M 
256.00
+5.22%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 2.05bn
FY2018FY2025
Net income
SEK 147.7m
FY2018FY2025
Free cash flow
−SEK 31.6m
FY2018FY2025
Shareholders' equity
SEK 1.52bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 2.05bn | SEK 1.20bn | SEK 1.15bn | SEK 738.8m | SEK 469.6m | SEK 398.5m | SEK 334.0m | SEK 243.8m |
| Gross profit | SEK 920.1m | SEK 589.1m | SEK 556.3m | SEK 352.3m | SEK 210.1m | SEK 182.1m | SEK 124.8m | SEK 91.7m |
| Research and development | SEK 112.0m | SEK 84.0m | SEK 80.7m | SEK 49.0m | SEK 40.4m | SEK 33.1m | SEK 26.0m | SEK 17.7m |
| Operating income | SEK 212.1m | −SEK 198.1m | SEK 116.8m | SEK 29.2m | −SEK 3.2m | SEK 56.9m | SEK 24.9m | SEK 18.0m |
| Net income | SEK 147.7m | −SEK 220.3m | SEK 69.0m | SEK 14.2m | −SEK 700,000 | SEK 42.5m | SEK 19.0m | SEK 12.1m |
| Diluted earnings per share | 3.13 | -5.15 | 1.71 | 0.35 | -0.02 | 1.72 | 0.77 | 0.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 2.91bn | SEK 1.68bn | SEK 1.53bn | SEK 1.39bn | SEK 808.2m | SEK 367.9m | SEK 285.2m | SEK 178.2m |
| Cash and short-term investments | SEK 148.6m | SEK 530.4m | SEK 81.5m | SEK 59.9m | SEK 169.2m | SEK 46.8m | SEK 9.1m | SEK 31.5m |
| Total liabilities | SEK 1.39bn | SEK 581.9m | SEK 681.1m | SEK 606.0m | SEK 240.0m | SEK 235.3m | SEK 183.9m | SEK 90.4m |
| Debt | SEK 772.8m | SEK 220.4m | SEK 367.4m | SEK 314.7m | SEK 102.1m | SEK 66.7m | SEK 72.2m | SEK 2.7m |
| Shareholders' equity | SEK 1.52bn | SEK 1.10bn | SEK 844.6m | SEK 787.9m | SEK 568.2m | SEK 132.6m | SEK 101.3m | SEK 87.8m |
| Shares outstanding | 47m | 43m | 40m | 40m | 41m | 25m | 25m | 25m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 3.0m | SEK 144.4m | SEK 54.5m | −SEK 76.8m | −SEK 55.5m | SEK 61.7m | −SEK 7.9m | SEK 25.8m |
| Capital spending | −SEK 28.6m | −SEK 20.5m | −SEK 45.8m | −SEK 18.0m | −SEK 16.4m | −SEK 8.9m | −SEK 2.7m | −SEK 3.1m |
| Free cash flow | −SEK 31.6m | SEK 123.9m | SEK 8.7m | −SEK 94.8m | −SEK 71.9m | SEK 52.8m | −SEK 10.6m | SEK 22.7m |
| Dividends paid | −SEK 23.5m | −SEK 19.9m | — | −SEK 27.3m | −SEK 17.4m | −SEK 8.7m | −SEK 5.8m | −SEK 14.2m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 630.4m | SEK 707.8m | SEK 782.7m | SEK 539.7m | SEK 383.3m | SEK 339.5m | SEK 417.5m | SEK 249.9m |
| Gross profit | SEK 327.0m | SEK 313.9m | SEK 337.3m | SEK 243.1m | SEK 176.5m | SEK 163.2m | SEK 197.7m | SEK 124.9m |
| Operating income | SEK 80.6m | SEK 102.8m | SEK 133.1m | SEK 64.4m | SEK 5.9m | SEK 8.7m | −SEK 258.0m | SEK 21.8m |
| Net income | SEK 56.7m | SEK 71.1m | SEK 93.4m | SEK 45.4m | SEK 9.2m | −SEK 100,000 | −SEK 249.5m | SEK 17.2m |
| Diluted earnings per share | 1.20 | 1.51 | 1.98 | 0.96 | 0.20 | -0.00 | -5.83 | 0.40 |
| Cash from operations | SEK 20.0m | SEK 172.0m | SEK 73.0m | −SEK 42.0m | SEK 36.0m | −SEK 70.0m | SEK 46.0m | SEK 48.0m |
| Capital spending | −SEK 12.0m | −SEK 13.0m | −SEK 13.0m | −SEK 6.0m | −SEK 3.0m | −SEK 4.0m | −SEK 2.0m | −SEK 5.0m |
| Free cash flow | SEK 8.0m | SEK 159.0m | SEK 60.0m | −SEK 48.0m | SEK 33.0m | −SEK 74.0m | SEK 44.0m | SEK 43.0m |
| Total assets | SEK 3.19bn | SEK 3.02bn | SEK 2.91bn | SEK 2.76bn | SEK 2.64bn | SEK 2.76bn | SEK 1.68bn | SEK 1.39bn |
| Cash and short-term investments | SEK 196.3m | SEK 241.4m | SEK 148.6m | SEK 118.1m | SEK 199.9m | SEK 207.9m | SEK 530.4m | SEK 41.5m |
| Debt | SEK 529.7m | SEK 538.3m | SEK 590.0m | SEK 125.5m | SEK 597.6m | SEK 590.9m | SEK 159.7m | SEK 202.3m |
| Shareholders' equity | SEK 1.66bn | SEK 1.61bn | SEK 1.52bn | SEK 1.43bn | SEK 1.39bn | SEK 1.41bn | SEK 1.10bn | SEK 852.3m |
Financial ratios
Data as of 13 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 45.0% | 49.1% | 48.3% | 47.7% | 44.7% | 45.7% |
| Operating margin | 10.5% | -16.5% | 10.1% | 3.7% | -0.1% | 14.3% |
| Net margin | 7.2% | -18.3% | 6.0% | 1.9% | -0.1% | 10.7% |
| Return on equity | 9.7% | -20.0% | 8.2% | 1.8% | -0.1% | 32.1% |
| Return on assets | 5.1% | -13.1% | 4.5% | 1.0% | -0.1% | 11.6% |
| Free cash flow yield | 0.2% | 1.7% | 1.1% | -0.7% | -0.4% | 1.3% |
| Revenue growth | 70.3% | 4.3% | 55.8% | 57.3% | 17.8% | 19.3% |
| Earnings growth | -167.0% | -419.3% | 385.9% | -2128.6% | -101.6% | 123.7% |
| Current ratio | 2.06x | 3.00x | 1.70x | 1.91x | 3.25x | 1.67x |
| Debt to equity | 0.39x | 0.14x | 0.34x | 0.31x | 0.09x | 0.06x |
| Equity ratio | 52.3% | 65.4% | 55.4% | 56.5% | 70.3% | 36.0% |
| Interest coverage | 5.01x | -8.09x | 4.01x | 2.55x | -0.10x | 35.63x |
| R&D as a share of sales | 5.5% | 7.0% | 7.0% | 6.6% | 8.6% | 8.3% |
| Buybacks as a share of market value | -10.1% | -6.2% | 0.0% | 0.7% | -64.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 39.8% | 38.1% | — |
| Operating income | 93.7% | 30.1% | — |
| Net income | 118.3% | 28.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 46.5% | 47.1% | 46.8% | — |
| Operating margin | 0.4% | 3.1% | 3.6% | — |
| Net margin | -2.2% | 0.2% | 0.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 38.2 | -24.3 | 38.3 | 229.3 | -3033.9 |
| Price to sales | 2.8 | 4.5 | 2.4 | 4.5 | 4.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 2 years. Last went ex-dividend on 22 May 2026.
| FY2026 | FY2025 | FY2024 | FY2022 | |
|---|---|---|---|---|
| Paid in the year | 0.75 | 0.50 | 0.50 | 0.75 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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