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PowerCell Sweden AB
(PCELL)
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Rating:45Neutral
Price Target:
kr18.50
▼(-7.13% Downside)
Action:Reiterated
Date:07/17/26
The score is held down primarily by weak financial performance (revenue decline, persistent losses, and negative free cash flow) and bearish technical signals (price below key moving averages and negative MACD). The earnings call provides a partial offset with improving order intake and product/order validation, but near-term profitability and cash resilience remain key risks.
Positive Factors
Conservative Balance Sheet
Very low leverage (debt-to-equity ~0.05) provides balance-sheet flexibility to absorb ongoing cash burn and support near-term operations. This structural strength reduces refinancing risk, enabling continued R&D, partnerships and delivery execution while the business scales.
Negative Factors
Sharp Revenue Decline and Unprofitability
A sizeable TTM revenue decline (~26%) coupled with negative operating and net margins indicates the company lacks sufficient scale to cover fixed costs. Without material top-line recovery or further structural cost cuts, profitability remains elusive and long‑term value creation is at risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Very low leverage (debt-to-equity ~0.05) provides balance-sheet flexibility to absorb ongoing cash burn and support near-term operations. This structural strength reduces refinancing risk, enabling continued R&D, partnerships and delivery execution while the business scales.
Read all positive factors
PowerCell Sweden AB (PCELL) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.15B
Dividend YieldN/A
Average Volume (3M)281.22K
Price to Earnings (P/E)―
Beta (1Y)0.96
Revenue Growth-36.95%
EPS Growth-1374.98%
CountrySE
Employees154
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-2.19
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)-1.24
Revenue Forecast (FY)kr317.00M
PowerCell Sweden AB Business Overview & Revenue Model
Company Description
PowerCell Sweden AB (publ) specializes in the creation and manufacturing of advanced fuel cells and integrated fuel cell systems. These innovative technologies serve diverse sectors, including automotive, maritime, and stationary power generation,...
How the Company Makes Money
null...
PowerCell Sweden AB Earnings Call Summary
Earnings Call Date:Jul 16, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: near‑term financial results were weak (revenue down 46% YoY, gross margin compressed to ~10%, and a low cash balance of SEK 76m), but there are clear, measurable signs of commercial and technical progress — order intake recovery (+72% QoQ to SEK 86m), a first multi‑MW data center reference (SEK 30m), validated hardware (S3 stack, PS190), and a software differentiator (DMC). Management has initiated cost realignment and emphasizes readiness for market recovery. Given the balance of significant operational/financial headwinds against tangible product validation and improving order momentum, the call is best characterized as balanced but cautious.Positive Updates
Order Intake Recovery
Order intake rose to SEK 86 million in Q2 (up from SEK 50 million in Q1), an approximate +72% quarter-over-quarter recovery, and management reported continued acceleration into early Q3 (9 MW of orders signed in late June/early July).
Negative Updates
Significant Revenue Decline
Reported a weak Q2 with revenue falling 46% year‑over‑year (excluding prior year one‑off licensed transaction); management described the quarter as 'very disappointing.'
Read all updates
Q2-2026 Updates
Positive
Negative
Order Intake Recovery
Order intake rose to SEK 86 million in Q2 (up from SEK 50 million in Q1), an approximate +72% quarter-over-quarter recovery, and management reported continued acceleration into early Q3 (9 MW of orders signed in late June/early July).
Read all positive updates
Company Guidance
Guidance from the call was that volatility will continue but the company is positioned to defend breakeven at the low end while preserving upside: Q2 revenue fell 46% YoY (ex one‑offs) and reported gross margin was ~10% versus a normalized ~25% in a typical quarter, yet operating cash flow was positive and cash stood at SEK 76m; order intake accelerated to SEK 86m in Q2 (vs SEK 50m in Q1), with a subsequent ~5 MW ECL order worth ~SEK 30m to be delivered in 2026, an additional 9 MW signed late June/early July, and a non‑binding MoU for ~300 MW; delivery lead times range ~3–18 months, cost‑base reductions are being implemented in 2026 with effects in H2 2026 to align the cost base for 2027.PowerCell Sweden AB Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
67
Positive
Cash Flow
32
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 264.81M | 384.96M | 334.28M | 310.29M | 244.69M | 159.76M |
| Gross Profit | 80.91M | 147.29M | 116.17M | 124.01M | 110.47M | 49.03M |
| EBITDA | -143.63M | -32.44M | -22.06M | -27.23M | -22.95M | -44.04M |
| Net Income | -127.21M | -29.53M | -47.28M | -62.96M | -58.17M | -75.08M |
Balance Sheet | ||||||
| Total Assets | 563.49M | 597.94M | 662.44M | 425.11M | 473.95M | 521.33M |
| Cash, Cash Equivalents and Short-Term Investments | 34.47M | 78.82M | 218.92M | 70.81M | 196.86M | 332.51M |
| Total Debt | 50.95M | 19.05M | 73.82M | 28.14M | 31.46M | 37.22M |
| Total Liabilities | 266.19M | 211.41M | 248.74M | 149.68M | 141.07M | 137.88M |
| Stockholders Equity | 296.79M | 386.53M | 413.70M | 275.43M | 332.87M | 383.45M |
Cash Flow | ||||||
| Free Cash Flow | -39.87M | -38.02M | -83.81M | -124.17M | -138.31M | -84.23M |
| Operating Cash Flow | -25.78M | -10.08M | -37.11M | -95.69M | -120.51M | -66.34M |
| Investing Cash Flow | -24.05M | -67.34M | -46.54M | -28.17M | -24.39M | -17.92M |
| Financing Cash Flow | 31.04M | -57.37M | 224.69M | -8.78M | -8.46M | -7.52M |
PowerCell Sweden AB Technical Analysis
Neutral
19.92
Price Trends
23.54
Negative
22.96
Negative
27.15
Negative
Market Momentum
-0.65
Negative
51.19
Neutral
60.52
Neutral
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 19.92 is below the 20-day moving average (MA) of 20.21, below the 50-day MA of 23.54, and below the 200-day MA of 27.15, indicating a neutral trend. The MACD of -0.65 indicates Negative momentum. The RSI at 51.19 is Neutral, neither overbought nor oversold. The STOCH value of 60.52 is Neutral, 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% | |
50 Neutral | kr51.03M | -7.10 | -28.11% | ― | 0.70% | -21.33% | |
48 Neutral | kr118.06M | -5.44 | -5.80% | ― | -8.81% | 33.71% | |
46 Neutral | kr305.34M | -15.67 | ― | ― | -2.81% | 96.40% | |
45 Neutral | kr1.15B | -9.11 | -35.36% | ― | -36.95% | -1374.98% | |
44 Neutral | kr1.37B | -19.88 | -33.32% | ― | 120.73% | 7.14% |
* Industrials Sector Average
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PowerCell Sweden AB Corporate Events
PowerCell’s Q2 slump offset by growing hydrogen wins in marine and AI data centers
Jul 16, 2026
PowerCell Sweden AB reported a sharp downturn in the second quarter of 2026, with net sales falling to SEK 37 million and gross margin dropping to 10.4%, reflecting the absence of last year’s major Bosch licensing deal and continued operatio...
PowerCell wins SEK 30m hydrogen fuel cell deal for California AI data center
Jul 13, 2026
PowerCell Sweden AB has secured an order worth about SEK 30 million to supply its PS190 hydrogen fuel cell systems and Distributed Master Controller licenses to ECL’s CSC‑1 AI data center campus in Santa Clara, California, with deliver...
PowerCell, ECL and Bosch Forge Hydrogen Power Pact for AI Data Centers
Jul 13, 2026
PowerCell Sweden AB and next-generation data center operator ECL have formed a strategic partnership to deploy industrial-scale hydrogen fuel cell power across ECL’s AI-focused data center platform. The deal includes a firm order for PowerCe...
PowerCell schedules Q2 2026 report and investor webcast
Jul 2, 2026
PowerCell Sweden AB will publish its report for the second quarter of 2026 on Thursday, July 16 at 07:30 a.m. and will host a webcast presentation at 08:30 a.m. the same day. Chief executive Richard Berkling and chief financial officer Anders D...
PowerCell updates share and vote count after LTI warrant exercise
Jun 30, 2026
PowerCell Sweden AB has increased its share capital following the exercise of warrants under its performance-based long-term incentive programme LTI 2021. The programme, approved by shareholders in 2021, led to the issuance of 265,159 new shares i...
PowerCell Names New CCO to Drive Global Hydrogen-Electric Growth
Jun 30, 2026
PowerCell Sweden AB has created a new Chief Commercial Officer role and appointed Vlad Månsson to lead global sales, business development, marketing and strategic partnerships as part of its shift from a technology-focused firm to a fully ind...
PowerCell Wins SEK 50 Million Hydrogen Fuel Cell Deal for Norwegian Cargo Ships
Jun 25, 2026
PowerCell Sweden AB has secured a SEK 50 million contract to supply 4 MW of fuel cell power based on its Marine System 225 platform for two liquid hydrogen-powered cargo vessels being built by Norwegian operator LH2 Shipping AS. Deliveries are sch...
PowerCell wins SEK 12m follow‑up fuel cell order in aviation
Jun 15, 2026
PowerCell Sweden AB has secured a follow‑up aviation project order worth about SEK 12 million, covering engineering services and fuel cell stack deliveries for next‑generation aviation fuel cell technology. Most of the project work is ...
PowerCell Downplays Grant Reliance as It Accelerates Commercial Fuel-Cell Push
May 13, 2026
PowerCell Sweden AB has clarified that research projects co-financed with Vinnova and the Swedish Energy Agency represent only about 1% of its 2025 operations, with the company itself providing most of the funding. Management stresses that PowerCe...
PowerCell shareholders back new chair and grant board capital mandate at 2026 AGM
May 11, 2026
PowerCell Sweden AB held its 2026 Annual General Meeting in Gothenburg, where shareholders approved the 2025 income statement and balance sheet and decided to carry forward retained earnings rather than distribute them. The AGM also approved the b...
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.