C 
1.55
-3.73%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 316.7m
FY2016FY2025
Net income
SEK 147.0m
FY2016FY2025
Free cash flow
SEK 149.7m
FY2016FY2025
Shareholders' equity
SEK 265.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 316.7m | — | — | — | — | — | — | — | — | — |
| Gross profit | SEK 313.4m | −SEK 3.4m | −SEK 3.5m | −SEK 3.7m | −SEK 3.4m | −SEK 3.2m | −SEK 12,000 | — | −SEK 6.9m | −SEK 35.5m |
| Research and development | SEK 132.8m | SEK 153.8m | SEK 272.9m | SEK 364.7m | SEK 352.7m | SEK 158.4m | SEK 97.5m | SEK 77.0m | SEK 52.4m | SEK 35.5m |
| Operating income | SEK 154.4m | −SEK 168.6m | −SEK 290.0m | −SEK 381.5m | −SEK 370.3m | −SEK 173.9m | −SEK 111.6m | −SEK 93.3m | −SEK 60.0m | −SEK 44.7m |
| Net income | SEK 147.0m | −SEK 161.7m | −SEK 280.0m | −SEK 371.8m | −SEK 366.5m | −SEK 173.1m | −SEK 110.8m | −SEK 91.2m | −SEK 60.3m | −SEK 44.7m |
| Diluted earnings per share | 0.59 | -0.88 | -1.57 | -2.90 | -3.04 | -1.44 | -1.13 | -1.15 | -0.77 | -2.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 296.7m | SEK 170.4m | SEK 223.7m | SEK 474.8m | SEK 600.2m | SEK 925.5m | SEK 166.1m | SEK 171.4m | SEK 274.5m | SEK 47.5m |
| Cash and short-term investments | SEK 281.8m | SEK 33.0m | SEK 194.7m | SEK 426.7m | SEK 559.4m | SEK 903.4m | SEK 149.9m | SEK 166.8m | SEK 269.8m | SEK 34.8m |
| Total liabilities | SEK 30.8m | SEK 54.1m | SEK 55.0m | SEK 85.1m | SEK 67.5m | SEK 33.6m | SEK 23.8m | SEK 16.4m | SEK 28.3m | SEK 10.4m |
| Shareholders' equity | SEK 265.9m | SEK 116.3m | SEK 168.7m | SEK 389.7m | SEK 532.7m | SEK 891.9m | SEK 142.3m | SEK 155.0m | SEK 246.1m | SEK 37.1m |
| Shares outstanding | 249m | 184m | 178m | 128m | 120m | 120m | 98m | 80m | 78m | 19m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SEK 150.1m | −SEK 162.8m | −SEK 286.7m | −SEK 358.9m | −SEK 346.4m | −SEK 156.4m | −SEK 111.3m | −SEK 104.7m | −SEK 41.1m | −SEK 39.5m |
| Capital spending | −SEK 472,000 | — | — | −SEK 7.1m | −SEK 383,000 | −SEK 9.0m | −SEK 6.9m | −SEK 6.9m | −SEK 6.9m | −SEK 2.8m |
| Free cash flow | SEK 149.7m | −SEK 162.8m | −SEK 286.7m | −SEK 366.0m | −SEK 346.8m | −SEK 165.4m | −SEK 118.1m | −SEK 111.6m | −SEK 48.0m | −SEK 42.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 95,000 | SEK 508,000 | SEK 8.0m | SEK 308.7m | — | — | — | — |
| Gross profit | −SEK 190,000 | SEK 224,000 | SEK 7.3m | SEK 308.7m | −SEK 879,000 | −SEK 842,000 | −SEK 851,000 | −SEK 863,000 |
| Operating income | −SEK 35.6m | −SEK 36.7m | −SEK 32.1m | SEK 267.0m | −SEK 39.5m | −SEK 45.0m | −SEK 40.7m | −SEK 42.4m |
| Net income | −SEK 32.8m | −SEK 33.0m | −SEK 32.3m | SEK 265.5m | −SEK 39.3m | −SEK 46.9m | −SEK 39.4m | −SEK 42.0m |
| Diluted earnings per share | -0.13 | -0.13 | -0.13 | 1.07 | -0.16 | -0.19 | -0.21 | -0.23 |
| Cash from operations | −SEK 37.0m | −SEK 25.0m | −SEK 52.0m | SEK 280.0m | −SEK 44.0m | −SEK 33.0m | −SEK 26.0m | −SEK 44.0m |
| Total assets | SEK 307.7m | SEK 267.8m | SEK 296.7m | SEK 358.9m | SEK 93.0m | SEK 118.5m | SEK 170.4m | SEK 79.0m |
| Cash and short-term investments | SEK 222.0m | SEK 258.0m | SEK 281.8m | SEK 339.1m | SEK 81.9m | SEK 103.9m | SEK 33.0m | SEK 59.8m |
| Debt | — | — | — | — | SEK 22.4m | — | — | — |
| Shareholders' equity | SEK 263.8m | SEK 234.0m | SEK 265.9m | SEK 297.6m | SEK 31.2m | SEK 69.8m | SEK 116.3m | SEK 48.9m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 99.0% | — | — | — | — | — | — | — |
| Operating margin | 47.7% | — | — | — | — | — | — | — |
| Net margin | 46.4% | — | — | — | — | — | — | — |
| Return on equity | 55.3% | -139.0% | -165.9% | -95.4% | -68.8% | -19.4% | — | — |
| Return on assets | 49.5% | -94.9% | -125.2% | -78.3% | -61.1% | -18.7% | — | — |
| Free cash flow yield | 36.4% | — | — | -165.1% | -172.6% | -73.5% | -64.2% | -73.9% |
| Earnings growth | -190.9% | -42.3% | -24.7% | 1.4% | 111.7% | 56.2% | — | — |
| Current ratio | 9.80x | 3.04x | 3.91x | 5.43x | 8.87x | 29.96x | — | — |
| Debt to equity | — | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | — |
| Equity ratio | 89.6% | 68.2% | 75.4% | 82.1% | 88.8% | 96.4% | — | — |
| Interest coverage | 11.13x | -80.03x | -45.16x | -92952.50x | -122167.00x | -173084.00x | — | — |
| R&D as a share of sales | 41.9% | — | — | — | — | — | — | — |
| Buybacks as a share of market value | -35.3% | -3.1% | -39.1% | -6.3% | 0.0% | -23.2% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 7.1 | -1.9 | -1.5 | -0.7 | -3.3 | -23.9 | -9.5 | -6.7 | -4.5 | -1.5 |
| Price to sales | 3.3 | — | — | — | — | — | — | — | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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