M 
0.09
+3.74%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€8.2m
FY2016FY2025
Net income
€10.8m
FY2016FY2025
Free cash flow
−€3.9m
FY2016FY2025
Shareholders' equity
−€4.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €8.2m | €7.7m | €11.0m | €7.5m | €7.7m | €6.5m | €8.5m | €6.8m | €6.7m | €8.8m |
| Research and development | €3.4m | €3.5m | €3.9m | €4.1m | €3.3m | €3.2m | €3.2m | €3,000 | €21,000 | €4.4m |
| Operating income | −€5.2m | −€6.0m | €1.2m | −€9.6m | −€12.2m | −€13.4m | −€13.0m | −€12.0m | −€9.7m | −€10.0m |
| Net income | €10.8m | −€10.4m | −€3.7m | −€11.2m | −€13.4m | −€12.8m | −€15.3m | −€13.2m | −€10.2m | −€9.7m |
| Diluted earnings per share | 0.06 | -0.13 | -0.07 | -0.25 | -0.32 | -0.42 | -0.50 | -1.07 | -0.92 | -0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €13.4m | €16.2m | €22.9m | €19.8m | €24.8m | €20.6m | €23.6m | €19.8m | €27.7m | €20.0m |
| Cash and short-term investments | €5.0m | €1.9m | €7.9m | €3.1m | €11.9m | €8.7m | €10.0m | €8.7m | €17.6m | €9.1m |
| Total liabilities | €18.2m | €40.6m | €40.2m | €39.7m | €35.1m | €32.7m | €23.4m | €11.8m | €11.0m | €8.8m |
| Debt | €12.1m | €31.9m | €29.8m | €29.2m | €28.7m | €27.0m | €17.4m | €7.1m | €7.0m | €2.7m |
| Shareholders' equity | −€4.8m | −€24.4m | −€17.3m | −€19.9m | −€10.3m | −€12.1m | €253,000 | €8.0m | €16.7m | €11.2m |
| Shares outstanding | 167m | 79m | 54m | 45m | 42m | 31m | 31m | 12m | 11m | 42m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€3.7m | −€6.3m | −€753,000 | −€8.8m | −€10.3m | −€8.0m | −€10.3m | −€10.9m | −€9.7m | −€7.8m |
| Capital spending | −€211,000 | −€215,000 | −€382,000 | −€144,000 | −€1.1m | −€1.1m | −€1.4m | −€1.3m | −€727,000 | −€516,000 |
| Free cash flow | −€3.9m | −€6.5m | −€1.1m | −€9.0m | −€11.4m | −€9.1m | −€11.7m | −€12.2m | −€10.5m | −€8.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €3.2m | €4.5m | €4.0m | €4.1m | €2.1m | €4.3m | €2.1m | €3.9m |
| Operating income | −€4.5m | −€3.1m | −€3.0m | −€2.4m | −€1.2m | −€3.7m | −€1.8m | −€5.4m |
| Net income | −€4.8m | €14.8m | −€4.7m | −€5.7m | −€2.9m | −€4.7m | −€2.3m | −€6.5m |
| Diluted earnings per share | -0.03 | 0.09 | -0.03 | -0.07 | -0.04 | -0.06 | -0.03 | -0.12 |
| Cash from operations | — | −€1.0m | −€2.0m | −€2.0m | −€1.0m | −€3.0m | −€1.0m | −€3.0m |
| Total assets | — | €13.4m | €12.7m | €16.2m | €16.2m | €18.1m | €18.1m | €22.9m |
| Cash and short-term investments | — | €5.0m | €663,000 | €1.9m | €2.0m | €3.7m | €3.8m | €7.9m |
| Debt | — | €11.4m | €32.9m | €31.9m | €24.8m | €28.5m | €1.5m | €29.6m |
| Shareholders' equity | — | −€4.8m | −€29.4m | −€24.4m | −€24.4m | −€20.3m | −€20.3m | −€17.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 3.2% | 4.7% | -0.4% |
| Operating income | -18.5% | -17.2% | -8.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -70.8% | -57.1% | -93.0% | -116.8% |
| Net margin | 2.3% | -42.3% | -83.9% | -115.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 1.1 | -1.3 | -6.8 | -1.6 | -2.4 | -3.1 | -2.7 | -1.9 | -5.2 | -13.0 |
| Price to sales | 1.5 | 1.7 | 2.3 | 2.5 | 4.2 | 6.2 | 4.9 | 3.7 | 7.9 | 14.4 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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