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Gelion PLC
(LSE:GELN)
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Rating:52Neutral
Price Target:
17.00 p
▼(-5.56% Downside)
Action:Reiterated
Date:06/03/26
The score is held back primarily by weak financial performance (losses and ongoing cash burn) and a negative earnings-based valuation signal. These are partially offset by constructive technical trends (price above key moving averages, positive MACD) and an earnings call that highlighted tangible technical/commercial milestones and improved EBITDA loss, albeit with meaningful execution and timing risks.
Positive Factors
Conservative Balance Sheet
Extremely low debt provides durable solvency and financial flexibility while Gelion continues R&D and scale-up. A conservatively levered balance sheet reduces short-term refinancing risk and supports staged investment in commercialization over the next 2–6 months.
Negative Factors
Persistent Negative Cash Flow
Sustained negative operating and free cash flows indicate ongoing cash burn and reliance on external funding. Absent rapid commercialization or material non-dilutive grants, cash flow weakness constrains runway, limits strategic optionality, and heightens dilution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Extremely low debt provides durable solvency and financial flexibility while Gelion continues R&D and scale-up. A conservatively levered balance sheet reduces short-term refinancing risk and supports staged investment in commercialization over the next 2–6 months.
Read all positive factors
Gelion PLC (GELN) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£34.99M
Dividend YieldN/A
Average Volume (3M)196.53K
Price to Earnings (P/E)―
Beta (1Y)0.11
Revenue GrowthN/A
EPS Growth42.60%
CountryUK
Employees42
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)-0.03
Shares Outstanding229,421,460
10 Day Avg. Volume289,648
30 Day Avg. Volume196,526
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)3.53
Price to Sales (P/S)38.63
P/FCF Ratio-7.13
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)N/A
Revenue Forecast (FY)£11.50M
Gelion PLC Business Overview & Revenue Model
Company Description
Gelion plc, founded in 2015 and headquartered in Eveleigh, Australia, specializes in the comprehensive process of battery systems. This includes their investigation, conceptualization, engineering, manufacturing, and distribution, serving clients ...
How the Company Makes Money
Gelion’s monetization is centered on commercializing its zinc-based battery technology and associated intellectual property. Revenue, where generated, would typically come from a combination of (1) product-related sales if and when it sells batter...
Gelion PLC Earnings Call Summary
Earnings Call Date:Mar 02, 2026
(Q2-2026)
| Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call conveyed a predominately positive operational and technical momentum: Gelion delivered several tangible technology and partnership milestones (TDK/QinetiQ pouch prototyping, scaling CAM to 4Q, ARENA funding extension), improved financial metrics (total income +25%, adjusted EBITDA loss reduced ≈17%), and strengthened advisory and partner networks. Key risks remain around partner disruptions (Ionblox), unproven full-cell calendar life and some technical integration tasks (solid-state separator densification), manufacturing yield improvements, and timing for commercial revenue from the Integration and Recycling businesses. Overall the achievements and progress on core technical and commercialization milestones substantially outweigh the outstanding challenges and schedule/partner risks.Positive Updates
Revenue and Grant Income Growth
Total income increased from GBP 0.4m to GBP 0.5m (≈+25%), driven by higher grant income (ARENA and APC/ARMD4 programs).
Negative Updates
No Near-Term Revenue from Integration Division
Integration division has a long sales cycle and management does not project revenue from this business in 2026, deferring expected revenue generation to 2027 and beyond.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue and Grant Income Growth
Total income increased from GBP 0.4m to GBP 0.5m (≈+25%), driven by higher grant income (ARENA and APC/ARMD4 programs).
Read all positive updates
Company Guidance
Management guided 2026 as a “make and market” year focused on scaling and commercialising Nano‑Encapsulated Sulfur (NES) cathode material, citing market context and key metrics: cathode materials market ~ $44bn today (projected to $132–150bn by 2032); total income up from GBP 0.4m to GBP 0.5m; adjusted EBITDA loss improved from GBP 2.9m to GBP 2.4m; ARENA project funding extended from GBP 4.8m to GBP 5.3m; equipment CapEx of GBP 0.9m planned for scaling (GBP 0.5m from Gelion, GBP 0.4m via grants); CAM scale-up achieved from 1.5Q to 4Q (4Q = commercial density); NES CAM delivered to TDK and Gen‑3 sent to QinetiQ with TDK pouch cells meeting expectations; integration revenue not expected in 2026 (pipeline maturity targeted in 2027); recycling validated at benchtop and moving to pilot scale; target demo of a lithium‑sulfur battery by Cenex Expo (Sept 2026); and continued expansion in the UK, Australia, US and Japan while maximising non‑dilutive government funding.Gelion PLC Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 959.00K | 912.00K | 0.00 | 0.00 | 1.75M | 351.49K |
| Gross Profit | -289.00K | 241.00K | -700.00K | -463.00K | -308.00K | 351.49K |
| EBITDA | -5.24M | -5.38M | -8.86M | -8.99M | -10.49M | -1.53M |
| Net Income | -5.68M | -5.98M | -7.95M | -7.41M | -13.81M | -1.80M |
Balance Sheet | ||||||
| Total Assets | 18.25M | 11.36M | 13.59M | 13.69M | 20.61M | 4.03M |
| Cash, Cash Equivalents and Short-Term Investments | 10.52M | 2.66M | 3.79M | 7.27M | 17.04M | 1.91M |
| Total Debt | 0.00 | 27.00K | 8.00K | 53.00K | 56.00K | 122.48K |
| Total Liabilities | 1.31M | 1.39M | 1.63M | 1.08M | 12.08M | 442.18K |
| Stockholders Equity | 16.95M | 9.97M | 11.97M | 12.60M | 19.72M | 3.59M |
Cash Flow | ||||||
| Free Cash Flow | -4.75M | -4.94M | -5.96M | -10.47M | -5.31M | -1.66M |
| Operating Cash Flow | -4.37M | -4.46M | -4.53M | -6.03M | -4.53M | -1.27M |
| Investing Cash Flow | -804.00K | -435.00K | -2.63M | -2.09M | -1.80M | -379.33K |
| Financing Cash Flow | 12.27M | 3.95M | 3.71M | -28.00K | 20.55M | -125.88K |
Gelion PLC Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | £1.07B | 23.13 | 15.29% | 0.80% | 8.85% | 29.67% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | £509.81M | -56.46 | -4.89% | 0.04% | -1.21% | 46.27% | |
52 Neutral | £34.99M | -4.60 | -42.23% | ― | ― | 42.60% | |
46 Neutral | £46.74M | -5.83 | -45.06% | ― | 53.47% | -14.16% | |
43 Neutral | £788.17M | -14.97 | -39.26% | ― | -37.09% | -67.49% |
* Industrials Sector Average
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Gelion PLC Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Gelion Leaves Share Option Pool Unchanged in Latest AIM Block Admission Update
Neutral
Jul 27, 2026
Gelion plc reported that under its Existing Share Option Plan, 8,100,000 ordinary shares of 0.1 pence were originally admitted, with 7,803,267 shares remaining available but unissued at the start of the latest reporting period. Over the period fro...
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Gelion Marks Transformative Quarter as Sulfur Battery Strategy Scales Up
Positive
Jul 13, 2026
Gelion, the AIM-listed sulfur battery specialist, reported a transformative second quarter marked by commercial, strategic and organisational milestones as it advances its Nano-Encapsulated Sulfur technology across key markets including Japan, the...
Business Operations and StrategyExecutive/Board Changes
Gelion Names New CEO to Drive Commercial Scale‑Up of Sulfur Battery Technology
Positive
Jun 30, 2026
Gelion PLC has appointed Matthew Wood as Chief Executive Officer as the company transitions from technology development to commercial scale‑up of its NES™ sulfur battery platform. Retiring CEO John Wood leaves the board but remains a s...
Business Operations and Strategy
Gelion moves into U.S. market with sulfur battery pact
Positive
Jun 30, 2026
Gelion has struck a Cooperative Research and Development Agreement with the U.S. Department of Energy’s National Laboratory of the Rockies to validate its Nano‑Encapsulated Sulfur cathode materials for the U.S. battery market. The init...
Business Operations and StrategyProduct-Related Announcements
Gelion Secures Exclusive Max Planck Licence to Advance Commercial Sulfur Battery Rollout
Positive
Jun 16, 2026
Gelion has secured an exclusive global commercial licence from Max-Planck-Innovation GmbH for nano-encapsulated sulfur cathode technology and novel nano-confined anode materials, consolidating both existing and future intellectual property from it...
Business Operations and Strategy
Gelion Gains Spotlight as Longspur Publishes In-Depth Report on Sulfur Battery Strategy
Positive
Jun 4, 2026
Gelion plc, which specialises in sulfur-based battery technologies, is advancing Nano-Encapsulated Sulfur cathode materials that can be integrated into existing lithium-ion and sodium-ion production infrastructure and are aimed at high-performance...
Business Operations and StrategyProduct-Related Announcements
Gelion and Nissan team up on UK‑backed solid‑state sulfur EV battery project
Positive
Jun 2, 2026
Gelion has entered a three‑year collaboration with Nissan Technical Centre Europe and the University of Oxford to integrate its Nano‑Encapsulated Sulfur cathode into next‑generation solid‑state lithium‑sulfur batterie...
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.