Power Systems, indicating strong momentum in the marine and power generation sectors. PowerCell’s strategic focus on enhancing its product offerings and operational efficiency has resulted in a robust gross margin of 48.5% for the first nine months of 2025. The company is also investing in new technologies, such as the M2Power 250 and next-generation stack platform, to bolster its competitive edge. Looking ahead, PowerCell is poised for continued growth, supported by a stable order pipeline, regulatory clarity, and a strategic focus on scaling operations to meet increasing demand in the hydrogen sector.

PowerCell Sweden AB Reports Strong Q3 Growth and Strategic Contracts

PowerCell Sweden AB reported a 19% increase in net sales for the third quarter of 2025 compared to the same period last year, with a significant improvement in gross profit and margin. The company secured a SEK 43 million contract with E-Cap Marine for hydrogen-powered bulk carriers and a SEK 4.3 million order from Zeppelin Power Systems, indicating strong market demand and strategic growth initiatives.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK32.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell Secures Order for EU-Funded Clean Power Project in Greece

PowerCell Sweden AB has secured a SEK 4.3 million order from Zeppelin Power Systems for two Power Generation System 100 units as part of an EU-funded project in Greece. This initiative, under the Just Transition Fund, aims to support Greece’s transition to sustainable energy in Western Macedonia by integrating solar power, hydrogen production, and fuel-cell-based electricity generation. The collaboration enhances PowerCell’s position in the power generation segment, highlighting the growing demand for emission-free energy solutions and the potential for fuel cells in off-grid and mobile applications.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK32.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell Sweden AB to Release Q3 2025 Report with Online Presentation

PowerCell Sweden AB has announced that its third quarter report for 2025 will be released on October 23, followed by an online presentation and Q&A session. This event provides stakeholders an opportunity to engage with the company’s leadership and gain insights into its financial performance and strategic direction.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK32.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell to Equip World’s First Hydrogen-Powered Bulk Carriers

PowerCell Sweden AB has secured a significant contract to supply fuel cell systems for the world’s first hydrogen-powered bulk carriers, to be built by GMI Rederi AS. This SEK 40 million contract involves the delivery of 14 Marine System 225 units, marking a pivotal step in the maritime sector’s shift towards zero-emission solutions. The project, supported by Norwegian government funds, is part of the Green Shipping Programme and highlights PowerCell’s expanding influence in hard-to-abate sectors, demonstrating the viability of hydrogen fuel cells as a competitive and sustainable alternative to fossil fuels.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK34.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell Sweden AB Restructures Management to Drive Growth

PowerCell Sweden AB is restructuring its management team to enhance focus on execution, delivery, and commercialization as it enters a new growth phase. The company is consolidating its management structure to improve agility and decision-making, integrating corporate functions, and introducing a new Chief Commercial Officer role. These changes aim to strengthen PowerCell’s commercial drive and capture future opportunities, with the new structure effective from October 1, 2025.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK34.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell Sweden AB Appoints Nomination Committee for 2026 AGM

PowerCell Sweden AB has appointed a Nomination Committee ahead of its 2026 Annual General Meeting, following principles established in April 2025. The committee includes representatives from major shareholders Robert Bosch, Axon Partners, and Per Ekdunge, with Uwe Zeise serving as chairperson. This move is part of PowerCell’s governance process, ensuring shareholder representation in decision-making, which could impact the company’s strategic direction and stakeholder engagement.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK28.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.