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PowerCell Sweden AB (SE:PCELL)
:PCELL
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PowerCell Sweden AB (PCELL) AI Stock Analysis

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SE:PCELL

PowerCell Sweden AB

(PCELL)

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Neutral 54 (OpenAI - 4o)
Rating:54Neutral
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 (PCELL) vs. iShares MSCI Sweden ETF (EWD)

PowerCell Sweden AB Business Overview & Revenue Model

Company DescriptionPowerCell 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 MoneyPowerCell 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 Earnings Call Summary

Earnings Call Date:Oct 23, 2025
(Q3-2025)
|
Next Earnings Date:Feb 12, 2026
Earnings Call Sentiment Neutral
The earnings call presented a generally positive outlook with significant growth metrics, positive EBITDA, and operational resilience. However, challenges such as order volatility, regulatory setbacks, and cash flow concerns provide a balanced view.
Q3-2025 Updates
Positive Updates
Significant Year-over-Year Growth
PowerCell reported a 90% growth in Q3 compared to 2024, and a year-to-date growth of over 50%.
Positive EBITDA and Operational Resilience
PowerCell maintained a positive EBITDA on a rolling 12-month basis, demonstrating operational resilience and industrial stability.
Marine Sector Achievements
PowerCell broke into the bulk carrier segment with the world's first bulk carrier order from GMI Rederi in Norway.
Successful Product Launches
Introduction of the Marine System 225 platform in June 2024, which has been a commercial success.
Strong Interest in New Technology Platforms
Growing interest in PowerCell's next-generation fuel cell stack and methanol reformer for power generation.
Negative Updates
Order Volatility
Despite some orders in Q3, the market remains volatile and the number of orders was less than expected.
IMO Decision Postponement
The postponement of the IMO decision on net-zero tariffs was a disappointment to the industry.
Cash Flow Concerns
Concerns about operating cash flow as the company has tied up working capital for large projects.
Company Guidance
In the Q3 2025 report presentation for PowerCell Group, CEO Richard Berkling and CFO Anders During provided detailed guidance on the company's financial performance and strategic initiatives. The company reported a 90% growth in Q3 compared to 2024 and a year-to-date increase of over 50%, with a gross margin that continues to improve albeit with some volatility. The rolling 12-month revenue remained above SEK 400 million, and EBITDA was positive on a rolling 12-month basis, reflecting operational resilience. The company's strategy of consolidating product platforms has led to growth without cost base inflation, with a breakeven level maintained at around SEK 400 million in revenue. They highlighted significant progress in the marine sector, including a breakthrough into the bulk carrier segment and continued interest in the Marine System 225. The company is preparing to enhance its power generation product offering and reported successful collaborations and certifications in aviation. Looking forward, PowerCell aims to maintain fiscal discipline and leverage growth through disciplined scaling, with a focus on being an industrially stable and credible partner in the new technology landscape.

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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue420.02M334.28M310.29M244.69M159.76M103.53M
Gross Profit188.26M116.17M124.01M113.02M49.03M25.78M
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 Assets574.21M662.44M425.11M473.95M521.33M564.69M
Cash, Cash Equivalents and Short-Term Investments72.29M218.92M70.81M196.86M332.51M416.85M
Total Debt22.50M73.82M28.14M31.46M37.22M72.40M
Total Liabilities151.40M248.74M149.68M141.07M137.88M107.13M
Stockholders Equity422.81M413.70M275.43M332.87M383.45M457.56M
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 Flow124.67M224.69M-8.78M-8.46M-7.52M2.54M

PowerCell Sweden AB Technical Analysis

Technical Analysis Sentiment
Positive
Last Price31.96
Price Trends
50DMA
30.00
Positive
100DMA
28.92
Positive
200DMA
28.81
Positive
Market Momentum
MACD
0.66
Positive
RSI
51.65
Neutral
STOCH
48.69
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

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
63
Neutral
$10.79B15.437.44%2.01%2.89%-14.66%
54
Neutral
$1.86B-1.36%33.03%87.01%
51
Neutral
kr67.03M-16.35%-2.99%44.12%
49
Neutral
€125.69M-5.16%-3.99%33.17%
43
Neutral
kr1.38B-39.65%-1.27%-29.29%
39
Underperform
kr192.59M-57.73%-7.45%
* Industrials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SE:PCELL
PowerCell Sweden AB
31.96
-7.80
-19.62%
SE:BRILL
Brilliant Future AB
4.66
-0.34
-6.80%
SE:LEVEL
Nordic LEVEL Group AB Class B
0.60
-0.22
-27.32%
SE:SALT.B
SaltX Technology Holding AB Class B
6.69
3.42
104.27%
SE:META
Metacon AB
0.53
0.32
148.37%
SE:FERRO
Ferroamp AB
1.66
-2.95
-63.99%

PowerCell Sweden AB Corporate Events

PowerCell Sweden AB Reports Strong Q3 2025 Growth
Oct 23, 2025

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
Oct 23, 2025

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
Oct 22, 2025

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
Oct 14, 2025

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
Sep 30, 2025

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
Sep 30, 2025

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
Sep 4, 2025

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.

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.Date of analysis: Oct 23, 2025