H 
2.19
+2.34%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€1.5m
FY2016FY2025
Net income
−€42.3m
FY2016FY2025
Free cash flow
−€31.7m
FY2016FY2025
Shareholders' equity
−€10.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €1.5m | €6.8m | €9.9m | €18.5m | €2.9m | €8.5m | €7.3m | €3.7m | €1.9m | €1.4m |
| Gross profit | −€1.2m | €5.1m | €6.6m | €13.8m | −€1.8m | €2.9m | €3.6m | €1.5m | €943,344 | €552,939 |
| Research and development | €38.8m | €21.8m | €28.1m | €26.4m | €18.8m | €18.3m | €10.9m | €10.7m | €9.3m | €6.1m |
| Operating income | −€47.4m | −€20.7m | −€21.2m | −€17.2m | −€25.1m | −€18.6m | −€10.4m | −€11.7m | −€10.8m | −€6.4m |
| Net income | −€42.3m | −€19.4m | −€20.3m | −€19.7m | −€26.1m | −€18.4m | −€10.1m | −€11.7m | −€11.0m | −€6.4m |
| Diluted earnings per share | -0.90 | -0.42 | -0.44 | -0.53 | -0.80 | -0.64 | -0.36 | -0.41 | -0.38 | -0.22 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €38.1m | €60.7m | €70.4m | €100.6m | €21.7m | €19.6m | €23.0m | €31.2m | €41.5m | €15.2m |
| Cash and short-term investments | €15.0m | €29.4m | €43.4m | €81.3m | €6.1m | €5.0m | €9.9m | €19.4m | €30.4m | €4.6m |
| Total liabilities | €49.1m | €29.9m | €21.0m | €33.9m | €15.0m | €6.7m | €6.7m | €5.3m | €4.5m | €5.5m |
| Debt | €1.2m | €22.0m | €5.8m | €16.0m | €10.6m | €202,679 | €1.9m | −€1.6m | −€830,000 | €3.7m |
| Shareholders' equity | −€10.9m | €30.9m | €49.3m | €66.6m | €6.7m | €12.9m | €16.3m | €25.9m | €37.0m | €9.8m |
| Shares outstanding | 47m | 47m | 47m | 37m | 33m | 29m | 29m | 29m | 29m | 29m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€31.6m | −€29.6m | −€33.7m | −€8.9m | −€26.6m | −€17.9m | −€8.6m | −€10.0m | −€7.9m | −€6.5m |
| Capital spending | −€128,657 | −€456,024 | −€959,854 | −€612,932 | −€1.4m | −€1.4m | −€963,199 | −€1.0m | −€416,074 | −€537,869 |
| Free cash flow | −€31.7m | −€30.0m | −€34.6m | −€9.5m | −€28.0m | −€19.3m | −€9.5m | −€11.0m | −€8.4m | −€7.1m |
Latest quarters
By quarter end
| Aug 2026 | May 2026 | Feb 2026 | Nov 2025 | Aug 2025 | May 2025 | Feb 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.9m | €4.3m | €3.0m | €21,440 | €47,130 | €118,513 | €1.3m | €1.6m |
| Gross profit | €974,681 | €4.0m | €2.7m | −€187,202 | −€39,583 | €67,331 | €1.2m | €1.3m |
| Operating income | −€5.5m | €444,280 | −€5.4m | −€20.4m | −€8.7m | −€6.9m | −€6.1m | −€5.4m |
| Net income | −€5.3m | €862,762 | −€4.3m | −€21.2m | −€8.5m | −€6.7m | −€5.9m | −€5.1m |
| Diluted earnings per share | -0.12 | 0.02 | -0.10 | -0.45 | -0.18 | -0.14 | -0.13 | -0.11 |
| Cash from operations | −€5.0m | −€1.0m | −€6.0m | −€6.0m | −€10.0m | −€5.0m | −€8.0m | −€6.0m |
| Total assets | €42.8m | €46.9m | €30.8m | €38.1m | €54.1m | €62.5m | €52.8m | €60.7m |
| Cash and short-term investments | €19.8m | €24.9m | €9.3m | €15.0m | €22.9m | €33.3m | €20.7m | €29.4m |
| Debt | €134,837 | — | — | €101,777 | €89,325 | €97,200 | €115,861 | €115,448 |
| Shareholders' equity | −€19.3m | −€14.2m | −€15.2m | −€10.9m | €10.5m | €18.5m | €25.1m | €30.9m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -57.1% | -29.7% | -4.4% |
| Operating income | 40.3% | 20.6% | 22.0% |
| Net income | 29.0% | 18.1% | 20.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 46.7% | 66.3% | 52.8% | 51.2% |
| Operating margin | -819.9% | -290.4% | -312.5% | -303.2% |
| Net margin | -742.3% | -277.3% | -304.2% | -297.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.7 | -5.9 | -8.6 | -9.3 | -5.9 | -10.8 | -3.6 | -3.5 | -5.1 | -5.8 |
| Price to sales | 79.6 | 16.6 | 17.7 | 9.9 | 53.3 | 23.4 | 5.0 | 11.3 | 29.4 | 27.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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