H 
153.20
+4.36%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 3.85bn
FY2018FY2025
Net income
SEK 42.5m
FY2018FY2025
Free cash flow
SEK 129.8m
FY2018FY2025
Shareholders' equity
SEK 669.9m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 3.85bn | SEK 3.68bn | SEK 3.17bn | SEK 2.60bn | SEK 2.27bn | SEK 1.73bn | SEK 802.4m | SEK 460.1m |
| Research and development | — | SEK 40.9m | SEK 29.1m | SEK 20.7m | SEK 13.4m | SEK 7.7m | SEK 3.6m | SEK 1.8m |
| Operating income | SEK 109.4m | SEK 64.2m | SEK 22.3m | SEK 15.2m | −SEK 22.6m | −SEK 24.6m | −SEK 25.1m | −SEK 12.5m |
| Net income | SEK 42.5m | SEK 45.0m | SEK 5.0m | SEK 20.1m | −SEK 27.6m | −SEK 27.8m | −SEK 21.0m | −SEK 15.8m |
| Diluted earnings per share | 1.39 | 1.47 | 0.17 | 0.68 | -1.19 | -1.36 | -0.96 | -0.68 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 1.26bn | SEK 1.18bn | SEK 1.06bn | SEK 1.02bn | SEK 926.0m | SEK 549.6m | SEK 491.9m | SEK 263.5m |
| Cash and short-term investments | SEK 57.3m | SEK 35.2m | SEK 11.4m | SEK 15.2m | SEK 49.1m | SEK 32.0m | SEK 9.3m | SEK 12.9m |
| Total liabilities | SEK 592.6m | SEK 527.6m | SEK 456.4m | SEK 423.7m | SEK 357.4m | SEK 340.8m | SEK 238.7m | SEK 181.4m |
| Debt | SEK 142.0m | SEK 204.3m | SEK 235.9m | SEK 200.3m | SEK 95.1m | SEK 92.0m | SEK 49.4m | SEK 47.1m |
| Shareholders' equity | SEK 669.9m | SEK 656.0m | SEK 598.8m | SEK 597.5m | SEK 568.6m | SEK 208.8m | SEK 253.2m | SEK 82.1m |
| Shares outstanding | 31m | 31m | 30m | 29m | 23m | 20m | 22m | 23m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | SEK 140.0m | SEK 194.6m | SEK 80.5m | −SEK 32.4m | −SEK 48.3m | SEK 48.5m | −SEK 17.6m | −SEK 6.1m |
| Capital spending | −SEK 10.2m | −SEK 34.3m | −SEK 60.5m | −SEK 46.9m | −SEK 245.3m | −SEK 22.4m | −SEK 11.2m | −SEK 5.0m |
| Free cash flow | SEK 129.8m | SEK 160.3m | SEK 20.0m | −SEK 79.3m | −SEK 293.6m | SEK 26.1m | −SEK 28.8m | −SEK 11.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 1.18bn | SEK 1.10bn | SEK 1.05bn | SEK 952.1m | SEK 921.5m | SEK 923.2m | SEK 915.2m | SEK 944.2m |
| Operating income | SEK 11.4m | SEK 14.0m | SEK 20.5m | SEK 6.3m | SEK 10.4m | SEK 37.8m | SEK 26.3m | SEK 12.4m |
| Net income | −SEK 46,000 | SEK 4.5m | −SEK 1.0m | SEK 4.5m | SEK 8.6m | SEK 30.4m | SEK 15.2m | SEK 16.9m |
| Diluted earnings per share | -0.00 | 0.15 | -0.03 | 0.15 | 0.28 | 0.99 | 0.50 | 0.55 |
| Cash from operations | −SEK 99.0m | SEK 154.0m | −SEK 12.0m | SEK 15.0m | SEK 23.0m | SEK 113.0m | SEK 35.0m | −SEK 30.0m |
| Capital spending | −SEK 15.0m | −SEK 7.0m | −SEK 7.0m | — | −SEK 21.0m | −SEK 20.0m | −SEK 17.0m | −SEK 11.0m |
| Free cash flow | −SEK 114.0m | SEK 147.0m | −SEK 19.0m | — | SEK 2.0m | SEK 93.0m | SEK 18.0m | −SEK 41.0m |
| Total assets | SEK 1.40bn | SEK 1.43bn | SEK 1.26bn | SEK 1.21bn | SEK 1.14bn | SEK 1.15bn | SEK 1.18bn | SEK 1.06bn |
| Cash and short-term investments | SEK 16.4m | SEK 127.1m | SEK 57.3m | SEK 34.9m | SEK 27.4m | SEK 25.2m | SEK 35.2m | SEK 20.1m |
| Debt | SEK 143.7m | SEK 101.2m | SEK 170.8m | SEK 80.3m | SEK 65.7m | SEK 55.6m | SEK 132.1m | SEK 100.8m |
| Shareholders' equity | SEK 700.1m | SEK 691.8m | SEK 669.9m | SEK 681.0m | SEK 677.4m | SEK 668.4m | SEK 656.0m | SEK 625.0m |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 2.8% | 2.4% | 0.6% | 1.0% | -0.9% | -1.4% | — |
| Net margin | 1.1% | 1.2% | 0.2% | 0.8% | -1.2% | -1.6% | — |
| Return on equity | 6.3% | 6.9% | 0.8% | 3.4% | -4.9% | -13.3% | — |
| Return on assets | 3.4% | 3.8% | 0.5% | 2.0% | -3.0% | -5.1% | — |
| Free cash flow yield | 3.0% | 4.5% | 2.9% | 0.3% | 5.2% | 2.1% | — |
| Revenue growth | 4.6% | 16.2% | 21.8% | 14.6% | 31.1% | 115.5% | — |
| Earnings growth | -5.5% | 793.2% | -74.9% | -172.7% | -0.6% | 32.7% | — |
| Current ratio | 1.27x | 1.25x | 1.19x | 1.18x | 1.13x | 0.75x | — |
| Debt to equity | 0.21x | 0.20x | 0.28x | 0.23x | 0.11x | 0.54x | — |
| Equity ratio | 53.1% | 55.4% | 56.7% | 58.5% | 61.4% | 38.0% | — |
| Interest coverage | 6.01x | 3.08x | 1.66x | 3.42x | -2.04x | -2.35x | — |
| R&D as a share of sales | — | 1.1% | 0.9% | 0.8% | 0.6% | 0.4% | 0.4% |
| Buybacks as a share of market value | -0.0% | -2.7% | -1.4% | -27.1% | -13.5% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 13.9% | 17.4% | — |
| Operating income | 93.0% | — | — |
| Net income | 28.4% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 2.3% | 1.6% | 0.9% | — |
| Net margin | 1.2% | 0.8% | 0.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 103.4 | 41.1 | 287.9 | 40.1 | -41.4 |
| Price to sales | 1.1 | 0.5 | 0.5 | 0.3 | 0.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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