PowerCell Sweden AB (SE:PCELL)
:PCELL
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PowerCell Sweden AB
(PCELL)
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Rating:52Neutral
Price Target:
kr25.00
▼(-11.66% Downside)
Action:ReiteratedDate:04/16/26
The score is held back primarily by weak financial performance—ongoing losses, negative operating/free cash flow, and a 2025 revenue pullback—despite a solid low-debt balance sheet and improving gross margin. The latest earnings call was a positive offset (first full-year positive EBITDA and stronger margins with disciplined execution), while technicals are mixed (short-term strength but longer-term downtrend and overbought signals). Valuation remains unattractive due to negative earnings and no dividend yield provided.
Positive Factors
Supportive balance sheet, low leverage
Low leverage and a sizable equity base give the company financial flexibility to fund industrialization and absorb near-term losses without immediate refinancing. This reduces insolvency risk, supports continued R&D and production scaling, and preserves optionality over the next 2–6 months.
Negative Factors
Persistent negative operating and free cash flow
Ongoing negative operating and free cash flow means the business remains reliant on external funding or credit facilities to run operations and scale. That dependence can pressure capital allocation, risk dilution, and constrain execution if cash generation doesn't turn positive within a few quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Supportive balance sheet, low leverage
Low leverage and a sizable equity base give the company financial flexibility to fund industrialization and absorb near-term losses without immediate refinancing. This reduces insolvency risk, supports continued R&D and production scaling, and preserves optionality over the next 2–6 months.
Read all positive factors
PowerCell Sweden AB (PCELL) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.43B
Dividend YieldN/A
Average Volume (3M)281.22K
Price to Earnings (P/E)―
Beta (1Y)0.76
Revenue Growth36.59%
EPS Growth91.88%
CountrySE
Employees146
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.30
Shares Outstanding57,892,433
10 Day Avg. Volume305,529
30 Day Avg. Volume281,216
Financial Highlights & Ratios
PEG Ratio1.55
Price to Book (P/B)4.48
Price to Sales (P/S)4.50
P/FCF Ratio-45.59
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.19
Revenue Forecast (FY)kr442.00M
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 ...
How the Company Makes Money
PowerCell makes money primarily by commercializing its fuel cell technology through product sales and related engineering/services. Key revenue streams include: (1) Sales of fuel cell stacks and fuel cell systems: revenue from delivering hydrogen ...
PowerCell Sweden AB Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The call emphasized strengthened fundamentals: positive full-year EBITDA, material margin improvement, strong organic growth (24% FX-adjusted), successful product launches (marine and power-generation) and notable orders (SEK 43m methanol, SEK 12m + SEK 5m aviation). Management acknowledges quarter-level revenue timing volatility, a slightly lower top line than ambitions, a modest negative operating cash flow (‑SEK 10m), and market headwinds including cautious capital and China timing effects. On balance the company presented operational resilience, disciplined cost control, and clear strategies to protect earnings while remaining ready to scale, with more positives than negatives.Positive Updates
Full-Year Positive EBITDA and Improved Margins
PowerCell delivered positive EBITDA for the first time for a full year, materially improved margins and strengthened its cash position, demonstrating operational discipline and industrial execution.
Negative Updates
Quarterly Revenue Timing Volatility
Q4 revenue was lower than Q4 last year due to order timing and distribution between quarters; company notes continued volatility where single orders can materially affect quarter-level results.
Read all updates
Q4-2025 Updates
Positive
Negative
Full-Year Positive EBITDA and Improved Margins
PowerCell delivered positive EBITDA for the first time for a full year, materially improved margins and strengthened its cash position, demonstrating operational discipline and industrial execution.
Read all positive updates
Company Guidance
Management gave no formal 2026 revenue forecast but guided to protect and prioritize positive EBITDA and cash discipline while remaining ready to scale: they delivered positive full‑year EBITDA in 2025, proved a breakeven point around ~SEK 400m, and plan to defend that margin while pursuing growth; 2025 saw reported growth of 15% (24% organic ex‑FX), Q4 revenues of ~SEK 95m (versus SEK 144m in Q4 2024), an EBITDA year‑on‑year improvement of ~SEK 79m, operating cash flow ending at about –SEK 10m and added a project credit facility to strengthen liquidity. Key drivers for the 2026 high/low outcome are product mix (marine remains the backbone with an estimated 80–85% share after the marine platform launch, long ship build cycles of 2–3 years versus power generation orders that can be delivered in 2–3 months), commercialization road map (HTS expected around 2028), and signed commercial traction such as a SEK 43m methanol‑to‑power order and SEK 12m + SEK 5m aviation follow‑on, with management expecting a more “hockey‑stick” profile in 2026 but emphasizing industrial execution and fiscal discipline.PowerCell Sweden AB Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 384.96M | 334.28M | 310.29M | 244.69M | 159.76M |
| Gross Profit | 174.17M | 116.17M | 124.01M | 113.02M | 49.03M |
| EBITDA | -22.94M | -22.06M | -27.23M | -22.95M | -44.04M |
| Net Income | -29.53M | -47.28M | -62.96M | -58.17M | -75.08M |
Balance Sheet | |||||
| Total Assets | 597.94M | 662.44M | 425.11M | 473.95M | 521.33M |
| Cash, Cash Equivalents and Short-Term Investments | 78.82M | 218.92M | 70.81M | 196.86M | 332.51M |
| Total Debt | 19.05M | 73.82M | 28.14M | 31.46M | 37.22M |
| Total Liabilities | 211.41M | 248.74M | 149.68M | 141.07M | 137.88M |
| Stockholders Equity | 386.53M | 413.70M | 275.43M | 332.87M | 383.45M |
Cash Flow | |||||
| Free Cash Flow | -38.02M | -65.27M | -124.17M | -138.31M | -84.23M |
| Operating Cash Flow | -10.08M | -18.57M | -95.69M | -120.51M | -66.34M |
| Investing Cash Flow | -67.34M | -46.54M | -28.17M | -24.39M | -17.92M |
| Financing Cash Flow | -57.37M | 224.69M | -8.78M | -8.46M | -7.52M |
PowerCell Sweden AB Technical Analysis
Neutral
28.30
Price Trends
19.96
Positive
26.33
Negative
29.09
Negative
Market Momentum
0.23
Negative
70.01
Negative
87.71
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PCELL, the sentiment is Neutral. The current price of 28.3 is above the 20-day moving average (MA) of 18.95, above the 50-day MA of 19.96, and below the 200-day MA of 29.09, indicating a neutral trend. The MACD of 0.23 indicates Negative momentum. The RSI at 70.01 is Negative, neither overbought nor oversold. The STOCH value of 87.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:PCELL.
PowerCell Sweden AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | kr116.02M | -30.10 | -1.58% | ― | 2.70% | 85.94% | |
52 Neutral | kr1.43B | -58.70 | -7.30% | ― | 36.59% | 91.88% | |
52 Neutral | kr57.38M | -10.02 | -15.25% | ― | -0.97% | 41.20% | |
48 Neutral | kr319.91M | -11.07 | ― | ― | -57.89% | 91.07% | |
44 Neutral | kr962.02M | -12.66 | -39.97% | ― | 11.85% | 6.39% |
* Industrials Sector Average
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PowerCell Sweden AB Corporate Events
PowerCell Sweden Calls Shareholders to May 2026 Annual General Meeting
Apr 9, 2026
PowerCell Sweden AB has called its shareholders to an Annual General Meeting to be held on 11 May 2026 at the World of Volvo venue in Gothenburg, Sweden. The company outlines registration requirements, including shareholder record dates, notificat...
PowerCell Defends Fuel Cell Technology and Governance After Swedish TV Criticism
Mar 9, 2026
PowerCell Sweden AB has rejected Swedish broadcaster SVT’s claims that its fuel cell technology risks failing to meet customer expectations, arguing the criticism is based on anonymous sources and tests of hardware that is two generations ol...
PowerCell joins EU-backed MiNaMi project to develop ultra-durable megawatt marine fuel cells
Feb 27, 2026
PowerCell Sweden AB has joined the €7 million EU‑funded MiNaMi project to develop Europe’s first megawatt‑scale Proton Exchange Membrane fuel cell system for maritime use, aiming for ultra‑long lifetimes of up to 80,0...
PowerCell Nomination Committee Backs Katarina Bonde as Next Chair
Feb 18, 2026
PowerCell Sweden AB’s Nomination Committee plans to propose veteran executive and board professional Katarina Bonde as the new Chair of the Board at the company’s 2026 Annual General Meeting, succeeding current Chair Magnus Jonsson, wh...
PowerCell Grows Sales and Margins in 2025 While Strengthening Position in Hydrogen Fuel Cell Markets
Feb 4, 2026
PowerCell Sweden AB reported full-year 2025 net sales growth of 15% to SEK 385m and a sharply improved gross margin of 45.2% despite remaining loss-making, with operating income at SEK -22.9m and net income at SEK -29.5m. The company’s fourt...
PowerCell Sets Date for Q4 2025 Results and Webcast
Jan 28, 2026
PowerCell Sweden AB has announced that it will publish its fourth-quarter 2025 report on 4 February at 07:30 CET and will host an online presentation at 08:30 CET the same day. The results presentation, held in English, will be accessible via webc...
PowerCell to Supply 1 MW Fuel Cell System for EU Deep‑Sea Shipping Decarbonisation Project
Jan 16, 2026
PowerCell Sweden AB has joined the €17 million EU‑funded GAMMA project, a five‑year European initiative to decarbonise deep‑sea shipping by demonstrating climate‑neutral fuels and fuel cell‑based power generatio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.