PowerCell Sweden AB (PCELL) AI Stock Analysis

• Market Cap: kr1.21B
• Dividend Yield: N/A
• Average Volume (3M): 281.22K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.81
• Revenue Growth: 36.59%
• EPS Growth: 91.88%
• Country: SE
• Employees: 146
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): -0.30
• Shares Outstanding: 57,892,433
• 10 Day Avg. Volume: 305,529
• 30 Day Avg. Volume: 281,216
• PEG Ratio: 1.55
• Price to Book (P/B): 4.48
• Price to Sales (P/S): 4.50
• P/FCF Ratio: -45.59
• 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): -0.19
• Revenue Forecast (FY): kr442.00M

• Rating: 46 Neutral
• Price Target: kr20.50 ▼(-27.56% Downside)
• Action: Reiterated Date: 02/06/26
• Date: Action: Reiterated 02/06/26

The score is held back primarily by weak financials (ongoing losses and negative operating/free cash flow, plus a 2025 revenue pullback) and bearish technicals (price far below key moving averages with negative momentum). The earnings call provides a partial offset with evidence of improved profitability (positive full-year EBITDA) and order momentum, but valuation remains constrained by negative earnings and no dividend support.

Positive Factors

Improved Profitability & Positive EBITDA

Delivering positive full‑year EBITDA and materially improved margins demonstrates management's ability to extract operating leverage and tighten cost control. This progress reduces reliance on short-term financing, supports a defendable breakeven near SEK 400m, and improves the durability of cash needs during scale-up.

Dominant Marine Market Position

An estimated 80–85% share in its marine addressable segment gives PowerCell a durable competitive moat in that niche. High share supports repeat orders, pricing leverage and industrialized production benefits, providing a reliable revenue backbone even as other verticals scale more slowly.

Supportive Balance Sheet & Lower Leverage

Low leverage, falling debt and sizable equity provide financial flexibility to fund R&D and commercialization while cash flows remain negative. This cushioning reduces near-term refinancing risk and gives management optionality to pursue project-backed growth without immediate distress financing.

Negative Factors

Negative Operating & Free Cash Flow

Persistent negative operating and free cash flow means the business still requires external funding or dilution to sustain operations and growth. Continued cash burn constrains the firm's ability to invest selectively, increases funding risk if capital markets tighten, and lengthens the timeline to self-sufficiency.

Top-line Volatility and 2025 Revenue Pullback

A ~11% revenue decline in 2025 combined with quarter-to-quarter order timing volatility undermines predictability. When single large orders swing results, capacity planning, cash flow forecasting and margin sustainability become harder, complicating the path to steady, scalable profitability.

Concentration in Long-cycle Marine & Early Power Scale

Heavy reliance on marine (2–3 year ship build cycles) delays revenue recognition and cash conversion, while power generation is early-stage with no large-volume wins yet. This concentration and timing mismatch increase execution risk and stretch the timeline for a stable, recurring revenue base.

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

Mixed fundamentals: revenue declined in 2025 (~11%) and the company remains loss-making with negative operating/net margins, while operating and free cash flow are still negative and free cash flow worsened in 2025. Offsetting this, gross margin improved strongly and the balance sheet is relatively supportive with low leverage and meaningful equity.

Income Statement

Revenue scaled meaningfully over the 2020–2025 period, but the most recent year (2025) shows a pullback in sales (down ~11%). Profitability remains the key issue: the company is still loss-making, with negative operating and net margins in 2025, though losses have narrowed versus 2024 and are far improved from 2020–2022 levels. Gross margin improved strongly in 2025, which is a positive signal on product economics, but operating expenses are still too high to support sustainable earnings.

Balance Sheet

The balance sheet looks comparatively supportive: leverage is low with debt-to-equity in the high single-digits in 2025, and debt has come down versus 2024. Equity remains sizable relative to the asset base, providing a cushion for ongoing investment. The main weakness is continued negative returns on equity driven by net losses, which can erode capital over time if profitability does not improve.

Cash Flow

Cash generation is weak: operating cash flow is negative in each year shown and remained negative in 2025, and free cash flow is also negative with a sharp deterioration in 2025 versus 2024. While cash burn improved materially from the very large outflows in 2022–2023, the business still isn’t self-funding. A mitigating point is that free cash flow is less negative than net income in recent years (i.e., non-cash charges help), but the underlying direction still implies ongoing funding needs.

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	31.43M	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

• Technical Analysis Sentiment: Negative
• Last Price: 28.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• 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 Negative. The current price of 28.3 is above the 20-day moving average (MA) of 22.17, above the 50-day MA of 26.96, and below the 200-day MA of 30.04, indicating a bearish trend. The MACD of -1.87 indicates Negative momentum. The RSI at 38.00 is Neutral, neither overbought nor oversold. The STOCH value of 49.02 is Neutral, 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	56 Neutral	kr128.21M	-31.37	-1.58%	―	2.70%	85.94%
BRILL	52 Neutral	kr59.86M	-9.41	-15.25%	―	-0.97%	41.20%
FERRO	48 Neutral	kr326.92M	-11.05	―	―	-57.89%	91.07%
PCELL	46 Neutral	kr1.21B	-42.23	-1.63%	―	36.59%	91.88%
SALT.B	46 Neutral	kr912.42M	-12.11	-40.77%	―	11.85%	6.39%

PowerCell Sweden AB Corporate Events

PowerCell Grows Sales and Margins in 2025 While Strengthening Position in Hydrogen Fuel Cell Markets

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 fourth quarter was weaker, with sales down 34% and a return to operating losses, but operating cash flow turned positive in the quarter and the equity ratio stayed strong at 64.6%. Management is prioritizing reinvestment, with the board proposing no dividend for 2025, and the group secured several notable orders across marine, power generation and aerospace, including a SEK 43m methanol-to-power system for a European shipyard, a follow-up aerospace research order, and data-center validation projects, alongside joining the EU-funded GAMMA project and arranging an additional SEK 50m credit facility to support customer project financing. These moves underscore PowerCell’s strategy to deepen its position in hydrogen and fuel-cell markets while building a broader order base in key sectors, even as it works toward sustained profitability and navigates leadership changes with the current chairman stepping down in 2026.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK27.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell Sets Date for Q4 2025 Results and Webcast

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 webcast and telephone conference, both including opportunities for investors and analysts to pose questions, underscoring the company’s efforts to maintain active communication with the market around its financial performance and strategic progress in hydrogen-electric solutions.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK27.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell to Supply 1 MW Fuel Cell System for EU Deep‑Sea Shipping Decarbonisation Project

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 generation on a 60,000 DWT bulk carrier. PowerCell will supply and integrate a 1 MW fuel cell power system that uses hydrogen produced onboard from green methanol and ammonia to replace fossil fuel auxiliary generators under real operating conditions, generating critical data on performance, safety and integration that could de‑risk wider adoption of hydrogen and fuel cells in ocean‑going vessels and strengthen the company’s position in the fast‑emerging market for zero‑emission maritime power.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK29.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell Wins SEK 12 Million Follow-Up Fuel-Cell Order for Aerospace Testing

PowerCell Sweden AB has secured a SEK 12 million follow-up order from a leading European aerospace research institute for four 100 kW modular fuel-cell systems, to be delivered in the first half of 2026 and used in an advanced test and validation platform for next-generation aviation propulsion. The repeat order underscores PowerCell’s strengthening position in the demanding aviation segment and supports the customer’s next development phase by enabling system-level validation of hydrogen and fuel-cell propulsion under realistic conditions, reinforcing the company’s role as a key technology partner as the aerospace ecosystem accelerates investment in zero-emission, long-range propulsion solutions beyond battery-electric capabilities.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK36.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell Wins First Order for New PS190 Fuel Cell System from Norway’s Enetech

PowerCell Sweden AB has secured the first commercial order for its new PS190 fuel cell system from Norwegian system integrator Enetech AS, with delivery scheduled for the first half of 2026. The PS190 will serve as the core of Enetech’s 190 kW mobile, fossil-free power generator, aimed at replacing conventional diesel generators in sectors such as construction, infrastructure, telecoms and data centers that require reliable, emission-free and mobile electricity. The order, which follows the recent launch of PowerCell’s Power Generation offering, underscores early market traction for the PS190 and strengthens PowerCell’s position in the emerging market for hydrogen-based, zero-emission off-grid power solutions, highlighting growing demand from customers looking to decarbonize without sacrificing performance or mobility.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK36.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell Chairman Magnus Jonsson to Step Down at 2026 AGM After Long Tenure

PowerCell Sweden AB announced that long‑serving Chairman of the Board Magnus Jonsson will not stand for re‑election at the company’s 2026 Annual General Meeting, ending a board tenure that began in 2012 and a chairmanship held since 2015. Jonsson will continue in his role until the AGM and support the Nomination Committee, which has been running a structured succession process and says it has made significant progress toward proposing a new chairman and full board slate well ahead of the 2026 meeting, signalling an orderly transition designed to preserve continuity in the company’s governance during a pivotal period for the hydrogen technology sector.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK36.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.

PowerCell Sweden Partners on Hydrogen-Powered Data Center Solutions

PowerCell Sweden AB has entered into an agreement with a leading US hydrogen-powered data center provider to supply two PS190 fuel cell power systems for field validation starting in Q1 2026. This partnership demonstrates PowerCell’s strategic focus on hydrogen as a complement to modern data center infrastructure, addressing grid constraints and growing power demands while advancing zero-emission power solutions and reliability for critical applications.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK36.00 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 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.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK38.00 price target. To see the full list of analyst forecasts on PowerCell Sweden AB stock, see the SE:PCELL Stock Forecast page.