A 
1.59
+2.58%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€4.1m
FY2016FY2025
Net income
−€5.5m
FY2016FY2025
Free cash flow
−€3.2m
FY2016FY2025
Shareholders' equity
€4.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €4.1m | €4.6m | €4.6m | €5.3m | €675,000 | — | — | €174,000 | — | — |
| Research and development | €1.5m | €3.0m | €2.9m | €2.6m | €5.7m | €2.3m | €744,000 | €4.3m | €6.3m | €17.0m |
| Operating income | −€6.3m | −€5.6m | −€4.7m | −€4.1m | −€6.0m | −€3.6m | −€2.5m | −€7.1m | −€6.6m | −€24.0m |
| Net income | −€5.5m | −€4.4m | −€3.5m | −€4.2m | −€5.8m | −€1.9m | €1.8m | −€6.3m | −€5.0m | −€24.9m |
| Diluted earnings per share | -0.15 | -0.13 | -0.11 | -0.15 | -0.23 | -0.08 | 0.09 | -0.33 | -0.27 | -1.39 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €12.9m | €13.4m | €14.8m | €15.8m | €21.8m | €10.3m | €10.2m | €13.1m | €18.3m | €29.1m |
| Cash and short-term investments | €3.5m | €3.2m | €4.1m | €4.0m | €7.9m | €9.2m | €8.3m | €11.5m | €16.3m | €24.7m |
| Total liabilities | €8.6m | €6.0m | €6.9m | €8.7m | €11.2m | €3.7m | €3.6m | €9.3m | €9.4m | €14.5m |
| Debt | €3.8m | €3.1m | €3.4m | €4.0m | €5.0m | €24,000 | €1.2m | €5.5m | €6.2m | €7.1m |
| Shareholders' equity | €4.3m | €7.4m | €7.9m | €7.2m | €10.7m | €6.6m | €6.7m | €3.8m | €8.9m | €14.6m |
| Shares outstanding | 36m | 35m | 31m | 28m | 25m | 23m | 22m | 19m | 18m | 18m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€2.9m | −€3.6m | −€3.7m | −€3.4m | −€6.7m | −€599,000 | −€4.0m | −€6.0m | −€9.1m | −€19.2m |
| Capital spending | −€242,000 | −€76,000 | −€130,000 | −€175,000 | −€166,000 | −€148,000 | −€103,000 | −€23,000 | −€213,000 | −€5,000 |
| Free cash flow | −€3.2m | −€3.7m | −€3.8m | −€3.5m | −€6.9m | −€747,000 | −€4.1m | −€6.0m | −€9.3m | −€19.2m |
| Dividends paid | — | — | — | — | −€4.0m | −€1.5m | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.9m | €1.9m | €2.1m | €2.3m | €2.3m | €2.5m | €1.3m | €2.1m |
| Operating income | −€2.6m | −€3.9m | −€2.3m | −€2.3m | −€2.6m | −€1.2m | −€592,000 | −€2.2m |
| Net income | −€4.8m | −€3.2m | −€2.3m | −€2.3m | −€2.1m | −€1.3m | −€635,000 | −€2.2m |
| Diluted earnings per share | -0.13 | -0.09 | -0.06 | -0.07 | -0.06 | -0.04 | -0.02 | -0.07 |
| Cash from operations | −€2.0m | −€1.0m | −€1.0m | −€1.0m | −€1.0m | −€1.0m | — | −€2.0m |
| Total assets | €36.5m | €12.9m | €13.0m | €13.4m | €15.5m | €14.7m | €14.8m | €13.8m |
| Cash and short-term investments | €26.9m | €3.5m | €3.4m | €3.2m | €5.3m | €4.1m | €4.1m | €1.9m |
| Debt | €654,000 | €3.8m | €4.4m | €3.1m | €3.2m | €1.9m | €506,000 | €4.3m |
| Shareholders' equity | €15.7m | €4.3m | €5.4m | €7.4m | €9.4m | €7.9m | €7.9m | €4.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -8.2% | — | — |
| Operating income | 15.4% | 11.8% | -8.7% |
| Net income | 9.7% | 24.1% | -10.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -136.5% | -110.9% | — | — |
| Net margin | -114.9% | -95.3% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -24.6 | -9.4 | -11.4 | -11.5 | -10.6 | -12.3 | 3.9 | -1.5 | -2.5 | -0.5 |
| Price to sales | 33.7 | 9.0 | 8.7 | 9.2 | 91.5 | — | — | 53.1 | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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