B 
1.00
+1.01%
Close of 9 Nov 2026, in DKK
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in DKK, from our data supplier.
Revenue
DKK 40.3m
FY2016FY2025
Net income
−DKK 82.1m
FY2016FY2025
Free cash flow
−DKK 77.1m
FY2016FY2025
Shareholders' equity
DKK 63.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 40.3m | DKK 36.2m | DKK 31.0m | DKK 29.0m | DKK 24.3m | DKK 23.2m | DKK 26.6m | DKK 26.0m | DKK 25.2m | DKK 20.7m |
| Gross profit | DKK 28.0m | DKK 24.5m | DKK 20.2m | DKK 19.0m | DKK 15.0m | DKK 13.3m | DKK 17.3m | DKK 17.8m | DKK 18.2m | DKK 15.7m |
| Research and development | DKK 50.1m | DKK 33.5m | DKK 25.4m | DKK 34.9m | DKK 30.3m | DKK 28.1m | DKK 24.6m | DKK 18.7m | DKK 21.9m | DKK 9.7m |
| Operating income | −DKK 87.4m | −DKK 75.5m | −DKK 60.2m | −DKK 80.5m | −DKK 65.3m | −DKK 66.0m | −DKK 74.3m | −DKK 41.8m | −DKK 37.0m | −DKK 25.0m |
| Net income | −DKK 82.1m | −DKK 68.2m | −DKK 56.3m | −DKK 75.9m | −DKK 57.1m | −DKK 61.6m | −DKK 69.6m | −DKK 38.0m | −DKK 32.2m | −DKK 22.8m |
| Diluted earnings per share | -0.17 | -0.16 | -0.15 | -0.22 | -0.21 | -0.24 | -0.34 | -0.19 | -0.17 | -0.13 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 93.2m | DKK 96.0m | DKK 89.8m | DKK 108.6m | DKK 81.3m | DKK 140.3m | DKK 42.7m | DKK 66.2m | DKK 65.6m | DKK 50.6m |
| Cash and short-term investments | DKK 54.9m | DKK 59.7m | DKK 66.4m | DKK 81.8m | DKK 45.5m | DKK 107.9m | DKK 18.1m | DKK 46.7m | DKK 47.1m | DKK 35.6m |
| Total liabilities | DKK 30.2m | DKK 28.2m | DKK 29.7m | DKK 38.4m | DKK 35.3m | DKK 39.4m | DKK 17.4m | DKK 10.0m | DKK 9.5m | DKK 6.3m |
| Debt | DKK 7.5m | DKK 11.2m | DKK 7.3m | DKK 10.6m | DKK 13.0m | DKK 10.7m | DKK 3.7m | DKK 141,000 | DKK 182,000 | DKK 64,000 |
| Shareholders' equity | DKK 63.0m | DKK 67.8m | DKK 60.2m | DKK 70.2m | DKK 46.0m | DKK 100.9m | DKK 25.3m | DKK 56.2m | DKK 56.1m | DKK 44.3m |
| Shares outstanding | 495m | 430m | 380m | 348m | 269m | 256m | 203m | 201m | 194m | 173m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −DKK 77.1m | −DKK 83.6m | −DKK 55.5m | −DKK 52.5m | −DKK 64.6m | −DKK 35.6m | −DKK 60.2m | −DKK 38.0m | −DKK 29.4m | −DKK 19.7m |
| Capital spending | — | −DKK 350,000 | −DKK 39,000 | −DKK 471,000 | −DKK 389,000 | −DKK 1.5m | −DKK 1.1m | −DKK 1.5m | −DKK 38,000 | −DKK 357,000 |
| Free cash flow | −DKK 77.1m | −DKK 83.9m | −DKK 55.5m | −DKK 53.0m | −DKK 65.0m | −DKK 37.1m | −DKK 61.3m | −DKK 39.5m | −DKK 29.4m | −DKK 20.0m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 6.9m | DKK 11.6m | DKK 10.4m | DKK 10.6m | DKK 7.7m | DKK 7.9m | DKK 9.7m | DKK 9.2m |
| Gross profit | DKK 4.3m | DKK 10.7m | DKK 7.7m | DKK 7.1m | DKK 4.9m | DKK 3.7m | DKK 6.7m | DKK 7.0m |
| Operating income | −DKK 19.3m | −DKK 14.0m | −DKK 23.0m | −DKK 18.3m | −DKK 30.8m | −DKK 21.3m | −DKK 21.6m | −DKK 17.9m |
| Net income | DKK 35.9m | −DKK 13.3m | −DKK 23.3m | −DKK 18.1m | −DKK 27.5m | −DKK 18.0m | −DKK 20.9m | −DKK 15.8m |
| Diluted earnings per share | 0.07 | -0.03 | -0.05 | -0.04 | -0.06 | -0.04 | -0.05 | -0.04 |
| Cash from operations | — | −DKK 15.0m | −DKK 20.0m | −DKK 17.0m | −DKK 24.0m | −DKK 17.0m | −DKK 26.0m | −DKK 19.0m |
| Capital spending | — | −DKK 1.0m | — | — | −DKK 1.0m | — | — | — |
| Free cash flow | — | −DKK 16.0m | — | — | −DKK 25.0m | — | — | — |
| Total assets | DKK 109.3m | DKK 93.2m | DKK 68.1m | DKK 88.0m | DKK 74.7m | DKK 96.0m | DKK 108.9m | DKK 131.5m |
| Cash and short-term investments | DKK 75.6m | DKK 54.9m | DKK 26.1m | DKK 47.8m | DKK 32.8m | DKK 59.7m | DKK 76.3m | DKK 103.9m |
| Debt | DKK 3.3m | DKK 3.5m | DKK 3.4m | DKK 3.3m | DKK 3.4m | DKK 3.3m | DKK 1.7m | DKK 2.1m |
| Shareholders' equity | DKK 82.4m | DKK 63.0m | DKK 35.2m | DKK 57.2m | DKK 41.4m | DKK 67.8m | DKK 86.5m | DKK 104.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 11.6% | 11.7% | 7.1% |
| Operating income | 2.8% | 5.8% | 21.2% |
| Net income | 2.6% | 5.9% | 22.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 68.7% | 67.3% | 65.3% | 67.6% |
| Operating margin | -212.8% | -222.4% | -236.4% | -206.6% |
| Net margin | -196.5% | -207.1% | -218.2% | -189.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.2 | -9.8 | -14.1 | -10.2 | -11.2 | -16.2 | -6.8 | -14.7 | -15.8 | -12.6 |
| Price to sales | 12.5 | 18.4 | 25.6 | 26.8 | 26.3 | 42.9 | 17.8 | 21.4 | 20.3 | 13.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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