I 
0.14
+2.99%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€12.5m
FY2016FY2025
Net income
−€4.4m
FY2016FY2025
Free cash flow
−€2.1m
FY2016FY2025
Shareholders' equity
€404,000
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €12.5m | €9.4m | €7.4m | €8.0m | €6.1m | €3.9m | €7.4m | €6.7m | €7.8m | €7.8m |
| Gross profit | €5.9m | €4.1m | €3.1m | €3.9m | €2.7m | €1.6m | €3.5m | €2.9m | €3.2m | €3.1m |
| Research and development | €343,000 | €467,000 | €541,000 | €1.2m | €678,000 | €666,000 | €738,000 | €810,000 | €1.2m | €1.2m |
| Operating income | −€4.1m | −€4.9m | −€6.4m | −€4.0m | −€3.9m | −€2.4m | −€2.9m | −€5.0m | −€6.1m | −€6.8m |
| Net income | −€4.4m | −€4.4m | −€6.7m | −€3.5m | −€4.6m | −€4.0m | −€3.6m | −€5.6m | −€6.6m | −€7.3m |
| Diluted earnings per share | -0.03 | -0.03 | -0.16 | -0.12 | -0.35 | -0.74 | -2.48 | -7.05 | -10.65 | -11.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €18.4m | €14.9m | €10.6m | €14.5m | €16.7m | €8.7m | €9.7m | €8.8m | €12.6m | €16.5m |
| Cash and short-term investments | €3.0m | €1.6m | €248,000 | €531,000 | €1.9m | €1.1m | €450,000 | €400,000 | €3.6m | €6.1m |
| Total liabilities | €18.0m | €14.2m | €10.8m | €10.9m | €13.9m | €7.7m | €8.2m | €6.4m | €6.3m | €6.8m |
| Debt | €5.9m | €6.5m | €6.2m | €6.8m | €9.6m | €4.7m | €4.1m | €2.6m | €2.3m | €3.7m |
| Shareholders' equity | €404,000 | €727,000 | −€174,000 | €3.5m | €2.8m | €1.0m | €1.4m | €2.4m | €6.3m | €9.7m |
| Shares outstanding | 166m | 125m | 41m | 31m | 13m | 5m | 1m | 1m | 1m | 1m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€589,000 | −€2.3m | −€1.4m | −€2.4m | −€3.5m | −€3.1m | −€2.8m | −€4.4m | −€4.5m | −€5.9m |
| Capital spending | −€1.6m | −€486,000 | −€718,000 | −€568,000 | −€392,000 | −€223,000 | −€154,000 | −€322,000 | −€380,000 | −€513,000 |
| Free cash flow | −€2.1m | −€2.8m | −€2.2m | −€3.0m | −€3.9m | −€3.3m | −€3.0m | −€4.8m | −€4.8m | −€6.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €7.1m | €6.7m | €5.8m | €5.3m | €4.1m | €3.2m | €4.3m | €3.9m |
| Gross profit | €4.2m | €3.8m | €2.4m | €2.4m | €1.8m | €1.4m | €1.9m | €1.9m |
| Operating income | −€1.9m | −€3.4m | −€2.1m | −€2.7m | −€2.3m | −€4.1m | −€2.1m | −€2.0m |
| Net income | −€2.1m | −€2.3m | −€2.1m | −€2.7m | −€1.7m | −€4.4m | −€2.3m | −€1.5m |
| Diluted earnings per share | -0.01 | -0.01 | -0.01 | -0.02 | -0.01 | -0.11 | -0.06 | -0.05 |
| Cash from operations | — | — | — | — | −€2.0m | −€1.0m | — | −€1.0m |
| Total assets | €17.7m | €18.4m | €16.5m | €14.9m | €13.3m | €10.6m | €14.6m | €14.5m |
| Cash and short-term investments | €1.0m | €3.0m | €502,000 | €1.6m | €1.1m | €248,000 | €1.5m | €531,000 |
| Debt | €5.2m | €5.9m | €6.4m | €6.5m | €4.9m | €5.9m | €5.5m | €6.8m |
| Shareholders' equity | −€1.7m | €404,000 | −€1.4m | €727,000 | €3.5m | −€174,000 | €4.3m | €3.5m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.8% | 26.2% | 6.5% |
| Operating income | 1.0% | 11.0% | -6.0% |
| Net income | 7.4% | 2.0% | -5.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 45.9% | 45.7% | 45.2% | 42.6% |
| Operating margin | -41.2% | -51.9% | -54.1% | -64.4% |
| Net margin | -40.0% | -50.8% | -58.1% | -70.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.5 | -3.3 | -0.4 | -1.4 | -0.9 | -1.5 | -1.1 | -0.8 | -1.6 | -2.9 |
| Price to sales | 2.6 | 1.5 | 0.3 | 0.6 | 0.7 | 1.5 | 0.5 | 0.7 | 1.3 | 2.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 40-to-1 reverse split · 3 Feb 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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