E
0.76
-4.75%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 2.7m
FY2016FY2025
Net income
−SEK 75.1m
FY2016FY2025
Free cash flow
−SEK 118.5m
FY2016FY2025
Shareholders' equity
−SEK 23.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 2.7m | SEK 15.8m | SEK 1.4m | SEK 6.8m | SEK 11.0m | SEK 2.1m | SEK 7.6m | SEK 5.3m | SEK 1.6m | SEK 4.0m |
| Research and development | — | SEK 20.0m | SEK 2.9m | SEK 2.9m | SEK 1.8m | SEK 393,000 | — | — | SEK 3.7m | SEK 4.0m |
| Operating income | −SEK 62.8m | −SEK 47.5m | −SEK 43.7m | −SEK 40.8m | −SEK 26.9m | −SEK 23.0m | −SEK 22.9m | −SEK 15.5m | −SEK 7.9m | −SEK 7.7m |
| Net income | −SEK 75.1m | −SEK 43.8m | −SEK 44.6m | −SEK 41.8m | −SEK 28.5m | −SEK 23.9m | −SEK 24.7m | −SEK 16.3m | −SEK 8.8m | −SEK 7.8m |
| Diluted earnings per share | -1.01 | -0.72 | -0.93 | -4.18 | -4.17 | -4.32 | -4.60 | -3.32 | -1.90 | -1.72 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 8.3m | SEK 15.9m | SEK 34.4m | SEK 48.7m | SEK 50.9m | SEK 40.9m | SEK 42.6m | SEK 38.8m | SEK 15.5m | SEK 13.6m |
| Cash and short-term investments | SEK 3.0m | SEK 2.1m | SEK 6.2m | SEK 4.1m | SEK 12.2m | SEK 4.7m | SEK 14.6m | SEK 16.4m | SEK 164,760 | SEK 3.8m |
| Total liabilities | SEK 31.7m | SEK 8.1m | SEK 14.8m | SEK 17.2m | SEK 29.6m | SEK 39.1m | SEK 35.4m | SEK 21.8m | SEK 8.1m | SEK 4.5m |
| Debt | — | — | SEK 436,000 | SEK 1.9m | SEK 3.8m | SEK 5.7m | SEK 25.0m | SEK 1.6m | SEK 3.3m | SEK 3.5m |
| Shareholders' equity | −SEK 23.5m | SEK 7.8m | SEK 19.5m | SEK 31.5m | SEK 21.4m | SEK 1.8m | SEK 7.2m | SEK 17.0m | SEK 7.4m | SEK 9.1m |
| Shares outstanding | 75m | 60m | 48m | 10m | 7m | 6m | 5m | 5m | 5m | 5m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 59.3m | −SEK 35.7m | −SEK 41.3m | −SEK 33.0m | −SEK 30.2m | −SEK 23.0m | −SEK 26.6m | −SEK 13.4m | −SEK 6.7m | −SEK 6.1m |
| Capital spending | −SEK 59.3m | — | — | — | −SEK 1.8m | −SEK 3.8m | −SEK 4.2m | −SEK 7.2m | −SEK 3.7m | −SEK 4.0m |
| Free cash flow | −SEK 118.5m | −SEK 35.7m | −SEK 41.3m | −SEK 33.0m | −SEK 32.0m | −SEK 26.8m | −SEK 30.7m | −SEK 20.5m | −SEK 10.4m | −SEK 10.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | −SEK 109,000 | SEK 1.8m | −SEK 193,000 | SEK 733,000 | SEK 449,000 | SEK 2.6m | SEK 7.5m |
| Operating income | −SEK 11.7m | −SEK 12.1m | −SEK 18.5m | −SEK 12.3m | −SEK 15.3m | −SEK 16.7m | −SEK 26.7m | −SEK 4.5m |
| Net income | −SEK 13.1m | −SEK 12.6m | −SEK 20.6m | −SEK 13.3m | −SEK 18.7m | −SEK 22.5m | −SEK 22.0m | −SEK 7.1m |
| Diluted earnings per share | -0.18 | -0.17 | -0.28 | -0.18 | -0.25 | -0.30 | -0.36 | -0.12 |
| Cash from operations | −SEK 14.0m | −SEK 12.0m | −SEK 14.0m | −SEK 11.0m | −SEK 7.0m | −SEK 26.0m | −SEK 3.0m | −SEK 9.0m |
| Capital spending | — | — | −SEK 14.0m | — | — | — | — | — |
| Free cash flow | — | — | −SEK 28.0m | — | — | — | — | — |
| Total assets | SEK 7.0m | SEK 22.9m | SEK 8.3m | SEK 12.6m | SEK 25.0m | SEK 35.4m | SEK 15.9m | SEK 41.5m |
| Cash and short-term investments | SEK 2.1m | SEK 17.8m | SEK 3.0m | SEK 6.6m | SEK 2.5m | SEK 4.6m | SEK 2.1m | SEK 9.6m |
| Debt | — | — | — | — | — | — | — | SEK 333,000 |
| Shareholders' equity | −SEK 50.4m | −SEK 36.6m | −SEK 23.5m | −SEK 4.6m | SEK 8.3m | SEK 9.3m | SEK 7.8m | SEK 33.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -26.3% | 5.0% | 3.2% |
| Operating income | 15.5% | 22.2% | 60.3% |
| Net income | 21.6% | 25.7% | 60.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -596.1% | -729.3% | -613.5% | -496.1% |
| Net margin | -642.7% | -768.7% | -646.2% | -524.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.1 | -2.8 | -2.0 | -0.5 | -3.2 | -4.6 | -5.3 | -10.7 | -24.8 | -3.1 |
| Price to sales | 31.3 | 7.8 | 66.0 | 3.2 | 8.3 | 51.4 | 17.2 | 33.2 | 138.0 | 6.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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