PowerCell Sweden AB (publ)

PCELL.ST

Electrical Equipment & Parts · Industrials

Also trades as: 0G9R.L

Price

kr 21.20

+0.60 (+2.91%)

Market Cap

kr 1.23B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 12, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+11.0% over 4y

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

Diluted shares outstanding: 52.1M (2021) → 57.9M (2025)

PowerCell Sweden AB makes hydrogen fuel cell systems. These systems generate electricity from hydrogen gas without burning it, producing only water as a byproduct. The company sells its technology to customers in marine shipping, defense, and stationary power markets, and it also licenses its fuel cell stack designs to other manufacturers.

PowerCell earns revenue through a mix of product sales, engineering development contracts, and technology licensing agreements. It is headquartered in Gothenburg, Sweden, and operates primarily in Europe, though it has licensing partnerships that extend its reach globally — most notably a long-running agreement with Robert Bosch GmbH to co-develop and commercialize fuel cell stacks. The company is not yet profitable, with operating losses reflecting heavy investment in scaling production and R&D. The key growth driver is broader adoption of hydrogen as a clean energy source across transport and industrial sectors, but the main risk is that this adoption is moving slowly, and PowerCell faces intense competition from 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

-71.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-325.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$114M/ year

→ Flat (+3% vs prior year)

29.7% of revenue

7.4x the sector average (4%)

Steady R&D investment year-over-year

Insider Activity

13.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$59M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

PowerCell Sweden AB (publ)'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.

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Quality

Gross Margin

10.4%

Thin — 10.4% gross margin

Operating Margin

-124.7%

Losing money on operations — -124.7%

ROCE

-15.3%

Weak — -15.3% return on capital

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

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Growth

Sales YoY

-37.0%

Shrinking sales (-37.0% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-15.1%

Burning cash (-15.1%)

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

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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