A
6.15
—
Close of 6 Nov 2026, in DKK
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At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 58.4m
FY2016FY2025
Net income
−DKK 7.0m
FY2016FY2025
Free cash flow
−DKK 4.5m
FY2016FY2025
Shareholders' equity
−DKK 28.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 58.4m | DKK 60.2m | DKK 64.7m | DKK 67.0m | DKK 52.8m | DKK 50.5m | DKK 53.8m | DKK 39.0m | DKK 30.5m | DKK 20.7m |
| Research and development | DKK 11.6m | DKK 12.1m | DKK 11.9m | DKK 10.8m | DKK 10.3m | DKK 8.0m | DKK 3.1m | DKK 3.6m | DKK 2.0m | — |
| Operating income | −DKK 4.8m | −DKK 10.2m | −DKK 11.1m | −DKK 11.5m | −DKK 11.4m | −DKK 8.5m | −DKK 24.9m | −DKK 26.7m | DKK 983,000 | DKK 862,000 |
| Net income | −DKK 7.0m | −DKK 3.3m | −DKK 27.5m | −DKK 10.6m | −DKK 10.5m | −DKK 8.0m | −DKK 25.1m | −DKK 25.8m | −DKK 4.5m | DKK 863,000 |
| Diluted earnings per share | -0.63 | -0.29 | -2.55 | -1.04 | -1.03 | -0.84 | -3.01 | -3.15 | -0.62 | 0.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 34.7m | DKK 44.2m | DKK 47.2m | DKK 52.8m | DKK 61.6m | DKK 63.8m | DKK 37.8m | DKK 47.4m | DKK 34.1m | DKK 22.1m |
| Cash and short-term investments | DKK 1.4m | DKK 6.4m | DKK 9.8m | DKK 7.4m | DKK 20.6m | DKK 16.3m | DKK 1.2m | DKK 12.3m | DKK 430,000 | DKK 1.1m |
| Total liabilities | DKK 63.2m | DKK 66.5m | DKK 67.4m | DKK 67.8m | DKK 66.1m | DKK 69.7m | DKK 58.4m | DKK 43.9m | DKK 25.9m | DKK 24.2m |
| Debt | DKK 22.5m | DKK 22.8m | DKK 24.9m | DKK 26.6m | DKK 30.6m | DKK 33.1m | DKK 26.5m | DKK 11.3m | DKK 20.5m | DKK 10.2m |
| Shareholders' equity | −DKK 28.5m | −DKK 22.3m | −DKK 20.2m | −DKK 15.0m | −DKK 4.5m | −DKK 5.8m | −DKK 20.6m | DKK 3.5m | DKK 8.2m | −DKK 2.1m |
| Shares outstanding | 11m | 11m | 11m | 10m | 10m | 9m | 8m | 8m | 7m | 11m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | DKK 4.9m | DKK 12.2m | −DKK 6.5m | DKK 3.0m | DKK 6.1m | DKK 8.4m | −DKK 10.3m | −DKK 4.5m | −DKK 999,000 | −DKK 767,000 |
| Capital spending | −DKK 9.4m | −DKK 10.9m | −DKK 11.7m | −DKK 13.5m | −DKK 11.4m | −DKK 12.2m | −DKK 13.4m | −DKK 9.4m | −DKK 5.0m | −DKK 6.0m |
| Free cash flow | −DKK 4.5m | DKK 1.4m | −DKK 18.2m | −DKK 10.5m | −DKK 5.4m | −DKK 3.8m | −DKK 23.8m | −DKK 13.9m | −DKK 6.0m | −DKK 6.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 14.6m | DKK 14.6m | DKK 13.9m | DKK 13.9m | DKK 15.3m | DKK 15.3m | DKK 15.3m | DKK 15.3m |
| Operating income | −DKK 658,500 | −DKK 658,500 | −DKK 659,500 | −DKK 659,500 | −DKK 1.6m | −DKK 1.6m | −DKK 3.1m | −DKK 3.1m |
| Net income | −DKK 1.3m | −DKK 1.3m | −DKK 1.3m | −DKK 1.3m | −DKK 2.2m | −DKK 2.2m | −DKK 3.5m | −DKK 3.5m |
| Diluted earnings per share | -0.12 | -0.12 | -0.12 | -0.12 | -0.20 | -0.20 | -0.31 | -0.31 |
| Cash from operations | DKK 1.0m | DKK 1.0m | DKK 2.0m | DKK 2.0m | — | — | DKK 4.0m | DKK 4.0m |
| Total assets | DKK 34.7m | DKK 34.7m | DKK 34.7m | DKK 34.7m | DKK 38.1m | DKK 38.1m | DKK 44.2m | DKK 44.2m |
| Cash and short-term investments | DKK 712,000 | DKK 712,000 | DKK 1.4m | DKK 1.4m | DKK 478,000 | DKK 478,000 | DKK 6.4m | DKK 6.4m |
| Debt | DKK 23.9m | DKK 10.6m | DKK 21.2m | DKK 2.1m | DKK 20.4m | DKK 12.8m | DKK 20.2m | DKK 7.9m |
| Shareholders' equity | −DKK 30.9m | −DKK 30.9m | −DKK 28.5m | −DKK 28.5m | −DKK 26.1m | −DKK 26.1m | −DKK 22.3m | −DKK 22.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -4.5% | 2.9% | 56.6% |
| Operating income | -25.5% | -11.0% | — |
| Net income | -12.8% | -2.4% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -12.6% | -15.0% | -16.2% | -21.4% |
| Net margin | -8.7% | -19.4% | -18.9% | -22.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -11.3 | -30.5 | -7.5 | -22.8 | -24.9 | -23.2 | -10.1 | -7.7 |
| Price to sales | 1.4 | 1.7 | 3.2 | 3.6 | 5.0 | 3.7 | 4.7 | 5.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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