A 
1.70
-1.16%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 18.4m
FY2016FY2025
Net income
−SEK 17.6m
FY2016FY2025
Free cash flow
−SEK 16.0m
FY2016FY2025
Shareholders' equity
SEK 52.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 18.4m | SEK 8.6m | SEK 1.8m | SEK 5.0m | SEK 4.4m | SEK 1.2m | SEK 343,000 | SEK 344,000 | — | — |
| Research and development | — | — | SEK 1.6m | SEK 1.4m | SEK 910,000 | SEK 736,000 | SEK 514,000 | SEK 336,000 | — | — |
| Operating income | −SEK 16.9m | −SEK 15.8m | −SEK 17.3m | −SEK 14.5m | −SEK 15.1m | −SEK 13.5m | −SEK 12.4m | −SEK 9.7m | −SEK 7.2m | −SEK 5.9m |
| Net income | −SEK 17.6m | −SEK 17.8m | −SEK 20.8m | −SEK 17.3m | −SEK 15.1m | −SEK 13.5m | −SEK 12.4m | −SEK 9.9m | −SEK 7.4m | −SEK 6.1m |
| Diluted earnings per share | -0.30 | -0.34 | -0.94 | -1.00 | -0.91 | -0.85 | -0.78 | -0.66 | -0.49 | -0.57 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 61.1m | SEK 74.3m | SEK 61.5m | SEK 61.3m | SEK 58.8m | SEK 55.7m | SEK 69.0m | SEK 38.4m | SEK 38.6m | SEK 47.0m |
| Cash and short-term investments | SEK 3.1m | SEK 14.4m | SEK 4.3m | SEK 6.5m | SEK 9.5m | SEK 12.0m | SEK 30.8m | SEK 3.8m | SEK 5.7m | SEK 497,000 |
| Total liabilities | SEK 8.2m | SEK 4.1m | SEK 13.0m | SEK 20.9m | SEK 2.5m | SEK 2.1m | SEK 1.8m | SEK 9.3m | SEK 4.7m | SEK 5.7m |
| Debt | SEK 4.7m | — | SEK 10.3m | SEK 18.8m | — | — | — | SEK 7.4m | SEK 3.7m | SEK 3.7m |
| Shareholders' equity | SEK 52.9m | SEK 70.1m | SEK 48.5m | SEK 40.3m | SEK 56.3m | SEK 53.6m | SEK 67.2m | SEK 29.1m | SEK 33.9m | SEK 41.3m |
| Shares outstanding | 60m | 52m | 22m | 17m | 17m | 16m | 16m | 15m | 15m | 11m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 11.3m | −SEK 11.5m | −SEK 15.7m | −SEK 19.1m | −SEK 15.6m | −SEK 11.7m | −SEK 12.3m | −SEK 7.5m | −SEK 7.7m | −SEK 5.5m |
| Capital spending | −SEK 4.7m | −SEK 6.5m | −SEK 5.1m | −SEK 2.6m | −SEK 4.7m | −SEK 7.2m | −SEK 3.8m | −SEK 3.7m | −SEK 3.2m | −SEK 5.1m |
| Free cash flow | −SEK 16.0m | −SEK 18.0m | −SEK 20.8m | −SEK 21.7m | −SEK 20.3m | −SEK 18.9m | −SEK 16.1m | −SEK 11.1m | −SEK 10.9m | −SEK 10.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 4.0m | SEK 3.8m | SEK 3.8m | SEK 4.6m | SEK 6.6m | SEK 3.4m | SEK 1.4m | SEK 504,000 |
| Operating income | −SEK 4.5m | −SEK 2.6m | −SEK 5.1m | −SEK 3.0m | −SEK 3.4m | −SEK 5.9m | −SEK 4.9m | −SEK 5.5m |
| Net income | −SEK 4.3m | −SEK 2.9m | −SEK 5.3m | −SEK 3.1m | −SEK 3.4m | −SEK 5.9m | −SEK 5.3m | −SEK 5.9m |
| Diluted earnings per share | -0.06 | -0.04 | -0.09 | -0.05 | -0.06 | -0.10 | -0.10 | -0.11 |
| Cash from operations | −SEK 1.0m | −SEK 2.0m | −SEK 1.0m | −SEK 1.0m | −SEK 4.0m | −SEK 2.0m | −SEK 2.0m | — |
| Total assets | SEK 59.5m | SEK 63.8m | SEK 61.1m | SEK 67.8m | SEK 68.2m | SEK 74.4m | SEK 74.3m | SEK 66.1m |
| Cash and short-term investments | SEK 2.9m | SEK 4.0m | SEK 3.1m | SEK 3.1m | SEK 6.8m | SEK 9.7m | SEK 14.4m | SEK 8.6m |
| Debt | SEK 595,000 | — | SEK 4.7m | SEK 2.3m | SEK 3.1m | — | — | SEK 5.1m |
| Shareholders' equity | SEK 55.2m | SEK 59.4m | SEK 52.9m | SEK 58.0m | SEK 61.0m | SEK 64.3m | SEK 70.1m | SEK 58.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 54.4% | 72.0% | — |
| Operating income | 5.2% | 4.6% | 8.7% |
| Net income | 0.7% | 5.5% | 9.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -121.3% | -191.0% | -236.4% | — |
| Net margin | -131.2% | -217.3% | -259.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.0 | -4.0 | -2.3 | -1.6 | -3.1 | -6.7 | -12.6 | -12.8 | -4.3 | -1.1 |
| Price to sales | 6.7 | 8.2 | 26.3 | 5.5 | 10.9 | 74.0 | 455.4 | 370.8 | — | — |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 4-to-1 reverse split · 28 Jun 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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