A
11.10
+2.78%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 57.9m
FY2016FY2025
Net income
−SEK 20.1m
FY2016FY2025
Free cash flow
−SEK 40.7m
FY2016FY2025
Shareholders' equity
SEK 256.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 57.9m | SEK 51.3m | SEK 35.5m | SEK 46.8m | SEK 31.2m | SEK 9.5m | SEK 5.5m | SEK 952,821 | SEK 33,126 | SEK 9.7m |
| Research and development | SEK 16.0m | SEK 20.6m | SEK 36.2m | SEK 45.1m | SEK 47.1m | SEK 40.3m | SEK 52.1m | SEK 2.3m | — | — |
| Operating income | −SEK 23.8m | −SEK 28.7m | −SEK 46.8m | −SEK 49.5m | −SEK 51.1m | −SEK 62.3m | −SEK 68.6m | −SEK 39.0m | −SEK 23.1m | −SEK 22.1m |
| Net income | −SEK 20.1m | −SEK 31.5m | −SEK 46.5m | −SEK 47.1m | −SEK 51.2m | −SEK 62.3m | −SEK 68.5m | −SEK 39.1m | −SEK 23.2m | −SEK 12.6m |
| Diluted earnings per share | -0.28 | -0.50 | -1.75 | -1.33 | -2.19 | -2.67 | -3.56 | -2.05 | -1.63 | -543.88 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 274.5m | SEK 251.2m | SEK 199.2m | SEK 190.7m | SEK 223.2m | SEK 128.4m | SEK 130.2m | SEK 194.5m | SEK 243.1m | SEK 77.9m |
| Cash and short-term investments | SEK 43.4m | SEK 53.8m | SEK 38.7m | SEK 89.9m | SEK 156.9m | SEK 82.2m | SEK 78.0m | SEK 136.2m | SEK 16.2m | SEK 44.7m |
| Total liabilities | SEK 18.1m | SEK 23.5m | SEK 66.9m | SEK 19.2m | SEK 23.5m | SEK 7.9m | SEK 10.0m | SEK 9.3m | SEK 19.8m | SEK 5.4m |
| Debt | — | — | SEK 26.8m | — | — | — | — | — | SEK 3.0m | SEK 3.0m |
| Shareholders' equity | SEK 256.5m | SEK 227.7m | SEK 132.3m | SEK 171.5m | SEK 199.7m | SEK 120.5m | SEK 120.2m | SEK 185.2m | SEK 223.2m | SEK 72.6m |
| Shares outstanding | 73m | 63m | 27m | 35m | 23m | 23m | 19m | 19m | 14m | 0m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 20.3m | −SEK 32.1m | −SEK 49.3m | −SEK 62.5m | −SEK 42.6m | −SEK 56.4m | −SEK 60.7m | −SEK 45.9m | −SEK 17.3m | −SEK 10.2m |
| Capital spending | −SEK 20.3m | −SEK 5.1m | −SEK 2.1m | −SEK 23.4m | −SEK 13.1m | −SEK 2.0m | −SEK 526,765 | −SEK 11.3m | −SEK 13.9m | −SEK 19.1m |
| Free cash flow | −SEK 40.7m | −SEK 37.2m | −SEK 51.5m | −SEK 85.9m | −SEK 55.7m | −SEK 58.4m | −SEK 61.2m | −SEK 57.3m | −SEK 31.3m | −SEK 29.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 21.4m | SEK 18.3m | SEK 17.2m | SEK 16.5m | SEK 10.5m | SEK 13.6m | SEK 10.3m | SEK 14.6m |
| Operating income | −SEK 14.5m | −SEK 9.3m | −SEK 7.6m | −SEK 929,000 | −SEK 8.3m | −SEK 7.0m | −SEK 8.9m | −SEK 4.7m |
| Net income | −SEK 13.4m | −SEK 8.6m | −SEK 5.7m | SEK 448,000 | −SEK 8.1m | −SEK 6.8m | −SEK 8.0m | −SEK 4.3m |
| Diluted earnings per share | -0.17 | -0.11 | -0.08 | 0.01 | -0.11 | -0.09 | -0.13 | -0.07 |
| Cash from operations | −SEK 7.0m | SEK 1.0m | −SEK 3.0m | −SEK 3.0m | −SEK 11.0m | — | −SEK 6.0m | −SEK 23.0m |
| Capital spending | — | −SEK 17.0m | −SEK 11.0m | — | −SEK 11.0m | −SEK 15.0m | −SEK 14.0m | −SEK 23.0m |
| Free cash flow | — | −SEK 16.0m | −SEK 14.0m | — | −SEK 22.0m | — | −SEK 20.0m | −SEK 46.0m |
| Total assets | SEK 286.9m | SEK 298.6m | SEK 274.5m | SEK 277.7m | SEK 280.6m | SEK 291.9m | SEK 251.2m | SEK 261.7m |
| Cash and short-term investments | SEK 53.3m | SEK 67.2m | SEK 43.4m | SEK 55.5m | SEK 69.6m | SEK 66.5m | SEK 53.8m | SEK 73.3m |
| Debt | — | — | — | — | — | — | — | −SEK 7.1m |
| Shareholders' equity | SEK 264.1m | SEK 277.6m | SEK 256.5m | SEK 262.1m | SEK 261.7m | SEK 270.0m | SEK 227.7m | SEK 235.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.3% | 43.5% | 17.5% |
| Operating income | -21.7% | -17.5% | 2.9% |
| Net income | -24.7% | -20.2% | 12.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -48.1% | -77.7% | -112.9% | -166.5% |
| Net margin | -47.3% | -75.8% | -111.4% | -157.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -47.9 | -9.7 | -7.3 | -18.8 | -24.6 | -5.0 | -3.4 | -4.9 | -10.6 |
| Price to sales | 16.7 | 5.9 | 9.6 | 18.9 | 40.4 | 32.7 | 42.6 | 200.4 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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