PowerCell Sweden AB (PCELL) AI Stock Analysis

• Market Cap: kr1.64B
• Dividend Yield: N/A
• Average Volume (3M): 281.22K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.08
• 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: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: kr28.00 ▼(-1.06% Downside)

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

Sustained revenue growth

Consistent double-digit growth and a rolling 12-month revenue above SEK 400m show durable market traction across segments. This trend supports scale economies, strengthens credibility with OEMs and partners, and underpins a clearer path to structural profitability as volumes rise.

Healthy product-level margins and positive EBITDA

A strong gross margin alongside rolling positive EBITDA indicates the core fuel cell technology has favorable unit economics. Coupled with platform consolidation, this supports sustainable margin improvement as revenue scales, reducing reliance on transient cost cuts for profitability.

Low financial leverage

A very low debt load gives the company financial flexibility to fund R&D, commercial scale-up and project execution with limited interest burden. This reduces solvency risk in a capital-intensive transition to hydrogen, improving resilience to cyclical or funding shocks.

Negative Factors

Negative operating cash flow

Persistent negative operating cash flow and tied-up working capital limit the company's ability to self-fund growth and fulfill large project commitments. Over the medium term this raises dependence on external financing, which can dilute shareholders or constrain timely scale-up.

Ongoing net losses and weak ROE

Despite revenue growth, negative net margins and ROE show the company is not yet converting sales into shareholder returns. Unless operating leverage or cost structure improves, continued losses hinder reinvestment capacity and investor confidence over the medium term.

Order volatility and regulatory delays

Volatile order flow and postponed regulatory decisions create uncertain demand timing for large marine and shipping projects. This increases execution and working-capital risk, complicates capacity planning, and could delay revenue recognition from major industrial customers.

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: 28.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• 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 28.3 is below the 20-day moving average (MA) of 32.35, below the 50-day MA of 37.34, and below the 200-day MA of 30.39, indicating a bearish trend. The MACD of -2.53 indicates Positive momentum. The RSI at 29.42 is Positive, neither overbought nor oversold. The STOCH value of 6.96 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	kr124.43M	-49.83	-1.58%	―	2.70%	85.94%
PCELL	52 Neutral	kr1.64B	-256.61	-1.63%	―	36.59%	91.88%
BRILL	51 Neutral	kr59.59M	-13.45	-15.25%	―	-0.97%	41.20%
FERRO	48 Neutral	kr229.82M	-3.88	―	―	-57.89%	91.07%
SALT.B	39 Underperform	kr932.14M	-13.18	-40.77%	―	11.85%	6.39%

PowerCell Sweden AB Corporate Events

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.

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.

The most recent analyst rating on (SE:PCELL) stock is a Hold with a SEK39.00 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 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.