Gelion

GELN.L

Electrical Equipment & Parts · Industrials

Price

19.50 GBp

+1.00 (+5.41%)

Market Cap

34.6M GBp

Exchange

London Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 9, 2026 · filings through Dec 31, 2025

Share count rising — dilution

+37.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 106.5M (2021) → 146.8M (2025)

Gelion plc is a British battery technology company that develops and sells energy storage solutions. Its main focus is on zinc-bromide batteries, which are designed to store electricity for longer periods than standard lithium-ion batteries. The company targets customers in off-grid power, renewable energy integration, and industrial applications where safe, long-duration storage matters.

Gelion makes money by selling battery products and licensing its technology to partners. It is headquartered in the UK and operates at an early commercial stage, meaning it is still spending far more than it earns — as shown by its deeply negative margins. The company's potential edge lies in its proprietary chemistry, which avoids some of the fire risks and supply chain issues tied to lithium. However, the main risk is that Gelion must scale up manufacturing and win enough commercial contracts before it runs out of funding, which is a common challenge for pre-profit battery startups competing against much larger, better-funded rivals.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-87.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+35.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$3M/ year

↓ Declining (-6% vs prior year)

357.7% of revenue

89.4x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

33.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~16 months

$11M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Adequate runway but may need to raise capital within 2 years

Revenue declining

Gelion's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

-510.6%

Thin — -510.6% gross margin

Operating Margin

-7183.0%

Losing money on operations — -7183.0%

ROCE

-19.9%

Weak — -19.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

-58.9%

Shrinking sales (-58.9% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

5/7 quarters

Mixed — about half the quarters showed growth

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-495.1%

Burning cash (-495.1%)

Free cash flow is negative. They are burning cash, not generating it.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Not applicable for this business.

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial