E 
5,493.00
-4.27%
Close of 6 Nov 2026, in ILA
At a glance
Figures in EUR, from our data supplier.
Revenue
€48.8m
FY2019FY2024
Net income
€19.9m
FY2019FY2024
Free cash flow
−€15.3m
FY2019FY2024
Shareholders' equity
€161.3m
FY2019FY2024
Income statement
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Revenue | €48.8m | €1.1m | €1.8m | €976,000 | €849,000 | €176,000 |
| Research and development | — | — | €1.3m | €1.2m | — | — |
| Operating income | €26.0m | −€12.7m | −€8.9m | −€10.6m | −€1.7m | −€385,000 |
| Net income | €19.9m | −€11.3m | €2.4m | −€10.9m | −€1.2m | −€24,000 |
| Diluted earnings per share | 0.44 | -0.25 | 0.05 | -0.24 | -0.03 | -0.00 |
Balance sheet
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Total assets | €783.7m | €372.1m | €201.6m | €136.3m | €10.0m | €4.4m |
| Cash and short-term investments | €193.4m | €52.4m | €20.0m | €87.5m | €1.9m | €1.7m |
| Total liabilities | €622.4m | €258.0m | €100.8m | €78.2m | €10.4m | €3.9m |
| Debt | €524.7m | €207.5m | €70.1m | €69.2m | €2.7m | €184,000 |
| Shareholders' equity | €161.3m | €114.1m | €100.7m | €58.0m | −€404,000 | €425,000 |
| Shares outstanding | 46m | 46m | 46m | 45m | 45m | 45m |
Cash flow
Fiscal years
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|
| Cash from operations | −€7.4m | −€14.8m | −€13.2m | −€5.5m | −€817,000 | −€1.4m |
| Capital spending | −€7.9m | −€7.8m | −€5.6m | −€13.7m | — | — |
| Free cash flow | −€15.3m | −€22.6m | −€18.8m | −€19.3m | −€817,000 | −€1.4m |
Latest quarters
By quarter end
| Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €5.6m | €2.3m | €32.4m | €2.8m | €3.5m | €3.9m | €38.6m | €356,000 |
| Operating income | −€336,000 | −€5.2m | €25.9m | −€4.6m | −€4.2m | €58,000 | €34.7m | −€2.6m |
| Net income | −€6.3m | −€10.0m | €19.2m | −€3.3m | −€5.5m | €1.4m | €27.3m | −€1.3m |
| Diluted earnings per share | -0.11 | -0.21 | 0.42 | -0.07 | -0.12 | 0.03 | 0.60 | -0.03 |
| Cash from operations | −€3.0m | −€7.0m | — | −€2.0m | — | −€5.0m | — | — |
| Capital spending | — | — | — | — | — | — | −€7.0m | — |
| Total assets | €895.8m | €809.6m | €785.9m | €783.7m | €630.5m | €509.2m | €435.6m | €351.5m |
| Cash and short-term investments | €134.5m | €149.7m | €171.6m | €193.4m | €79.3m | €64.5m | €36.8m | €31.0m |
| Debt | €309.5m | €271.7m | €307.3m | €522.6m | €398.8m | €292.3m | €237.8m | €176.8m |
| Shareholders' equity | €227.6m | €240.4m | €191.3m | €161.3m | €134.3m | €140.1m | €138.4m | €120.9m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 47.3% | 1104.5% | -904.3% | -2.1% | -985.2% | -259.6% |
| Net margin | -6.8% | 770.7% | -1027.0% | 26.4% | -1114.9% | -142.3% |
| Return on equity | -1.7% | 12.4% | -9.9% | 2.4% | -18.7% | 299.0% |
| Return on assets | -0.4% | 2.5% | -3.0% | 1.2% | -8.0% | -12.1% |
| Free cash flow yield | 0.1% | -0.0% | -0.0% | -0.0% | 0.0% | 0.0% |
| Revenue growth | 2407.2% | 135.2% | -87.8% | 820.4% | 15.0% | 382.4% |
| Earnings growth | -122.1% | -276.5% | -576.2% | -121.8% | 800.7% | 4933.3% |
| Current ratio | 0.99x | 1.11x | 3.58x | 2.20x | 11.16x | 2.59x |
| Debt to equity | 1.87x | 3.10x | 0.56x | 0.61x | 1.19x | -6.29x |
| Equity ratio | 23.5% | 20.6% | 30.7% | 50.0% | 42.6% | -4.0% |
| Interest coverage | 3.42x | 6.56x | -4.15x | -0.07x | -6.00x | -84.77x |
| Buybacks as a share of market value | -27.2% | -21.9% | 16.6% | -1.4% | -1.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 268.3% | 208.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 26.8% | -11.6% | -15.2% | — |
| Net margin | 17.3% | 0.2% | -2.1% | — |
Valuation history
At each fiscal year end
| FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|
| Price to earnings | 16.8 | -18.7 | 71.0 | -28.7 |
| Price to sales | 6.8 | 191.8 | 92.6 | 319.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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