K 
3.45
+6.81%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€16.5m
FY2016FY2025
Net income
−€4.5m
FY2016FY2025
Free cash flow
−€5.5m
FY2016FY2025
Shareholders' equity
€38.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €16.5m | €24.8m | €25.8m | €16.4m | €1.5m | €1.0m | €7.5m | €6.4m | €875,000 | €1.3m |
| Research and development | — | €9.6m | €4.5m | €9.4m | €3.3m | €2.7m | €2.2m | €2.1m | €815,000 | €247,000 |
| Operating income | −€13.5m | −€32.0m | −€16.3m | −€21.8m | −€21.0m | −€16.8m | −€11.4m | −€8.8m | −€8.7m | −€11.8m |
| Net income | −€4.5m | −€23.3m | −€11.7m | −€15.5m | −€15.1m | −€11.8m | −€9.1m | −€8.5m | −€6.8m | −€9.5m |
| Diluted earnings per share | -0.35 | -2.80 | -1.61 | -2.46 | -2.59 | -2.19 | -2.01 | -1.89 | -5.65 | -4.25 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €56.4m | €88.1m | €80.5m | €88.0m | €43.3m | €47.5m | €41.1m | €50.1m | €17.5m | €13.7m |
| Cash and short-term investments | €3.0m | €1.7m | €13.2m | €32.2m | €12.2m | €20.2m | €15.7m | €28.8m | €3.0m | €803,000 |
| Total liabilities | €23.7m | €53.5m | €23.9m | €34.0m | €17.6m | €19.0m | €14.5m | €14.6m | €17.9m | €21.5m |
| Debt | €8.3m | €13.0m | €3.3m | €6.7m | €11.6m | €11.8m | €6.7m | €6.3m | €8.5m | €11.3m |
| Shareholders' equity | €38.0m | €34.6m | €56.6m | €51.3m | €25.6m | €28.4m | €26.7m | €35.5m | −€335,000 | −€7.9m |
| Shares outstanding | 13m | 8m | 7m | 6m | 6m | 5m | 5m | 5m | 1m | 2m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €2.0m | −€1.0m | −€2.1m | −€1.7m | −€7.1m | −€5.6m | −€4.1m | −€6.8m | −€2.4m | −€76,000 |
| Capital spending | −€7.5m | −€8.4m | −€20.6m | −€14.8m | −€13.7m | −€10.5m | −€5.2m | −€3.2m | −€6.8m | −€2.8m |
| Free cash flow | −€5.5m | −€9.4m | −€22.7m | −€16.5m | −€20.7m | −€16.2m | −€9.3m | −€10.0m | −€9.3m | −€2.9m |
| Dividends paid | — | — | — | — | — | — | — | −€40.0m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €8.5m | €8.6m | €12.7m | €13.9m | €10.9m | €19.0m | €15.3m | €11.6m |
| Operating income | −€3.4m | −€4.7m | −€3.9m | −€16.6m | −€15.4m | −€11.9m | −€4.9m | −€10.7m |
| Net income | €776,000 | −€2.4m | −€2.1m | −€12.2m | −€11.1m | −€8.7m | −€3.0m | −€8.0m |
| Diluted earnings per share | 0.05 | -0.19 | -0.16 | -1.46 | -1.34 | -1.19 | -0.41 | -1.27 |
| Cash from operations | €2.0m | €7.0m | −€5.0m | — | −€1.0m | — | −€2.0m | €2.0m |
| Capital spending | — | −€7.0m | — | −€2.0m | −€6.0m | −€3.0m | −€8.0m | −€8.0m |
| Free cash flow | — | €0 | — | — | −€7.0m | — | −€10.0m | −€6.0m |
| Total assets | €54.6m | €56.4m | €66.8m | €88.1m | €85.6m | €80.5m | €87.4m | €88.0m |
| Cash and short-term investments | €2.2m | €3.0m | €2.3m | €1.7m | €2.4m | €13.2m | €23.3m | €32.2m |
| Debt | — | €2.8m | €4.8m | €13.3m | €5.7m | €3.3m | €5.2m | €6.7m |
| Shareholders' equity | €33.7m | €38.0m | €33.2m | €34.6m | €41.5m | €56.6m | €55.6m | €51.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 0.6% | 78.4% | — |
| Operating income | -14.8% | -4.3% | — |
| Net income | -33.7% | -17.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.4 | -0.4 | -7.7 | -4.2 | -7.2 | -8.1 | -6.3 | -3.6 |
| Price to sales | 1.0 | 0.4 | 3.5 | 4.1 | 85.4 | 108.3 | 7.7 | 7.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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