A 
1.98
-0.10%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€14.6m
FY2016FY2025
Net income
−€22.5m
FY2016FY2025
Free cash flow
−€58.5m
FY2016FY2025
Shareholders' equity
€152.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €14.6m | €21.0m | €19.7m | €17.8m | €10.9m | €9.9m | €13.8m | €11.3m | €12.7m | €10.5m |
| Research and development | — | €1.2m | €1.7m | €1.0m | €1.0m | €1.0m | — | — | €2.1m | €1.7m |
| Operating income | −€43.6m | −€44.7m | −€34.9m | −€35.9m | −€33.9m | −€33.9m | −€30.1m | −€29.3m | −€10.1m | −€3.9m |
| Net income | −€22.5m | −€26.9m | −€31.4m | −€28.1m | −€24.4m | −€22.8m | −€23.5m | −€68.4m | −€16.8m | −€14.1m |
| Diluted earnings per share | -1.05 | -0.37 | -0.67 | -0.66 | -0.59 | -0.66 | -0.69 | -2.67 | -0.81 | -1.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €356.2m | €288.6m | €228.5m | €163.6m | €77.7m | €70.0m | €96.5m | €113.9m | €168.8m | €86.2m |
| Cash and short-term investments | €57.5m | €23.9m | €35.2m | €64.9m | €34.9m | €26.6m | €45.4m | €83.3m | €100.2m | €14.2m |
| Total liabilities | €206.6m | €190.8m | €174.6m | €70.6m | €27.6m | €23.7m | €28.3m | €22.8m | €10.5m | €39.0m |
| Debt | €165.1m | €151.6m | €108.8m | €24.6m | €10.7m | €9.7m | €10.8m | — | — | €26.4m |
| Shareholders' equity | €152.5m | €95.9m | €46.2m | €82.6m | €50.0m | €46.2m | €68.2m | €91.2m | €158.4m | €47.1m |
| Shares outstanding | 21m | 72m | 47m | 42m | 42m | 34m | 34m | 26m | 21m | 13m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€37.9m | −€36.0m | −€18.8m | −€11.2m | −€12.6m | −€13.4m | −€23.1m | −€8.9m | −€5.9m | −€3.0m |
| Capital spending | −€20.7m | −€58.3m | −€89.3m | −€34.0m | −€3.9m | −€3.5m | −€8.5m | −€8.1m | −€5.0m | −€1.9m |
| Free cash flow | −€58.5m | −€94.3m | −€108.1m | −€45.1m | −€16.5m | −€16.9m | −€31.6m | −€16.9m | −€10.9m | −€4.9m |
| Dividends paid | — | — | — | — | — | — | — | — | −€103.3m | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Sept 2023 | Jun 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €4.7m | €7.9m | €6.7m | €12.1m | €9.0m | €12.4m | €5.2m | €7.3m |
| Operating income | −€29.8m | −€22.5m | −€20.2m | −€19.7m | −€17.5m | −€34.9m | −€9.1m | −€16.0m |
| Net income | −€22.1m | −€13.1m | −€9.4m | −€14.5m | −€12.4m | −€12.9m | −€3.3m | −€18.5m |
| Diluted earnings per share | -0.88 | -0.62 | -0.44 | -0.20 | -0.17 | -0.27 | -0.07 | -0.39 |
| Cash from operations | −€24.0m | −€16.0m | −€21.0m | −€14.0m | −€30.0m | −€19.0m | −€18.0m | — |
| Capital spending | −€8.0m | −€14.0m | −€5.0m | −€32.0m | −€25.0m | −€41.0m | −€6.0m | −€47.0m |
| Free cash flow | −€32.0m | −€30.0m | −€26.0m | −€46.0m | −€55.0m | −€60.0m | −€24.0m | — |
| Total assets | €332.9m | €356.2m | €299.5m | €288.6m | €270.5m | €228.5m | €229.4m | €191.2m |
| Cash and short-term investments | €23.9m | €57.5m | €12.0m | €23.9m | €41.8m | €35.2m | €67.7m | €56.6m |
| Debt | €111.5m | €149.3m | €146.6m | €143.9m | €107.2m | €101.3m | — | €50.7m |
| Shareholders' equity | €129.3m | €152.5m | €84.6m | €95.9m | €98.6m | €46.2m | €61.2m | €63.4m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.5% | 8.2% | 3.6% |
| Operating income | 6.7% | 5.2% | 28.8% |
| Net income | -7.1% | -0.3% | 5.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -247.8% | -217.4% | -241.5% | -199.2% |
| Net margin | -138.6% | -148.9% | -166.2% | -191.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.5 | -48.9 | -44.3 | -46.1 | -77.0 | -81.0 | -38.4 | -8.1 | -92.3 |
| Price to sales | 10.0 | 62.5 | 70.6 | 72.8 | 172.1 | 187.6 | 65.3 | 49.3 | 122.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 10-to-1 reverse split · 20 May 2025
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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