F 
14.50
+2.84%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€44.5m
FY2016FY2025
Net income
−€64.7m
FY2016FY2025
Free cash flow
−€44.1m
FY2016FY2025
Shareholders' equity
€399.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €44.5m | €69.7m | €77.7m | €42.5m | €36.6m | €34.2m | €33.2m | €43.0m | €29.0m | €19.5m |
| Research and development | €12.7m | €16.5m | €9.2m | €16.9m | €16.8m | €40.9m | €35.4m | €36.6m | €31.1m | €23.7m |
| Operating income | −€29.4m | −€23.5m | −€369,000 | −€17.7m | −€14.0m | −€6.5m | −€2.3m | €7.1m | −€1.5m | −€4.0m |
| Net income | −€64.7m | −€125.7m | €75.8m | €36.0m | −€13.3m | −€6.7m | −€2.3m | €7.1m | −€1.6m | −€4.1m |
| Diluted earnings per share | -3.66 | -7.11 | 4.73 | 2.38 | -1.20 | -0.61 | -0.23 | 0.75 | -0.16 | -0.45 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €739.5m | €771.7m | €890.4m | €853.7m | €70.7m | €75.6m | €53.6m | €39.6m | €30.8m | €25.2m |
| Cash and short-term investments | €68.8m | €41.8m | €27.0m | €9.8m | €25.2m | €42.2m | €22.4m | €12.3m | €15.5m | €14.0m |
| Total liabilities | €340.4m | €309.9m | €387.6m | €497.1m | €14.8m | €7.6m | €5.3m | €6.4m | €5.3m | €4.3m |
| Debt | €1.5m | €10.6m | €29.5m | €49.3m | €5.3m | €6.0m | — | — | €800 | — |
| Shareholders' equity | €399.1m | €461.8m | €502.8m | €356.6m | €55.9m | €68.0m | €48.2m | €33.2m | €25.5m | €20.9m |
| Shares outstanding | 18m | 18m | 16m | 15m | 11m | 11m | 10m | 10m | 10m | 9m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | €10.8m | −€23.2m | −€9.8m | −€19.0m | −€13.5m | −€5.2m | −€1.5m | €13.3m | −€4.2m | −€5.0m |
| Capital spending | −€54.9m | −€29.9m | −€1.0m | −€26.8m | −€941,000 | −€650,000 | −€1.0m | −€951,000 | −€432,300 | −€1.3m |
| Free cash flow | −€44.1m | −€53.2m | −€10.9m | −€45.8m | −€14.5m | −€5.9m | −€2.5m | €12.3m | −€4.6m | −€6.4m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €25.8m | €35.5m | €9.0m | €42.8m | €26.9m | €33.9m | €43.8m | €24.9m |
| Operating income | −€17.3m | €1.7m | −€31.1m | −€5.3m | −€18.0m | −€6.9m | €6.5m | −€9.4m |
| Net income | −€14.6m | −€10.5m | −€54.2m | −€115.6m | −€10.1m | €74.0m | €1.8m | −€44.0m |
| Diluted earnings per share | -0.83 | -0.59 | -3.07 | -6.54 | -0.57 | 4.61 | 0.11 | -2.91 |
| Cash from operations | −€9.0m | €4.0m | €6.0m | €7.0m | −€30.0m | −€1.0m | −€8.0m | −€8.0m |
| Capital spending | — | — | — | — | — | −€8.0m | −€12.0m | −€24.0m |
| Free cash flow | — | — | — | — | — | −€9.0m | −€20.0m | −€32.0m |
| Total assets | €713.6m | €739.5m | €742.6m | €771.7m | €947.8m | €890.4m | €912.9m | €853.7m |
| Cash and short-term investments | €51.8m | €68.8m | €27.3m | €41.8m | €40.6m | €27.0m | €36.9m | €9.8m |
| Debt | €1.0m | €1.5m | €11.8m | €12.1m | €12.1m | €21.7m | €8.8m | €49.3m |
| Shareholders' equity | €385.6m | €399.1m | €408.3m | €461.8m | €576.3m | €502.8m | €427.4m | €356.6m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.5% | 5.4% | 10.1% |
| Operating income | 18.3% | 35.0% | — |
| Net income | — | 57.2% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -46.4% | -30.3% | -30.0% | -20.5% |
| Net margin | -166.8% | -33.5% | -32.3% | -22.1% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -7.0 | -7.4 | 11.9 | 36.4 | -49.1 | -86.6 | -139.1 | 34.8 | -198.2 | -53.6 |
| Price to sales | 10.2 | 13.3 | 11.6 | 30.8 | 17.8 | 17.0 | 9.6 | 5.8 | 10.8 | 11.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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