A 
14.20
-2.74%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€56.0m
FY2017FY2026
Net income
−€4.0m
FY2017FY2026
Free cash flow
€10.3m
FY2017FY2026
Shareholders' equity
€3.4m
FY2017FY2026
Income statement
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €56.0m | €33.6m | €20.6m | €10.1m | €14.9m | €18.9m | €24.0m | €20.6m | €18.0m | €15.4m |
| Research and development | €5.8m | €16.2m | €4.5m | €2.4m | €3.9m | €3.3m | €4.2m | €3.8m | €2.7m | €3.8m |
| Operating income | −€6.7m | −€3.9m | −€1.6m | −€7.2m | −€23.0m | −€3.9m | €3.0m | €3.1m | €2.3m | €1.6m |
| Net income | −€4.0m | −€12.6m | −€13.5m | −€9.5m | −€23.8m | −€11.9m | €2.3m | €2.7m | €2.3m | €7.7m |
| Diluted earnings per share | -1.44 | -5.58 | -6.18 | -4.50 | -0.08 | -7.46 | 1.63 | 1.83 | 1.53 | 7.00 |
Balance sheet
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €105.1m | €77.1m | €78.1m | €25.2m | €26.0m | €40.4m | €43.8m | €33.3m | €22.2m | €20.0m |
| Cash and short-term investments | €4.7m | €3.5m | €2.6m | €1.7m | €600,000 | €2.5m | €1.8m | €8.7m | €3.1m | €1.1m |
| Total liabilities | €102.0m | €79.0m | €71.3m | €17.4m | €21.6m | €16.2m | €15.7m | €11.0m | €8.4m | €12.6m |
| Debt | €72.3m | €54.0m | €46.1m | €9.3m | €6.8m | €1.9m | €3.3m | €700,000 | €600,000 | €2.0m |
| Shareholders' equity | €3.4m | −€1.9m | €6.8m | €7.8m | €4.4m | €24.2m | €28.5m | €22.3m | €13.8m | €7.4m |
| Shares outstanding | 3m | 2m | 2m | 2m | 305m | 2m | 1m | 1m | 2m | 1m |
Cash flow
Fiscal years
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €10.4m | €8.8m | −€4.3m | −€8.3m | −€5.8m | −€4.6m | €1.1m | €4.6m | €4.3m | €3.1m |
| Capital spending | −€100,000 | −€16.9m | −€16.9m | −€5.8m | −€4.2m | −€4.7m | −€9.6m | −€7.1m | −€5.3m | −€3.9m |
| Free cash flow | €10.3m | −€8.1m | −€21.2m | −€14.1m | −€10.0m | −€9.3m | −€8.5m | −€2.5m | −€1.0m | −€800,000 |
| Dividends paid | — | — | — | — | — | — | −€900,000 | — | — | — |
Latest quarters
By quarter end
| Mar 2026 | Sept 2025 | Mar 2025 | Sept 2024 | Mar 2024 | Sept 2023 | Mar 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €37.1m | €18.9m | €19.9m | €13.7m | €14.2m | €6.4m | €5.8m | €3.7m |
| Operating income | −€4.0m | −€2.7m | €2.3m | −€2.8m | €1.7m | −€3.3m | −€800,000 | −€725,000 |
| Net income | €2.2m | −€6.4m | −€4.3m | −€8.3m | −€6.9m | −€6.6m | −€4.1m | −€6.3m |
| Diluted earnings per share | 0.79 | -2.84 | -1.91 | -3.80 | -3.16 | -3.13 | -1.94 | -0.02 |
| Cash from operations | €11.0m | −€1.0m | €7.0m | €1.0m | — | −€4.0m | −€1.0m | −€1.0m |
| Capital spending | — | — | — | — | — | — | — | −€1.0m |
| Free cash flow | — | — | — | — | — | — | — | −€2.0m |
| Total assets | €105.1m | €95.7m | €77.1m | €64.5m | €78.1m | €54.6m | €25.2m | €6.5m |
| Cash and short-term investments | €4.7m | €4.6m | €3.5m | €2.9m | €2.6m | €6.5m | €1.7m | €150,000 |
| Debt | €71.9m | €59.5m | €54.0m | €48.5m | €40.8m | €27.9m | €9.3m | — |
| Shareholders' equity | €3.4m | €4.9m | −€1.9m | €300,000 | €6.8m | €11.2m | €7.8m | €1.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 77.0% | 24.3% | 16.8% |
| Operating income | -2.4% | 11.4% | — |
| Net income | -25.0% | -19.6% | 44.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -11.8% | -16.1% | -30.0% | -14.8% |
| Net margin | -18.5% | -32.9% | -48.9% | -24.8% |
Valuation history
At each fiscal year end
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -10.3 | -4.3 | -3.6 | -4.3 | -477.9 | -9.7 | 41.5 | 34.2 | 42.2 | 9.8 |
| Price to sales | 0.7 | 1.6 | 2.3 | 4.0 | — | 6.1 | 4.0 | 4.5 | 5.4 | 4.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 100-to-1 reverse split · 4 Mar 2008
- 2.711-for-1 split · 22 Dec 2006
- 1-to-1 reverse split · 27 Nov 2003
- 1.05-for-1 split · 16 Jan 2002
- 5-for-1 split · 3 Jan 2000
- 5-for-1 split · 26 Dec 1997
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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