K
0.51
-2.29%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 9.0m
FY2016FY2025
Net income
−SEK 38.9m
FY2016FY2025
Free cash flow
−SEK 70.1m
FY2016FY2025
Shareholders' equity
−SEK 3.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 9.0m | SEK 2.2m | SEK 8.5m | SEK 5.9m | SEK 6.1m | SEK 7.2m | SEK 4.2m | SEK 649,000 | SEK 2.3m | — |
| Research and development | SEK 20.1m | SEK 22.1m | SEK 24.9m | SEK 51.4m | SEK 63.5m | SEK 41.2m | SEK 16.9m | SEK 22.3m | SEK 9.5m | SEK 10.0m |
| Operating income | −SEK 33.4m | −SEK 31.2m | −SEK 31.8m | −SEK 55.8m | −SEK 50.4m | −SEK 48.8m | −SEK 21.1m | −SEK 27.3m | −SEK 21.8m | −SEK 14.6m |
| Net income | −SEK 38.9m | −SEK 47.8m | −SEK 35.8m | −SEK 63.8m | −SEK 53.5m | −SEK 51.4m | −SEK 22.5m | −SEK 27.3m | −SEK 21.6m | −SEK 14.6m |
| Diluted earnings per share | -0.21 | -0.33 | -0.34 | -1.07 | -0.97 | -1.08 | -0.73 | -0.89 | -0.70 | -0.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 40.8m | SEK 57.3m | SEK 72.9m | SEK 120.3m | SEK 118.3m | SEK 132.4m | SEK 101.7m | SEK 106.3m | SEK 155.9m | SEK 162.0m |
| Cash and short-term investments | SEK 342,000 | SEK 598,000 | SEK 1.2m | SEK 16.8m | SEK 25.5m | SEK 31.3m | SEK 2.9m | SEK 8.0m | SEK 17.1m | SEK 31.1m |
| Total liabilities | SEK 44.6m | SEK 54.0m | SEK 31.8m | SEK 44.2m | SEK 48.9m | SEK 22.8m | SEK 19.6m | SEK 11.6m | SEK 2.3m | SEK 2.0m |
| Debt | SEK 9.7m | SEK 23.1m | SEK 18.9m | SEK 17.1m | SEK 31.7m | SEK 10.3m | SEK 10.8m | — | — | — |
| Shareholders' equity | −SEK 3.9m | SEK 3.3m | SEK 41.1m | SEK 76.1m | SEK 69.4m | SEK 109.6m | SEK 82.1m | SEK 94.7m | SEK 153.5m | SEK 160.0m |
| Shares outstanding | 185m | 144m | 107m | 60m | 55m | 48m | 31m | 31m | 31m | 30m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 35.0m | −SEK 11.9m | −SEK 9.1m | −SEK 49.7m | −SEK 24.8m | −SEK 35.3m | −SEK 14.8m | −SEK 9.1m | −SEK 12.1m | −SEK 14.4m |
| Capital spending | −SEK 35.0m | — | — | −SEK 42,000 | −SEK 42,000 | −SEK 33,000 | −SEK 33,000 | −SEK 33,000 | −SEK 65,000 | −SEK 65,000 |
| Free cash flow | −SEK 70.1m | −SEK 11.9m | −SEK 9.1m | −SEK 49.8m | −SEK 24.8m | −SEK 35.3m | −SEK 14.8m | −SEK 9.2m | −SEK 12.1m | −SEK 14.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 10,000 | SEK 101,000 | −SEK 27,000 | SEK 42,000 | — | SEK 9.0m | SEK 1.1m | SEK 1.1m |
| Operating income | −SEK 10.8m | −SEK 7.2m | −SEK 7.1m | −SEK 6.6m | −SEK 14.6m | SEK 3.0m | −SEK 11.0m | −SEK 2.8m |
| Net income | −SEK 12.9m | −SEK 8.7m | −SEK 8.5m | −SEK 8.7m | −SEK 20.1m | −SEK 1.6m | −SEK 15.6m | −SEK 7.9m |
| Diluted earnings per share | -0.05 | -0.04 | -0.05 | -0.05 | -0.11 | -0.01 | -0.11 | -0.05 |
| Cash from operations | −SEK 14.0m | — | −SEK 2.0m | −SEK 30.0m | −SEK 2.0m | — | SEK 1.0m | −SEK 3.0m |
| Capital spending | — | — | −SEK 35.0m | — | — | — | — | — |
| Free cash flow | — | — | −SEK 37.0m | — | — | — | — | — |
| Total assets | SEK 37.5m | SEK 30.0m | SEK 40.8m | SEK 47.4m | SEK 50.3m | SEK 54.9m | SEK 57.3m | SEK 64.4m |
| Cash and short-term investments | SEK 8.5m | SEK 260,000 | SEK 342,000 | SEK 2.5m | SEK 2.0m | SEK 1.5m | SEK 598,000 | SEK 537,000 |
| Debt | — | — | SEK 9.7m | SEK 617,000 | — | SEK 617,000 | SEK 23.1m | — |
| Shareholders' equity | −SEK 33.6m | −SEK 20.6m | −SEK 3.9m | SEK 4.5m | −SEK 18.4m | SEK 1.7m | SEK 3.3m | SEK 12.9m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.3% | 4.5% | — |
| Operating income | -15.7% | -7.3% | 19.6% |
| Net income | -15.2% | -5.4% | 21.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -574.3% | -595.5% | -646.5% | — |
| Net margin | -770.4% | -728.2% | -748.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.2 | -0.6 | -0.5 | -0.4 | -1.4 | -1.2 | -1.3 | -2.3 | -3.0 | -3.8 |
| Price to sales | 13.7 | 13.1 | 2.3 | 4.6 | 12.1 | 8.8 | 6.9 | 97.7 | 28.2 | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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