A 
36.90
-2.12%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 985.0m
FY2016FY2025
Net income
−SEK 215.0m
FY2016FY2025
Free cash flow
SEK 5.0m
FY2016FY2025
Shareholders' equity
SEK 2.25bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 985.0m | SEK 3.13bn | SEK 2.39bn | SEK 6.90bn | SEK 5.26bn | SEK 1.76bn | SEK 1.68bn | SEK 2.60bn | SEK 3.35bn | SEK 1.45bn |
| Research and development | — | — | SEK 0 | SEK 0 | SEK 2 | SEK 0 | SEK 0 | SEK 0 | SEK 0 | SEK 0 |
| Operating income | −SEK 136.0m | −SEK 563.0m | −SEK 2.46bn | −SEK 712.0m | SEK 3.53bn | SEK 365.0m | SEK 535.0m | SEK 188.8m | SEK 505.5m | SEK 217.2m |
| Net income | −SEK 215.0m | −SEK 950.0m | −SEK 1.98bn | −SEK 717.0m | SEK 3.39bn | SEK 194.0m | SEK 434.0m | SEK 86.4m | SEK 293.5m | SEK 161.9m |
| Diluted earnings per share | -12.39 | -54.73 | -180.13 | -67.36 | 316.33 | 19.00 | 42.74 | 8.51 | 28.90 | 15.79 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 4.21bn | SEK 5.47bn | SEK 7.66bn | SEK 11.52bn | SEK 13.13bn | SEK 9.46bn | SEK 8.50bn | SEK 5.33bn | SEK 5.36bn | SEK 3.47bn |
| Cash and short-term investments | SEK 901.0m | SEK 1.77bn | SEK 517.0m | SEK 1.18bn | SEK 2.15bn | SEK 1.09bn | SEK 1.04bn | SEK 702.7m | SEK 687.1m | SEK 552.7m |
| Total liabilities | SEK 1.86bn | SEK 2.71bn | SEK 4.68bn | SEK 5.76bn | SEK 5.98bn | SEK 5.67bn | SEK 5.19bn | SEK 2.63bn | SEK 2.70bn | SEK 2.43bn |
| Debt | SEK 1.30bn | SEK 2.01bn | SEK 4.16bn | SEK 4.31bn | SEK 5.07bn | SEK 4.97bn | SEK 4.40bn | SEK 3.98bn | SEK 2.10bn | SEK 1.65bn |
| Shareholders' equity | SEK 2.25bn | SEK 2.77bn | SEK 2.48bn | SEK 4.97bn | SEK 5.94bn | SEK 2.33bn | SEK 2.19bn | SEK 1.80bn | SEK 1.78bn | SEK 764.3m |
| Shares outstanding | 17m | 17m | 11m | 11m | 11m | 10m | 10m | 10m | 10m | 10m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SEK 8.0m | SEK 1.12bn | −SEK 1.10bn | −SEK 388.0m | SEK 832.0m | −SEK 58.0m | SEK 712.0m | −SEK 153.8m | −SEK 344.9m | −SEK 320.0m |
| Capital spending | −SEK 3.0m | −SEK 3.0m | −SEK 2.0m | −SEK 226.0m | −SEK 4.0m | −SEK 15.0m | −SEK 10.0m | −SEK 10.0m | −SEK 257,000 | −SEK 359,000 |
| Free cash flow | SEK 5.0m | SEK 1.11bn | −SEK 1.11bn | −SEK 614.0m | SEK 828.0m | −SEK 73.0m | SEK 702.0m | −SEK 163.8m | −SEK 345.2m | −SEK 320.3m |
| Dividends paid | −SEK 133.0m | −SEK 123.0m | −SEK 120.0m | −SEK 120.0m | −SEK 103.0m | −SEK 86.0m | −SEK 74.0m | −SEK 68.6m | −SEK 38.4m | −SEK 29.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 211.0m | SEK 170.0m | SEK 203.0m | SEK 246.0m | SEK 258.0m | SEK 278.0m | SEK 1.33bn | SEK 662.0m |
| Operating income | SEK 129.0m | −SEK 21.0m | SEK 131.0m | −SEK 40.0m | −SEK 27.0m | −SEK 36.0m | SEK 19.0m | −SEK 791.0m |
| Net income | SEK 106.0m | −SEK 106.0m | SEK 136.0m | −SEK 125.0m | −SEK 65.0m | −SEK 161.0m | SEK 12.0m | −SEK 760.0m |
| Diluted earnings per share | 6.11 | -6.11 | 7.83 | -7.20 | -3.74 | -9.27 | 0.69 | -43.78 |
| Cash from operations | SEK 23.0m | −SEK 48.0m | SEK 289.0m | −SEK 35.0m | −SEK 131.0m | −SEK 114.0m | SEK 1.49bn | −SEK 151.0m |
| Capital spending | — | −SEK 1.0m | −SEK 1.0m | −SEK 2.0m | −SEK 1.0m | −SEK 1.0m | — | −SEK 1.0m |
| Free cash flow | — | −SEK 49.0m | SEK 288.0m | −SEK 37.0m | −SEK 132.0m | −SEK 115.0m | — | −SEK 152.0m |
| Total assets | SEK 4.26bn | SEK 4.14bn | SEK 4.21bn | SEK 4.17bn | SEK 4.46bn | SEK 4.72bn | SEK 5.47bn | SEK 6.63bn |
| Cash and short-term investments | SEK 722.0m | SEK 680.0m | SEK 901.0m | SEK 577.0m | SEK 861.0m | SEK 1.08bn | SEK 1.77bn | SEK 205.0m |
| Debt | SEK 1.29bn | SEK 1.30bn | SEK 1.30bn | SEK 1.32bn | SEK 1.53bn | SEK 1.56bn | SEK 2.00bn | SEK 2.61bn |
| Shareholders' equity | SEK 2.18bn | SEK 2.11bn | SEK 2.25bn | SEK 2.19bn | SEK 2.46bn | SEK 2.57bn | SEK 2.77bn | SEK 2.79bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -47.7% | -10.9% | 0.5% |
| Operating income | -42.4% | — | — |
| Net income | -33.1% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -17.0% | -28.9% | 0.1% | 5.5% |
| Net margin | -28.3% | -28.8% | -1.4% | 2.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.3 | -2.9 | -1.6 | -7.7 | 3.1 | 35.3 | 7.0 | 19.7 | 5.6 | 15.0 |
| Price to sales | 0.9 | 0.9 | 1.3 | 0.8 | 2.0 | 3.9 | 1.8 | 0.7 | 0.5 | 1.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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