A 
0.64
+1.59%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€6.0m
FY2016FY2025
Net income
−€9.5m
FY2016FY2025
Free cash flow
−€4.1m
FY2016FY2025
Shareholders' equity
−€26.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €6.0m | €5.0m | €4.5m | €2.4m | €2.7m | €2.1m | €2.0m | €1.2m | €806,305 | €268,000 |
| Research and development | €3.7m | €3.0m | €3.8m | €7.1m | €9.0m | €8.1m | €7.6m | €7.1m | €5.0m | €80,000 |
| Operating income | −€8.4m | −€9.1m | −€6.5m | −€10.1m | −€12.4m | −€14.3m | −€14.6m | −€5.6m | −€5.4m | −€3.2m |
| Net income | −€9.5m | −€6.5m | −€7.0m | −€11.5m | −€12.4m | −€14.8m | −€14.2m | −€4.6m | −€4.7m | −€4.0m |
| Diluted earnings per share | -0.66 | -0.55 | -0.64 | -1.13 | -1.23 | -1.69 | -1.71 | -0.59 | -0.70 | -0.62 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €7.1m | €9.5m | €12.4m | €14.3m | €18.9m | €24.0m | €22.9m | €33.2m | €38.6m | €3.3m |
| Cash and short-term investments | €1.3m | €3.2m | €5.3m | €8.3m | €12.7m | €16.8m | €14.4m | €26.2m | €36.2m | €1.6m |
| Total liabilities | €33.5m | €28.6m | €24.4m | €24.9m | €18.6m | €20.7m | €6.0m | €3.5m | €5.1m | €8.4m |
| Debt | €19.0m | €18.2m | €18.3m | €18.8m | €12.5m | €13.8m | €1.5m | €419,908 | €701,679 | €3.3m |
| Shareholders' equity | −€26.4m | −€19.1m | −€12.0m | −€10.5m | €309,000 | €3.3m | €16.9m | €29.6m | €33.5m | −€5.2m |
| Shares outstanding | 14m | 12m | 11m | 10m | 10m | 9m | 8m | 8m | 7m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€3.7m | −€762,000 | −€6.0m | −€9.1m | −€12.5m | −€11.7m | −€9.5m | −€10.2m | −€5.8m | €67,000 |
| Capital spending | −€382,000 | −€91,000 | −€1.3m | −€115,000 | −€297,000 | −€575,000 | −€934,000 | −€142,000 | −€35,000 | −€24,000 |
| Free cash flow | −€4.1m | −€853,000 | −€7.3m | −€9.3m | −€12.8m | −€12.3m | −€10.4m | −€10.3m | −€5.8m | €43,000 |
| Dividends paid | — | — | — | −€5.0m | −€56,000 | −€41,000 | −€43,000 | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €2.9m | €2.7m | €3.3m | €3.3m | €1.7m | €884,500 | €1.6m | €782,000 |
| Operating income | €5.3m | −€4.0m | −€4.4m | −€4.9m | −€4.9m | −€2.3m | −€3.5m | −€1.9m |
| Net income | €4.6m | −€4.6m | −€5.0m | −€931,000 | −€5.5m | −€2.8m | −€3.3m | −€1.6m |
| Diluted earnings per share | 0.32 | -0.32 | -0.34 | -0.08 | -0.47 | -0.24 | -0.30 | -0.15 |
| Cash from operations | — | −€3.0m | — | €1.0m | −€2.0m | −€1.0m | −€2.0m | −€1.0m |
| Total assets | €7.5m | €7.1m | €6.7m | €9.5m | €8.0m | €8.0m | €12.4m | €12.4m |
| Cash and short-term investments | €1.5m | €1.3m | €515,000 | €3.2m | €2.0m | €2.0m | €5.3m | €5.3m |
| Debt | — | €19.0m | €18.6m | €18.2m | €17.5m | €11.4m | €17.3m | €1.5m |
| Shareholders' equity | −€21.6m | −€26.4m | −€24.0m | −€19.1m | −€17.4m | −€17.4m | −€12.6m | −€12.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 35.8% | 23.8% | 49.3% |
| Operating income | -6.2% | -10.1% | 9.3% |
| Net income | -6.0% | -8.5% | 9.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -158.6% | -190.6% | -268.8% | -345.0% |
| Net margin | -145.7% | -193.4% | -273.5% | -345.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.5 | -2.1 | -1.5 | -1.4 | -2.7 | -2.1 | -1.8 | -5.8 | -7.0 |
| Price to sales | 2.4 | 2.7 | 2.4 | 6.8 | 12.7 | 15.1 | 12.9 | 22.3 | 40.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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