olivLaw · European equity research
PowerCell Sweden AB (publ) PCELL.ST
Sweden · Nasdaq Stockholm · ISIN SE0006425815 · Vertical: Listed companies from Sweden
PowerCell Sweden develops and produces hydrogen fuel cell systems for aviation, marine, off-road vehicles and stationary power generation, as a zero-emission alternative to diesel engines. Interest in these solutions is growing, but the company remains small and is not yet profitable, with net sales of 334.3 MSEK in 2024.
At the close of 05 Nov 2026, PowerCell Sweden AB (publ) (PCELL.ST) stock was 15.52 SEK (−3.78% on the day), with market capitalisation 898.6 m SEK, beta 1.26, 52-week range 15.43–46.34 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.1
- weak (30–45)
- Bollinger (20, 2)
- 15.00 – 19.06
- in the lower half of the band · %B 0.13 · band width 23.8%
- SMA 50 / 200
- 18.99 / 21.71
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.91 / -0.88
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.0% | −0.6% | −18.4 pp | — |
| 3 months | −27.2% | −4.2% | −23.0 pp | — |
| 6 months | −44.9% | +4.3% | −49.2 pp | — |
| Year to date | −48.2% | +7.5% | −55.7 pp | — |
| 1 year | −63.0% | +9.9% | −73.0 pp | −8.5% |
| 3 years | −67.2% | +49.8% | −117.1 pp | +12.3% |
| 5 years | −91.8% | +42.8% | −134.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 244.7 m | 310.3 m | 334.3 m | 385.0 m |
| Revenue YoY | unavailable | +26.8% | +7.7% | +15.2% |
| Net income | -58.2 m | -63.0 m | -47.3 m | -29.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -1.09 | -1.57 | -0.82 | -0.51 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable |
| net % | -23.8% | -20.3% | -14.1% | -7.7% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 78.8 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 386.5 m SEK
- Total assets
- 597.9 m SEK
- Debt / equity
- unavailable
- Current ratio
- 2.21x
- ROE
- -7.4%
- ROA
- -4.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 244.7 m | 310.3 m | 334.3 m | 385.0 m | esef· 28 Oct 2026verified |
| Cost of revenue | 131.7 m | 186.3 m | 218.1 m | 210.8 m | esef· 28 Oct 2026verified |
| Gross profit | 113.0 m | 124.0 m | 116.2 m | 174.2 m | esef· 28 Oct 2026verified |
| Research & development | 92.3 m | 114.5 m | 110.9 m | 114.4 m | esef· 28 Oct 2026verified |
| Operating income | -75.0 m | -72.6 m | -53.7 m | -22.9 m | esef· 28 Oct 2026verified |
| Interest expense | 15.5 m | 11.9 m | 2.7 m | 9.6 m | esef· 28 Oct 2026verified |
| Pre-tax income | -58.2 m | -63.0 m | -47.6 m | -29.6 m | esef· 28 Oct 2026verified |
| Income tax | -45.0 k | 5.0 k | -299.0 k | -75.0 k | esef· 28 Oct 2026verified |
| Net income | -58.2 m | -63.0 m | -47.3 m | -29.5 m | esef· 28 Oct 2026verified |
| Diluted EPS | -1.09 | -1.57 | -0.82 | -0.51 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 196.9 m | 66.8 m | 218.9 m | 78.8 m | esef· 28 Oct 2026verified |
| Inventories | 75.5 m | 117.0 m | 144.2 m | 216.8 m | esef· 28 Oct 2026verified |
| Current assets | 389.3 m | 337.1 m | 547.5 m | 439.7 m | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 34.8 m | 33.4 m | 25.4 m | 18.9 m | esef· 28 Oct 2026verified |
| Intangibles (excl. goodwill) | 8.2 m | 22.5 m | — | — | esef· 23 Apr 2024verified |
| Total assets | 473.9 m | 425.1 m | 662.4 m | 597.9 m | esef· 28 Oct 2026verified |
| Current liabilities | 86.4 m | 97.5 m | 231.2 m | 198.9 m | esef· 28 Oct 2026verified |
| Total liabilities | 141.1 m | 149.7 m | 248.7 m | 211.4 m | esef· 28 Oct 2026verified |
| Equity | 332.9 m | 275.4 m | 413.7 m | 386.5 m | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 53.4 m | 40.1 m | 57.7 m | 57.9 m | esef· 28 Oct 2026derived |
Cash flow · SEK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 898.6 m SEK
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -7.7% | 14 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 16.3% | 100 (on a fixed band) | 33% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -2.4x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial14/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Powercell Sweden AB (publ) (PCELL.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 385.0 m SEK in 2025; YoY growth 15.2%; net margin -7.7%; ROE -7.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 16.3%
- Current ratio: 2.2x
What contradicts it
- Net margin: -7.7%
- Interest coverage: -2.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for PCELL.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
PowerCell Sweden develops and produces hydrogen fuel cell systems for aviation, marine, off-road vehicles and stationary power generation, as a zero-emission alternative to diesel engines. Interest in these solutions is growing, but the company remains small and is not yet profitable, with net sales of 334.3 MSEK in 2024 1.
SWOT
Strengths
- Validated technology platform and a stated leading position in hydrogen aviation, supported by partnerships with large customers.
- Modular portfolio that can scale from small systems to several megawatts.
- Multiple projects at different stages, including with European bodies and equipment makers.
Weaknesses
- Small company with limited resources for administration, financing and capital.
- Persistent negative result and gross margin decline in 2024.
- Dependence on a few customers and on external suppliers for components.
Opportunities
- Growing demand for emission-free power in data centres, telecoms and construction sites.
- Marine orders and aviation projects with potential for series production.
- Replacement of diesel engines in heavy machinery and rail transport.
Threats
- Slower-than-expected pace of commercial adoption of the technology.
- Competition from batteries and other fuel cell producers.
- Delays in hydrogen infrastructure that could limit projects.
Risks
- Customer dependencehigh
Development and sales depend on customers evaluating the products and on the company's ability to grow sales during commercialisation.
- Supply chainmedium
Delays or quality problems at external component suppliers could affect deliveries and results.
- Limited resourceshigh
The company's small size may make it difficult to manage growth and raise capital when needed.
- Key personnel dependencemedium
Departure of members of management or technical staff could affect execution of the strategy.
- Financial risksmedium
Exposure to credit, currency, liquidity and interest rate risks, with negative results over several years, may require additional financing.
Investment thesis
What would need to be true (bull case)
- If decarbonisation rules accelerate, demand for hydrogen systems in aviation, marine and off-road could rise quickly, and existing projects could become commercial series.
- The order from a European shipyard could be a first step toward repeat sales in the marine segment.
- The modular portfolio and partnerships with large companies could allow expansion into several segments without very large investments.
What would break the thesis
- If adoption stays slow, revenues could remain small relative to development costs, and the company could need additional financing.
- A declining gross margin and a negative result could indicate difficulties in scaling production.
- Competition from batteries and other technologies could reduce market share if hydrogen costs stay high.
What to watch
- Development of gross margin and production costsQ1 2027
- Execution of the 150 MSEK marine order and start of deliveries2027
- Progress of ZeroAvia system certification and series deliveries2027
- Level of development spending and need for additional financingnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
PowerCell is a supplier of hydrogen-powered fuel cell systems, based in Göteborg, that sells fuel cell stacks, modules and complete systems to customers in aviation, marine, off-road vehicles and power generation 1. The company presents itself as a leader in the transition to emission-free flight and as a technical supplier for projects with industry customers and partners. The business is still in the phase of industrialising and commercialising its platforms, and the products are new in commercial use 1.
The business model combines product sales with development projects and engineering contracts, where customers evaluate systems before placing large orders. Gross margin fell in 2024 to 34.8% from 40.0% in 2023 1. The company reports a negative net result and relies on financing and project execution to support its organic growth 1.
The stated objective for 2025 is organic growth, although management says the pace of market growth for hydrogen solutions is difficult to predict 1.
Segments
Aviation
The aviation segment has the largest number of projects, with more than 20 projects at various stages. The partnership with ZeroAvia includes series deliveries of stacks with a potential value of up to 1.51 billion SEK, and the company takes part in a European project for hydrogen-electric aircraft 1.
Power Generation
The power generation segment offers stationary and mobile systems from 5 kW up to several megawatts, for data centres, backup power and sites without grid access. The partnership with Hitachi Energy, the HyFlex product, uses a platform of 400 to 600 kW 1.
Marine and off-road
The marine segment includes the Marine System 225, scalable to megawatts, and the off-road segment targets heavy equipment, where Volvo Construction Equipment is developing a hydrogen dumper. The company announced a 150 MSEK breakthrough order from a European shipyard after the fiscal year end 1.
Market context
Aviation accounts for roughly 2.5% of global CO2 emissions, and the potential share of hydrogen in the global fleet is estimated at 33 to 40% by 2050, which could support demand if infrastructure develops 1. In rail, about 20% of traffic in Europe is still operated by diesel locomotives, a potential market for fuel cells 1.
Demand for emission-free power is rising especially for backup and off-grid sites, and off-road machinery, which accounts for about 6% of Sweden's climate impact, is another target 1. Adoption depends on the cost of green hydrogen and on emission-reduction policies 1.
Trends
- Decarbonisation regulationtailwind
Initiatives to reduce emissions from shipping and aviation, including inclusion of shipping in the EU emissions trading system, could stimulate demand for emission-free propulsion 1.
- Cost of green hydrogentailwind
Expanded green hydrogen production and falling prices are expected, which could lower the total cost of ownership for customers over ten years 1.
- Slow adoption paceheadwind
Fuel cell technology is relatively new in commercial use, and customers may replace systems more slowly than the company expects 1.
- Hydrogen infrastructuremixed
Growth in hydrogen aviation and transport depends on investment in storage and refuelling, which may limit rapid expansion 1.
Competitive position
The company competes with other propulsion technologies such as batteries, diesel engines and synthetic fuels, but the sources do not name direct competitors. The company argues that performance and total cost are advantages over alternative technologies 1.
Hydrogen-based synthetic fuels are cited as an alternative for aviation, but they are less cost-efficient on short routes, which supports the position of fuel cells 1.
- Lithium batteries
Electric alternative for machinery and short routes, cited in the company material as harder to use for heavy dumpers.
- Diesel engines
Current dominant technology for off-road machinery and backup power, with high emissions.
- Synthetic fuels
Alternative for aviation that can use existing infrastructure, but at higher cost on short routes.
- Other fuel cell producers
Companies developing similar systems for mobile and stationary applications, not identified in the official source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202323 Apr 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / PowerCell Sweden AB (publ) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.