E 
2.38
+6.73%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€105.0m
FY2016FY2025
Net income
−€7.2m
FY2016FY2025
Free cash flow
€4,000
FY2016FY2025
Shareholders' equity
€105.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €105.0m | €117.7m | €129.1m | €127.6m | €103.6m | €92.8m | €93.5m | €84.2m | €34.3m | €18.2m |
| Gross profit | €50.4m | €64.5m | €67.3m | €56.5m | €44.1m | €41.0m | €49.9m | €47.1m | €17.5m | €9.1m |
| Research and development | €43.0m | €25.1m | €28.0m | €20.4m | €17.1m | €17.2m | €23.9m | €23.2m | €9.8m | €4.4m |
| Operating income | −€25.0m | −€5.1m | €3.6m | €8.8m | €4.0m | €3.3m | €4.4m | €33,000 | −€6.7m | −€2.8m |
| Net income | −€7.2m | −€7.0m | €3.6m | €12.0m | €5.2m | €3.2m | €1.6m | −€674,000 | −€6.8m | −€2.9m |
| Diluted earnings per share | -0.27 | -0.26 | 0.14 | 0.44 | 0.19 | 0.12 | 0.07 | -0.03 | -0.22 | -0.45 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €194.3m | €185.4m | €192.6m | €182.7m | €170.9m | €168.5m | €155.4m | €134.1m | €130.2m | €24.3m |
| Cash and short-term investments | €32.1m | €46.4m | €47.2m | €39.4m | €45.4m | €49.6m | €32.6m | €25.1m | €21.3m | €8.4m |
| Total liabilities | €88.4m | €73.3m | €73.2m | €69.1m | €71.7m | €77.6m | €69.0m | €58.3m | €53.9m | €8.4m |
| Debt | €36.8m | €31.4m | €33.5m | €28.4m | €33.4m | €43.5m | €31.2m | €20.6m | €21.7m | €1.9m |
| Shareholders' equity | €105.9m | €112.1m | €119.4m | €113.6m | €99.1m | €90.9m | €86.4m | €75.8m | €75.8m | €15.8m |
| Shares outstanding | 27m | 27m | 27m | 27m | 27m | 27m | 24m | 22m | 30m | 6m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €2.4m | €20.8m | €13.5m | €9.4m | €12.5m | €7.0m | €9.6m | €10.0m | −€5.4m | −€4.8m |
| Capital spending | −€2.4m | −€9.9m | −€8.0m | −€7.2m | −€5.0m | −€4.4m | −€3.9m | −€1.0m | −€1.8m | −€218,000 |
| Free cash flow | €4,000 | €10.9m | €5.5m | €2.2m | €7.5m | €2.6m | €5.7m | €9.0m | −€7.2m | −€5.0m |
| Dividends paid | — | — | — | — | −€2.3m | — | — | — | −€36.0m | — |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €58.2m | €47.8m | €57.2m | €60.2m | €57.5m | €58.1m | €71.0m | €64.3m |
| Gross profit | €28.1m | €18.4m | €32.0m | €26.9m | €32.2m | €21.1m | €30.8m | €28.1m |
| Operating income | −€3.3m | −€27.0m | €2.0m | −€19.2m | €2.6m | −€27.5m | €4.7m | €2.3m |
| Net income | −€2.8m | −€6.7m | −€522,000 | −€8.4m | €1.5m | −€2.4m | €6.0m | €6.8m |
| Diluted earnings per share | -0.10 | -0.25 | -0.02 | -0.31 | 0.06 | -0.09 | 0.22 | 0.25 |
| Cash from operations | — | €1.0m | — | €14.0m | €4.0m | €12.0m | — | €7.0m |
| Capital spending | — | −€1.0m | — | −€1.0m | −€1.0m | −€3.0m | −€4.0m | −€4.0m |
| Free cash flow | — | €0 | — | €13.0m | €3.0m | €9.0m | — | €3.0m |
| Total assets | €190.6m | €194.3m | €199.3m | €185.4m | €196.0m | €192.6m | €202.6m | €182.7m |
| Cash and short-term investments | €23.0m | €32.1m | €36.7m | €46.4m | €41.8m | €47.2m | €47.6m | €39.4m |
| Debt | €24.7m | €36.8m | €39.3m | €31.4m | €36.7m | €27.9m | €42.0m | €28.4m |
| Shareholders' equity | €103.2m | €105.9m | €112.8m | €112.1m | €120.4m | €119.4m | €121.1m | €113.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.3% | 2.5% | 21.4% |
| Operating income | — | — | 19.2% |
| Net income | — | — | 6.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 51.6% | 49.8% | 47.9% | 49.4% |
| Operating margin | -13.5% | -3.7% | -1.5% | -2.2% |
| Net margin | -6.4% | 0.3% | 1.5% | -0.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.3 | -14.4 | 43.3 | 19.0 | 40.2 | 58.0 | 100.7 | -84.9 | -20.9 | -17.4 |
| Price to sales | 0.5 | 0.8 | 1.2 | 1.8 | 2.0 | 2.0 | 1.7 | 0.7 | 4.1 | 2.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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