Cell Impact AB (CI) AI Stock Analysis

Cell Impact AB

(Nasdaq OMX AB:CI)

Select Model

Rating:40Underperform

Price Target:SEK 0.02▼(-4.55% Downside)

Action:reiterated

Date:10/28/26

The score is driven primarily by very weak financial performance (large losses, negative gross profit, declining revenue, and sustained cash burn), which elevates dilution/refinancing risk despite modest leverage. Technicals further weigh on the score with a strong downtrend, while valuation metrics offer limited support because earnings are negative and no dividend yield is available.

Positive Factors

Patented forming technologyThe patented high-velocity forming process gives CI a differentiated technical foundation in flow-plate production. Its ability to support design, prototyping, tooling, and series manufacturing may deepen customer integration and provide a durable platform for serving fuel-cell and electrolyzer applications.

Negative Factors

Persistent cash burnSustained operating and free-cash-flow losses indicate that the business is not currently funding itself through operations. Continued cash burn can force reliance on external financing, increasing dilution or refinancing risk and limiting the company’s ability to invest without raising capital.

Cell Impact AB (CI) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 6.46M
Dividend Yield: ―
Average Volume (3M): 9.23M
Price to Earnings (P/E): -0.1
Beta (1Y): 0.94
Revenue Growth: -56.60%
EPS Growth: 51.95%
Country: Sweden
Employees: 25
Sector: General
Sector Strength: 55
Industry: Manufacturing - Metal Fabrication

Cell Impact AB Business Overview & Revenue Model

Company Description

Cell Impact AB (publ) is a Swedish firm that specializes in the global production and distribution of bipolar flow plates, which are crucial components for hydrogen fuel cells. The company's products include plates designed with meticulously precise...

Cell Impact AB Financial Statement Overview

Summary

Overall financial statements indicate severe weakness: TTM is deeply unprofitable with negative gross profit, shrinking revenue, and persistent negative operating/free cash flow. The main offset is relatively modest leverage (debt-to-equity ~0.12) and reduced debt versus 2025, but ongoing losses and cash burn are eroding the equity/asset base and increase external funding risk.

Income Statement

9Very Negative

Balance Sheet

42Neutral

Cash Flow

14Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.12M	5.57M	37.33M	47.26M	76.81M	71.35M
Gross Profit	-135.36M	-121.42M	5.42M	25.45M	36.94M	34.88M
EBITDA	-49.36M	-55.03M	-71.45M	-97.72M	-86.22M	-67.85M
Net Income	-125.35M	-131.98M	-100.43M	-121.40M	-104.22M	-79.85M
Balance Sheet
Total Assets	135.93M	163.37M	261.25M	381.93M	401.51M	238.72M
Cash, Cash Equivalents and Short-Term Investments	424.00K	10.86M	20.39M	99.89M	164.67M	28.56M
Total Debt	13.91M	32.54M	30.92M	42.75M	44.70M	19.51M
Total Liabilities	33.79M	42.34M	42.16M	78.56M	77.17M	96.10M
Stockholders Equity	102.14M	121.03M	219.08M	303.37M	324.35M	142.63M
Cash Flow
Free Cash Flow	-36.31M	-47.29M	-76.66M	-152.75M	-174.32M	-140.39M
Operating Cash Flow	-34.80M	-45.36M	-62.23M	-100.97M	-105.93M	-86.08M
Investing Cash Flow	2.63M	2.30M	-14.43M	-51.78M	-68.40M	-54.32M
Financing Cash Flow	31.77M	33.68M	-2.84M	88.09M	310.47M	17.01M

Cell Impact AB Technical Analysis

Technical Analysis SentimentNegative

Last Price0.02

Price Trends

50DMA0.03Negative

100DMA0.05Negative

200DMA0.09Negative

Market Momentum

MACD-0.00Negative

RSI8.67Positive

STOCH42.86Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CI, the sentiment is Negative. The current price of 0.02 is above the 20-day moving average (MA) of 0.02, below the 50-day MA of 0.03, and below the 200-day MA of 0.09, indicating a bearish trend. The MACD of -0.00 indicates Negative momentum. The RSI at 8.67 is Positive, neither overbought nor oversold. The STOCH value of 42.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CI.

Cell Impact AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:CI against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:OSSD	44Neutral	SEK 373.36M	-7.46	―	―	-2.61%	-0.28%
SE:ANNX	42Neutral	SEK 57.89M	-1.51	―	―	―	7.33%
SE:FLUO	40Underperform	SEK 498.65M	-6.94	―	―	―	-23.57%
SE:CI	40Underperform	SEK 29.19M	-0.05	―	―	-56.60%	51.95%
SE:CLBIO	39Underperform	SEK 371.09M	-28.83	―	―	54.37%	52.22%
SE:SCIB	39Underperform	SEK 174.38M	-0.78	-303.61%	―	51.21%	42.24%

* General Sector Average

Performance Comparison

SE:CI and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:CI	Cell Impact AB	0.02	-0.25	-91.94%
SE:SCIB	SciBase Holding AB	12.35	-13.24	-51.74%
SE:ANNX	Annexin Pharmaceuticals AB	6.64	-19.56	-74.66%
SE:OSSD	OssDsign AB	3.38	-9.51	-73.80%
SE:CLBIO	Corline Biomedical AB	14.20	-5.75	-28.82%
SE:FLUO	FluoGuide A/S	30.50	-9.50	-23.75%

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.

Date of analysis: Oct 28, 2026

Cell Impact AB AI Stock Analysis