PowerCell Sweden AB (PCELL) AI Stock Analysis

• Market Cap: kr1.79B
• Dividend Yield: N/A
• Average Volume (3M): 281.22K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.17
• Revenue Growth: 36.59%
• EPS Growth: 91.88%
• 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: 1.35
• Price to Book (P/B): 4.96
• Price to Sales (P/S): 6.14
• P/FCF Ratio: -31.45
• 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: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: kr36.00 ▲(16.35% Upside)

PowerCell Sweden AB's overall score reflects moderate financial performance with strong growth but profitability and cash flow challenges. Technical indicators show mixed momentum, while valuation remains weak due to ongoing losses. The earnings call provided a positive outlook with strategic growth initiatives, but highlighted some operational risks.

Positive Factors

Revenue Growth

Strong revenue growth indicates increasing market demand and successful execution of strategic initiatives, supporting long-term expansion.

Marine Sector Expansion

Entry into the bulk carrier segment enhances market position in marine applications, diversifying revenue streams and leveraging industry trends.

Positive EBITDA

Consistent positive EBITDA reflects operational efficiency and financial health, providing a stable foundation for future growth.

Negative Factors

Profitability Challenges

Ongoing profitability issues may hinder reinvestment capabilities and long-term financial sustainability, impacting growth potential.

Cash Flow Issues

Cash flow difficulties can constrain operational flexibility and investment in growth initiatives, posing risks to financial stability.

Order Volatility

Order volatility introduces uncertainty in revenue predictability, complicating planning and resource allocation for sustained growth.

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 products and systems. The company has established key revenue streams from direct sales of fuel cell stacks to automotive manufacturers and other commercial partners, as well as through long-term contracts for stationary power solutions. Additionally, PowerCell engages in research and development collaborations with various industries, which may provide funding and shared revenue opportunities. Strategic partnerships with major automotive and energy companies further enhance its market presence and potential earnings, as these alliances often involve joint ventures or technology licensing agreements that contribute to the company's financial growth.

PowerCell Sweden AB Financial Statement Overview

Summary

PowerCell Sweden AB shows moderate revenue growth but struggles with profitability and cash flow management. The balance sheet is strong with low leverage, but negative return on equity and cash flow issues highlight areas for improvement.

Income Statement

PowerCell Sweden AB shows moderate revenue growth with a TTM increase of 3.32%. However, the company struggles with profitability, as indicated by negative net and EBIT margins. The gross profit margin is relatively healthy at 44.82%, but the negative net profit margin of -1.63% 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, indicating low financial leverage. However, the return on equity is negative, suggesting inefficiencies in generating returns from equity investments. The equity ratio is solid, showing a stable financial structure.

Cash Flow

Cash flow analysis reveals a significant challenge with negative operating cash flow and free cash flow. Despite a positive free cash flow growth rate of 36.36%, the operating cash flow to net income ratio is negative, indicating cash flow issues. The free cash flow to net income ratio is positive, suggesting some ability to cover net losses with free cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	433.97M	334.28M	310.29M	244.69M	159.76M	103.53M
Gross Profit	198.29M	116.17M	124.01M	113.02M	49.03M	25.78M
EBITDA	-2.94M	-22.06M	-27.23M	-22.95M	-44.04M	-51.13M
Net Income	-6.22M	-47.28M	-62.96M	-58.17M	-75.08M	-116.62M
Balance Sheet
Total Assets	556.96M	662.44M	425.11M	473.95M	521.33M	564.69M
Cash, Cash Equivalents and Short-Term Investments	9.52M	218.92M	70.81M	196.86M	332.51M	416.85M
Total Debt	21.06M	73.82M	28.14M	31.46M	37.22M	72.40M
Total Liabilities	148.14M	248.74M	149.68M	141.07M	137.88M	107.13M
Stockholders Equity	408.81M	413.70M	275.43M	332.87M	383.45M	457.56M
Cash Flow
Free Cash Flow	-166.30M	-65.27M	-124.17M	-138.31M	-84.23M	-14.36M
Operating Cash Flow	-129.05M	-18.57M	-95.69M	-120.51M	-66.34M	-3.86M
Investing Cash Flow	-51.62M	-46.54M	-28.17M	-24.39M	-17.92M	-10.79M
Financing Cash Flow	124.68M	224.69M	-8.78M	-8.46M	-7.52M	2.54M

PowerCell Sweden AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 30.94
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PCELL, the sentiment is Negative. The current price of 30.94 is below the 20-day moving average (MA) of 35.76, below the 50-day MA of 38.12, and above the 200-day MA of 30.29, indicating a neutral trend. The MACD of -1.96 indicates Positive momentum. The RSI at 31.69 is Neutral, neither overbought nor oversold. The STOCH value of 7.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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%
LEVEL	54 Neutral	kr121.49M	-48.98	-1.58%	―	2.70%	85.94%
PCELL	52 Neutral	kr1.79B	-288.08	-1.63%	―	36.59%	91.88%
BRILL	51 Neutral	kr59.59M	-13.45	-15.25%	―	-0.97%	41.20%
FERRO	48 Neutral	kr212.02M	-3.47	―	―	-57.89%	91.07%
SALT.B	39 Underperform	kr870.76M	-12.46	-40.77%	―	11.85%	6.39%

PowerCell Sweden AB Corporate Events

PowerCell Sweden AB Unveils Comprehensive Power Generation Portfolio

PowerCell Sweden AB has launched its new Power Generation portfolio, marking the company’s most extensive product introduction to date. This portfolio, developed in collaboration with Bosch, offers scalable, zero-emission power solutions for data centers, distributed energy, and backup power applications. The launch signifies PowerCell’s strategic expansion into the power generation market, leveraging its expertise in fuel cell technology to meet the growing demand for sustainable energy solutions.

PowerCell Secures 43 MSEK Order for M2Power 250 System

PowerCell Sweden AB has secured a 43 MSEK order for its M2Power 250 methanol-to-power system from a European shipyard, marking the second commercial contract for this platform. This order highlights the growing market interest in PowerCell’s methanol-to-power technology, which offers a zero-emission solution for shipowners looking to reduce emissions in existing vessels, thereby reinforcing PowerCell’s position in the clean energy 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.

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.

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.

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.

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.