V 
0.49
+4.26%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€2.6m
FY2016FY2025
Net income
−€4.9m
FY2016FY2025
Free cash flow
€521,000
FY2016FY2025
Shareholders' equity
€2.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €2.6m | €1.8m | €1.8m | €1.4m | €4.1m | €1.8m | €4.3m | €6.1m | €9.5m | €4.4m |
| Gross profit | €1.7m | €1.3m | €1.3m | €929,000 | €3.7m | €1.4m | €3.9m | €5.9m | €8.9m | €3.8m |
| Research and development | €578,000 | €5.1m | €9.7m | €11.1m | €4.9m | €4.0m | €5.8m | €4.9m | €15.4m | €14.1m |
| Operating income | −€550,000 | −€16.5m | −€20.3m | −€17.1m | −€7.3m | −€8.9m | −€9.8m | −€15.6m | −€19.2m | −€23.2m |
| Net income | −€4.9m | −€23.9m | −€20.3m | −€19.6m | −€5.9m | €1.1m | −€33.7m | −€9.4m | −€59.1m | −€22.7m |
| Diluted earnings per share | -0.03 | -0.16 | -0.13 | -0.18 | -0.06 | 0.01 | -0.55 | -0.17 | -1.17 | -0.43 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €15.2m | €17.9m | €35.3m | €43.1m | €53.1m | €46.5m | €37.6m | €63.3m | €78.1m | €125.1m |
| Cash and short-term investments | €1.1m | €1.2m | €6.8m | €14.6m | €17.9m | €14.5m | €5.7m | €11.3m | €14.3m | €29.2m |
| Total liabilities | €13.2m | €26.2m | €20.5m | €20.8m | €20.1m | €17.5m | €20.4m | €17.8m | €28.2m | €31.0m |
| Debt | €7.6m | €13.4m | €9.0m | €10.1m | €9.9m | €6.3m | €8.6m | €7.0m | €130,000 | €106,000 |
| Shareholders' equity | €2.1m | −€8.9m | €14.8m | €22.3m | €32.9m | €29.0m | €17.2m | €45.4m | €49.9m | €94.1m |
| Shares outstanding | 154m | 154m | 154m | 111m | 92m | 79m | 61m | 56m | 51m | 53m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €1.8m | −€12.5m | −€18.6m | −€9.4m | −€8.6m | −€4.7m | −€7.7m | −€11.3m | −€28.3m | −€17.6m |
| Capital spending | −€1.3m | −€319,000 | −€183,000 | −€488,000 | −€139,000 | −€119,000 | −€26,000 | −€45,000 | −€65,000 | −€545,000 |
| Free cash flow | €521,000 | −€12.8m | −€18.8m | −€9.9m | −€8.7m | −€4.8m | −€7.7m | −€11.3m | −€28.3m | −€18.2m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €3.1m | €2.4m | €126,000 | €1.7m | €89,000 | €44,500 | €1.8m | €900,000 |
| Gross profit | −€107,000 | €3.6m | −€1.9m | −€2.9m | −€74,000 | −€37,000 | €1.5m | €743,000 |
| Operating income | −€2.5m | €1.6m | −€2.2m | −€5.9m | −€10.9m | −€5.5m | −€7.9m | −€3.7m |
| Net income | −€2.4m | −€4.7m | −€208,000 | −€13.0m | −€11.0m | −€5.5m | −€8.7m | −€4.3m |
| Diluted earnings per share | -0.02 | -0.03 | -0.00 | -0.08 | -0.07 | -0.04 | -0.06 | -0.03 |
| Cash from operations | — | €5.0m | −€3.0m | −€5.0m | −€6.0m | −€3.0m | −€9.0m | −€4.0m |
| Capital spending | — | −€1.0m | — | — | — | — | — | — |
| Free cash flow | — | €4.0m | — | — | — | — | — | — |
| Total assets | €18.1m | €15.2m | €20.4m | €17.9m | €29.3m | €29.3m | €35.3m | €35.3m |
| Cash and short-term investments | €656,000 | €1.1m | €2.6m | €1.2m | €4.0m | €4.0m | €6.8m | €6.8m |
| Debt | €1.9m | €7.3m | €18.6m | €13.4m | €13.2m | €1.6m | €9.0m | €3.8m |
| Shareholders' equity | −€233,000 | €2.1m | −€9.1m | −€8.9m | €4.0m | €4.0m | €14.8m | €14.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 21.3% | 7.7% | -3.0% |
| Operating income | -68.2% | -42.7% | -30.9% |
| Net income | -37.0% | — | -12.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 68.9% | 68.4% | 76.8% | 87.1% |
| Operating margin | -390.3% | -715.5% | -525.8% | -389.3% |
| Net margin | -660.3% | -903.3% | -547.2% | -527.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.3 | -0.5 | -1.3 | -0.8 | -6.5 | 47.8 | -1.0 | -5.2 | -0.9 | -2.9 |
| Price to sales | 8.3 | 6.4 | 14.1 | 10.8 | 9.5 | 29.3 | 7.9 | 7.9 | 5.7 | 14.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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