I 
0.21
-0.49%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€3.0m
FY2016FY2025
Net income
−€10.8m
FY2016FY2025
Free cash flow
—
FY2016FY2025
Shareholders' equity
−€6.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €3.0m | €2.2m | €3.3m | €3.8m | €4.2m | €3.4m | €3.3m | €3.8m | €3.0m | €3.7m |
| Research and development | — | €2.1m | €612,000 | €1.4m | €455,000 | €857,600 | €898,200 | €707,800 | €1.2m | €1.1m |
| Operating income | −€8.7m | −€5.6m | −€3.5m | −€3.4m | −€1.2m | −€624,000 | −€640,000 | −€1.4m | −€2.4m | −€2.5m |
| Net income | −€10.8m | −€5.7m | −€3.6m | −€3.4m | −€1.2m | −€704,000 | −€912,000 | −€1.5m | −€2.1m | −€1.8m |
| Diluted earnings per share | -0.21 | -0.11 | -0.07 | -0.11 | -0.04 | -0.03 | -0.04 | -0.07 | -0.18 | -0.15 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €8.0m | €7.7m | €10.5m | €6.5m | €8.8m | €6.4m | €4.2m | €4.4m | €3.7m | €5.3m |
| Cash and short-term investments | €797,458 | €930,000 | €4.6m | €1.4m | €4.8m | €2.6m | €851,000 | €358,579 | €565,797 | €700,812 |
| Total liabilities | €14.5m | €6.0m | €3.2m | €4.5m | €3.8m | €4.2m | €3.6m | €2.2m | €2.3m | €3.0m |
| Debt | €500,381 | €1.6m | €1.5m | €2.1m | €1.9m | €2.3m | €1.8m | €498,521 | €1.4m | €1.8m |
| Shareholders' equity | −€6.5m | €1.7m | €7.3m | €2.0m | €5.0m | €2.2m | €573,000 | €2.2m | €1.3m | €2.3m |
| Shares outstanding | 53m | 53m | 51m | 31m | 31m | 23m | 22m | 22m | 12m | 12m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | — | −€3.7m | −€3.0m | −€2.0m | −€903,000 | −€432,000 | €536,000 | €761,690 | €773,915 | €905,073 |
| Capital spending | — | −€2.2m | −€1.9m | −€1.5m | −€554,000 | −€596,000 | −€600,000 | −€34,000 | −€31,318 | −€12,358 |
| Free cash flow | — | −€5.9m | −€5.0m | −€3.4m | −€1.5m | −€1.0m | −€64,000 | €727,690 | €742,597 | €892,715 |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €646,000 | €1.4m | €1.6m | €1.0m | €1.2m | €1.1m | €2.2m | €1.9m |
| Operating income | −€6.3m | −€6.0m | −€2.7m | −€3.5m | −€2.1m | −€1.9m | −€1.6m | −€1.5m |
| Net income | −€6.4m | −€8.0m | −€2.9m | −€3.6m | −€2.0m | −€1.9m | −€1.7m | −€1.5m |
| Diluted earnings per share | -0.12 | -0.15 | -0.05 | -0.07 | -0.04 | -0.04 | -0.03 | -0.05 |
| Cash from operations | — | — | −€2.0m | −€1.0m | −€2.0m | −€1.0m | −€1.0m | — |
| Capital spending | — | — | — | −€1.0m | −€1.0m | — | — | — |
| Free cash flow | — | — | — | −€2.0m | −€3.0m | — | — | — |
| Total assets | €5.0m | €8.0m | €9.2m | €7.7m | €8.6m | €10.5m | €13.3m | €6.5m |
| Cash and short-term investments | €1.0m | €797,458 | €1.4m | €930,000 | €1.3m | €4.6m | €7.3m | €1.4m |
| Debt | €656,000 | €214,820 | €1.5m | €1.6m | €1.4m | €1.5m | €1.5m | €2.1m |
| Shareholders' equity | −€12.8m | −€6.5m | −€1.2m | €1.7m | €5.3m | €7.3m | €9.1m | €2.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.9% | -2.9% | -1.9% |
| Operating income | 37.0% | 69.5% | 14.1% |
| Net income | 46.8% | 72.7% | 14.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -275.2% | -172.7% | -115.6% | -86.7% |
| Net margin | -316.0% | -190.7% | -127.3% | -92.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.1 | -2.1 | -5.1 | -3.0 | -13.7 | -33.3 | -5.6 | -2.8 | -2.8 | -3.9 |
| Price to sales | 4.1 | 5.4 | 5.6 | 2.7 | 3.9 | 6.8 | 1.6 | 1.1 | 2.0 | 1.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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