I 
1.30
—
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€19.8m
FY2016FY2025
Net income
−€9.2m
FY2016FY2025
Free cash flow
−€4.8m
FY2016FY2025
Shareholders' equity
€6.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €19.8m | €26.6m | €28.9m | €28.0m | €23.2m | €11.5m | €9.7m | €6.1m | €3.9m | €2.7m |
| Research and development | — | — | €1.8m | €1.5m | €778,000 | €1.1m | — | — | — | — |
| Operating income | −€8.1m | −€5.6m | €588,000 | −€7.5m | €409,000 | −€622,000 | €684,000 | −€198,000 | €649,000 | €17,000 |
| Net income | −€9.2m | −€6.6m | €576,000 | −€7.9m | €421,000 | −€736,000 | €623,000 | €672,000 | €613,000 | −€40,000 |
| Diluted earnings per share | -2.01 | -1.43 | 0.11 | -1.78 | 0.12 | -0.25 | 0.22 | 0.26 | 0.24 | -0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €15.5m | €28.7m | €38.3m | €37.8m | €27.5m | €16.6m | €12.6m | €9.1m | €4.0m | €2.1m |
| Cash and short-term investments | €4.8m | €11.6m | €16.9m | €20.4m | €10.1m | €6.9m | €3.4m | €3.6m | €1.9m | €777,000 |
| Total liabilities | €9.1m | €13.2m | €16.7m | €16.8m | €16.6m | €10.7m | €5.7m | €4.7m | €2.3m | €1.4m |
| Debt | €2.5m | €718,000 | €7.2m | €7.7m | €6.7m | €5.6m | €2.2m | €1.9m | €1.1m | €391,000 |
| Shareholders' equity | €6.4m | €15.4m | €21.7m | €21.1m | €10.9m | €6.1m | €6.9m | €4.4m | €1.7m | €655,000 |
| Shares outstanding | 5m | 5m | 5m | 4m | 3m | 3m | 3m | 3m | 3m | 2m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€4.2m | −€317,000 | −€266,000 | −€3.0m | €345,000 | €624,000 | −€494,000 | −€540,000 | €794,000 | €420,000 |
| Capital spending | −€625,000 | −€2.2m | −€2.0m | −€2.9m | −€2.2m | −€2.0m | −€1.0m | −€806,000 | −€618,000 | −€513,000 |
| Free cash flow | −€4.8m | −€2.5m | −€2.3m | −€5.9m | −€1.8m | −€1.4m | −€1.5m | −€1.3m | €176,000 | −€93,000 |
| Dividends paid | — | — | — | — | −€4.5m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €7.6m | €9.9m | €9.9m | €14.7m | €11.9m | €16.5m | €12.4m | €14.7m |
| Operating income | −€515,000 | −€4.9m | −€3.2m | −€3.4m | −€2.5m | €996,000 | −€433,000 | −€6.1m |
| Net income | −€649,000 | −€5.8m | −€3.4m | −€4.1m | −€2.6m | €1.0m | −€433,000 | −€6.2m |
| Diluted earnings per share | -0.14 | -1.27 | -0.74 | -0.87 | -0.55 | 0.19 | -0.08 | -1.40 |
| Cash from operations | — | −€1.0m | −€2.0m | — | — | €1.0m | −€2.0m | — |
| Capital spending | — | −€1.0m | −€1.0m | −€1.0m | — | — | −€1.0m | −€1.0m |
| Free cash flow | — | −€2.0m | −€3.0m | — | — | — | −€3.0m | — |
| Total assets | — | €15.5m | €21.9m | €28.7m | €33.4m | €38.3m | €35.6m | €37.8m |
| Cash and short-term investments | — | €4.8m | €7.7m | €11.6m | €14.8m | €16.9m | €17.3m | €20.4m |
| Debt | — | €1.8m | €3.9m | €4.6m | €6.2m | €3.8m | €7.6m | €7.7m |
| Shareholders' equity | — | €6.4m | €12.3m | €15.4m | €19.6m | €21.7m | €20.7m | €21.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -10.9% | 11.4% | 27.5% |
| Operating income | 2.8% | 67.0% | — |
| Net income | 5.0% | 65.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -29.5% | -19.9% | -15.0% | -12.0% |
| Net margin | -34.0% | -22.4% | -17.0% | -13.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.4 | -1.4 | 49.5 | -4.0 | 163.2 | -29.6 | 21.0 | 19.2 | 20.8 | -277.5 |
| Price to sales | 0.2 | 0.3 | 1.0 | 1.1 | 3.0 | 1.9 | 1.4 | 2.1 | 3.3 | 4.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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