A 
28.05
+0.90%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 2.42bn
FY2018FY2025
Net income
−SEK 112.4m
FY2018FY2025
Free cash flow
−SEK 4.1m
FY2018FY2025
Shareholders' equity
SEK 1.18bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 2.42bn | SEK 1.94bn | SEK 1.64bn | SEK 1.39bn | SEK 1.03bn | SEK 591.5m | SEK 361.2m | SEK 180.2m |
| Gross profit | SEK 890.7m | SEK 764.2m | SEK 520.8m | SEK 469.9m | SEK 373.5m | SEK 219.4m | SEK 128.8m | SEK 60.7m |
| Research and development | SEK 207.9m | SEK 188.1m | SEK 179.8m | SEK 203.8m | SEK 121.2m | SEK 79.7m | SEK 44.2m | SEK 18.2m |
| Operating income | −SEK 79.5m | −SEK 57.5m | −SEK 258.6m | −SEK 352.6m | −SEK 221.6m | −SEK 164.5m | −SEK 121.6m | −SEK 81.5m |
| Net income | −SEK 112.4m | SEK 78.2m | −SEK 179.7m | −SEK 286.4m | −SEK 300.4m | −SEK 172.2m | −SEK 128.5m | −SEK 85.8m |
| Diluted earnings per share | -0.58 | 0.42 | -0.99 | -1.58 | -1.68 | -1.26 | -1.50 | -1.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 2.12bn | SEK 2.01bn | SEK 1.72bn | SEK 1.86bn | SEK 1.86bn | SEK 687.6m | SEK 357.4m | SEK 419.4m |
| Cash and short-term investments | SEK 589.3m | SEK 713.7m | SEK 759.5m | SEK 867.8m | SEK 1.36bn | SEK 288.6m | SEK 165.9m | SEK 307.4m |
| Total liabilities | SEK 942.8m | SEK 742.3m | SEK 580.4m | SEK 554.9m | SEK 370.2m | SEK 381.7m | SEK 139.2m | SEK 99.2m |
| Debt | SEK 136.1m | SEK 152.1m | SEK 41.6m | SEK 48.4m | SEK 47.2m | SEK 147.1m | SEK 15.8m | SEK 8.0m |
| Shareholders' equity | SEK 1.18bn | SEK 1.27bn | SEK 1.14bn | SEK 1.31bn | SEK 1.49bn | SEK 305.9m | SEK 218.3m | SEK 320.2m |
| Shares outstanding | 194m | 188m | 181m | 181m | 179m | 137m | 86m | 86m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | SEK 62.2m | SEK 34.4m | −SEK 28.1m | −SEK 294.3m | −SEK 106.6m | −SEK 188.8m | −SEK 113.3m | −SEK 67.2m |
| Capital spending | −SEK 66.2m | −SEK 11.2m | −SEK 53.2m | −SEK 42.8m | −SEK 34.7m | −SEK 18.2m | −SEK 17.5m | −SEK 9.3m |
| Free cash flow | −SEK 4.1m | SEK 23.2m | −SEK 81.3m | −SEK 337.0m | −SEK 141.3m | −SEK 207.0m | −SEK 130.8m | −SEK 76.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 775.6m | SEK 645.0m | SEK 732.6m | SEK 642.1m | SEK 606.7m | SEK 535.4m | SEK 577.5m | SEK 475.4m |
| Gross profit | SEK 305.2m | SEK 241.0m | SEK 291.8m | SEK 251.9m | SEK 245.3m | SEK 200.5m | SEK 228.2m | SEK 192.1m |
| Operating income | SEK 30.5m | SEK 3.7m | SEK 63.4m | SEK 17.5m | −SEK 66.4m | −SEK 30.9m | SEK 15.6m | −SEK 6.0m |
| Net income | SEK 27.3m | SEK 16.9m | SEK 52.7m | SEK 7.3m | −SEK 79.7m | −SEK 92.7m | SEK 126.5m | −SEK 26.6m |
| Diluted earnings per share | 0.14 | 0.09 | 0.27 | 0.04 | -0.41 | -0.48 | 0.67 | -0.14 |
| Cash from operations | SEK 50.0m | SEK 39.0m | SEK 67.0m | SEK 19.0m | −SEK 53.0m | SEK 28.0m | SEK 55.0m | −SEK 4.0m |
| Capital spending | −SEK 4.0m | −SEK 19.0m | −SEK 20.0m | −SEK 3.0m | −SEK 14.0m | −SEK 14.0m | −SEK 8.0m | — |
| Free cash flow | SEK 46.0m | SEK 20.0m | SEK 47.0m | SEK 16.0m | −SEK 67.0m | SEK 14.0m | SEK 47.0m | — |
| Total assets | SEK 2.25bn | SEK 2.13bn | SEK 2.12bn | SEK 2.02bn | SEK 1.96bn | SEK 1.96bn | SEK 2.01bn | SEK 1.80bn |
| Cash and short-term investments | SEK 629.5m | SEK 601.5m | SEK 589.3m | SEK 547.8m | SEK 572.3m | SEK 652.0m | SEK 713.7m | SEK 675.7m |
| Debt | SEK 34.9m | SEK 33.1m | SEK 32.1m | SEK 29.9m | SEK 50.4m | SEK 24.9m | SEK 23.4m | SEK 20.3m |
| Shareholders' equity | SEK 1.25bn | SEK 1.21bn | SEK 1.18bn | SEK 1.13bn | SEK 1.11bn | SEK 1.17bn | SEK 1.27bn | SEK 1.12bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 36.8% | 39.3% | 31.8% | 33.8% | 36.4% | 37.1% |
| Operating margin | -3.3% | -2.9% | -10.2% | -19.9% | -28.3% | -27.8% |
| Net margin | -4.6% | 4.0% | -11.0% | -20.6% | -29.3% | -29.1% |
| Return on equity | -9.5% | 6.2% | -15.7% | -21.9% | -20.1% | -56.3% |
| Return on assets | -5.3% | 3.9% | -10.4% | -15.4% | -16.1% | -25.0% |
| Free cash flow yield | 2.0% | 0.7% | 0.4% | -4.2% | -1.2% | -3.8% |
| Revenue growth | 24.4% | 18.8% | 17.7% | 35.6% | 73.4% | 63.8% |
| Earnings growth | -243.7% | -143.5% | -37.3% | -4.7% | 74.4% | 34.0% |
| Current ratio | 1.75x | 2.20x | 2.30x | 2.75x | 5.16x | 2.41x |
| Debt to equity | 0.03x | 0.02x | 0.02x | 0.03x | 0.01x | 0.37x |
| Equity ratio | 55.6% | 63.1% | 66.3% | 70.2% | 80.2% | 44.5% |
| Interest coverage | -6.86x | -1.10x | -15.72x | -82.99x | -2.06x | -65.85x |
| R&D as a share of sales | 8.6% | 9.7% | 11.0% | 14.7% | 11.8% | 13.5% |
| Buybacks as a share of market value | -3.5% | -3.7% | 0.0% | -1.3% | -30.8% | -59.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.2% | 33.2% | — |
| Operating income | -39.1% | -13.5% | — |
| Net income | -26.8% | -8.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 37.9% | 35.8% | 36.0% | — |
| Operating margin | -3.1% | -10.1% | -12.6% | — |
| Net margin | -0.8% | -6.8% | -10.8% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -59.4 | 37.7 | -10.1 | -4.2 | -13.7 |
| Price to sales | 2.8 | 1.5 | 1.1 | 0.8 | 4.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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