M 
3.62
+2.26%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€23.4m
FY2016FY2025
Net income
−€34.1m
FY2016FY2025
Free cash flow
−€34.9m
FY2016FY2025
Shareholders' equity
−€35.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €23.4m | €22.9m | €22.2m | €23.7m | €20.5m | €13.5m | €9.0m | €6.3m | €7.7m | €6.4m |
| Research and development | — | — | €5.3m | €5.0m | €5.0m | €4.4m | €4.7m | €5.3m | €4.2m | €3.2m |
| Operating income | −€15.9m | −€22.5m | −€23.1m | −€23.3m | −€11.6m | −€8.8m | −€7.9m | −€15.4m | −€17.1m | −€9.3m |
| Net income | −€34.1m | −€25.2m | −€23.0m | −€20.2m | −€19.3m | −€12.8m | −€8.0m | −€15.3m | −€17.2m | −€9.1m |
| Diluted earnings per share | -0.93 | -1.36 | -1.10 | -1.28 | -1.25 | -1.06 | -0.66 | -1.25 | -1.41 | -0.69 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €35.9m | €24.4m | €35.9m | €34.8m | €49.4m | €25.3m | €16.1m | €18.1m | €34.1m | €46.6m |
| Cash and short-term investments | €18.4m | €8.3m | €19.6m | €21.7m | €39.3m | €16.4m | €7.8m | €12.8m | €28.5m | €41.9m |
| Total liabilities | €71.0m | €58.3m | €46.2m | €42.0m | €44.4m | €36.6m | €14.8m | €9.1m | €9.2m | €7.8m |
| Debt | €21.8m | €29.4m | €23.0m | €18.2m | €16.5m | €20.2m | €1.1m | €3,000 | €4,000 | €459,000 |
| Shareholders' equity | −€35.2m | −€34.0m | −€10.3m | −€7.3m | €4.9m | −€11.4m | €1.3m | €9.1m | €24.9m | €38.7m |
| Shares outstanding | 37m | 18m | 21m | 16m | 15m | 12m | 12m | 12m | 12m | 13m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€17.4m | −€17.9m | −€20.2m | −€15.8m | −€10.1m | −€5.5m | −€4.4m | −€15.6m | −€13.8m | −€7.6m |
| Capital spending | −€17.4m | −€1.1m | −€1.3m | −€1.4m | −€481,000 | −€359,000 | −€176,000 | −€255,000 | −€391,000 | −€477,000 |
| Free cash flow | −€34.9m | −€19.0m | −€21.5m | −€17.2m | −€10.6m | −€5.8m | −€4.6m | −€15.9m | −€14.2m | −€8.0m |
| Dividends paid | — | — | — | −€400,000 | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Mar 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €11.8m | €12.1m | €11.3m | €12.0m | €10.9m | €11.4m | €11.3m | €5.7m |
| Operating income | −€17.1m | −€6.7m | −€9.2m | −€13.5m | −€13.3m | −€11.9m | −€11.1m | −€5.9m |
| Net income | −€26.9m | −€24.9m | −€9.2m | −€12.8m | −€12.5m | −€12.9m | −€10.1m | −€5.0m |
| Diluted earnings per share | -0.55 | -0.68 | -0.25 | -0.69 | -0.67 | -0.62 | -0.48 | -0.32 |
| Cash from operations | −€9.0m | −€10.0m | −€6.0m | −€7.0m | −€10.0m | −€8.0m | −€12.0m | — |
| Capital spending | −€9.0m | −€10.0m | — | −€1.0m | — | — | — | — |
| Free cash flow | −€18.0m | −€20.0m | — | −€8.0m | — | — | — | — |
| Total assets | €77.8m | €35.9m | €19.4m | €24.4m | €32.8m | €35.8m | €22.6m | €22.6m |
| Cash and short-term investments | €60.8m | €18.4m | €4.3m | €8.3m | €16.1m | €19.6m | €8.5m | €8.5m |
| Debt | €1.7m | €20.4m | €33.7m | €28.2m | €28.0m | €19.3m | €18.4m | €18.0m |
| Shareholders' equity | −€3.0m | −€35.2m | −€40.5m | −€34.0m | −€22.0m | −€10.4m | −€15.8m | −€15.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.4% | 11.6% | 19.6% |
| Operating income | -11.9% | 12.6% | 10.9% |
| Net income | 19.0% | 21.6% | 19.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -83.1% | -92.1% | -83.4% | -100.7% |
| Net margin | -128.1% | -111.2% | -106.6% | -119.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -5.1 | -2.8 | -4.3 | -6.9 | -12.5 | -6.5 | -3.0 | -0.8 | -6.4 | -15.9 |
| Price to sales | 7.4 | 3.0 | 4.5 | 5.9 | 11.8 | 6.2 | 2.7 | 1.9 | 14.3 | 22.8 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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