N 
34.02
+0.06%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 1.26bn
FY2016FY2025
Net income
SEK 168.5m
FY2016FY2025
Free cash flow
SEK 111.6m
FY2016FY2025
Shareholders' equity
SEK 406.4m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 1.26bn | SEK 1.09bn | SEK 1.06bn | SEK 1.30bn | SEK 1.43bn | SEK 1.39bn | SEK 2.94bn | SEK 3.23bn | SEK 3.40bn | SEK 4.47bn |
| Research and development | — | — | SEK 10.6m | SEK 7.6m | SEK 7.2m | SEK 84.6m | SEK 84.2m | SEK 59.9m | SEK 57.4m | SEK 64.5m |
| Operating income | SEK 166.4m | SEK 93.1m | SEK 13.0m | −SEK 58.8m | −SEK 57.0m | −SEK 44.2m | −SEK 94.7m | −SEK 55.5m | SEK 20.7m | −SEK 86.6m |
| Net income | SEK 168.5m | SEK 83.4m | −SEK 1.5m | −SEK 71.7m | −SEK 47.8m | −SEK 71.0m | −SEK 110.2m | SEK 2.6m | −SEK 23.3m | −SEK 185.7m |
| Diluted earnings per share | 5.62 | 2.78 | -0.05 | -3.32 | -2.21 | -4.68 | -7.36 | 0.17 | -1.56 | -12.44 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 989.7m | SEK 898.5m | SEK 799.8m | SEK 837.2m | SEK 925.4m | SEK 655.1m | SEK 4.01bn | SEK 3.44bn | SEK 3.24bn | SEK 2.53bn |
| Cash and short-term investments | SEK 253.8m | SEK 196.9m | SEK 151.1m | SEK 96.8m | SEK 197.5m | SEK 230.1m | SEK 808.9m | SEK 863.9m | SEK 689.9m | SEK 435.2m |
| Total liabilities | SEK 583.3m | SEK 661.3m | SEK 621.2m | SEK 703.6m | SEK 721.0m | SEK 405.3m | SEK 3.12bn | SEK 2.45bn | SEK 2.23bn | SEK 1.51bn |
| Debt | SEK 287.1m | SEK 287.3m | SEK 283.6m | SEK 294.6m | SEK 316.4m | SEK 39.6m | SEK 475.1m | SEK 710.5m | SEK 579.5m | SEK 513.3m |
| Shareholders' equity | SEK 406.4m | SEK 237.1m | SEK 178.6m | SEK 133.6m | SEK 204.4m | SEK 249.8m | SEK 888.5m | SEK 994.5m | SEK 1.01bn | SEK 1.03bn |
| Shares outstanding | 30m | 30m | 30m | 22m | 22m | 15m | 15m | 15m | 15m | 15m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SEK 123.1m | SEK 154.5m | SEK 59.3m | −SEK 64.8m | SEK 18.8m | −SEK 319.1m | SEK 183.7m | −SEK 220.0m | −SEK 9.8m | −SEK 175.4m |
| Capital spending | −SEK 11.5m | −SEK 1.2m | −SEK 8.2m | −SEK 11.1m | −SEK 23.1m | −SEK 6.2m | −SEK 138.9m | −SEK 90.8m | −SEK 107.0m | −SEK 94.6m |
| Free cash flow | SEK 111.6m | SEK 153.3m | SEK 51.1m | −SEK 75.9m | −SEK 4.3m | −SEK 325.3m | SEK 44.8m | −SEK 310.8m | −SEK 116.8m | −SEK 270.0m |
| Dividends paid | — | −SEK 24.9m | — | — | — | −SEK 16.8m | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 346.3m | SEK 243.3m | SEK 370.5m | SEK 283.7m | SEK 361.7m | SEK 247.8m | SEK 318.4m | SEK 239.6m |
| Operating income | SEK 32.3m | SEK 8.0m | SEK 47.8m | SEK 43.2m | SEK 55.4m | SEK 19.9m | SEK 36.2m | SEK 25.1m |
| Net income | SEK 30.4m | SEK 5.1m | SEK 58.3m | SEK 41.5m | SEK 52.4m | SEK 16.3m | SEK 36.3m | SEK 22.3m |
| Diluted earnings per share | 1.01 | 0.17 | 1.94 | 1.38 | 1.75 | 0.54 | 1.21 | 0.74 |
| Cash from operations | SEK 98.0m | −SEK 26.0m | SEK 50.0m | −SEK 18.0m | SEK 103.0m | −SEK 13.0m | SEK 71.0m | −SEK 18.0m |
| Capital spending | −SEK 4.0m | −SEK 2.0m | −SEK 6.0m | −SEK 5.0m | −SEK 9.0m | −SEK 3.0m | −SEK 18.0m | −SEK 3.0m |
| Free cash flow | SEK 94.0m | −SEK 28.0m | SEK 44.0m | −SEK 23.0m | SEK 94.0m | −SEK 16.0m | SEK 53.0m | −SEK 21.0m |
| Total assets | SEK 1.04bn | SEK 959.3m | SEK 989.7m | SEK 974.9m | SEK 913.8m | SEK 846.5m | SEK 867.8m | SEK 835.8m |
| Cash and short-term investments | SEK 300.6m | SEK 215.3m | SEK 253.8m | SEK 226.7m | SEK 259.6m | SEK 172.6m | SEK 196.9m | SEK 190.4m |
| Debt | SEK 30.8m | SEK 33.5m | SEK 36.2m | SEK 38.9m | SEK 33.8m | SEK 34.9m | SEK 35.8m | SEK 94.0m |
| Shareholders' equity | SEK 442.7m | SEK 411.9m | SEK 406.4m | SEK 347.9m | SEK 306.2m | SEK 253.4m | SEK 237.1m | SEK 225.7m |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 13.5% | 8.5% | 1.4% | -4.5% | -2.8% | -3.0% | — | — |
| Net margin | 13.3% | 7.6% | -0.1% | -5.5% | -3.3% | -5.1% | — | — |
| Return on equity | 41.5% | 35.2% | -0.8% | -53.7% | -23.4% | -28.4% | — | — |
| Return on assets | 17.0% | 9.3% | -0.2% | -8.6% | -5.2% | -10.8% | — | — |
| Free cash flow yield | 12.5% | 14.5% | 6.3% | -6.9% | 5.4% | -57.6% | — | — |
| Revenue growth | 15.5% | 3.2% | -18.3% | -9.1% | 2.5% | -52.6% | — | — |
| Earnings growth | 102.0% | -5660.0% | -97.9% | 50.0% | -32.7% | -35.6% | — | — |
| Current ratio | 1.54x | 1.17x | 0.83x | 0.84x | 1.00x | 1.24x | — | — |
| Debt to equity | 0.09x | 0.15x | 0.56x | 0.46x | 0.25x | 0.08x | — | — |
| Equity ratio | 41.1% | 26.4% | 22.3% | 16.0% | 22.1% | 38.1% | — | — |
| Interest coverage | 10.97x | 5.39x | 0.87x | -4.47x | -6.04x | -8.13x | — | — |
| R&D as a share of sales | — | — | 1.0% | 0.6% | 0.5% | 6.1% | 2.9% | 1.9% |
| Buybacks as a share of market value | 0.0% | -0.1% | -38.9% | 0.1% | -42.4% | -1.3% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.9% | -1.9% | -13.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 11.0% | 4.5% | 1.5% | -0.8% |
| Net margin | 10.7% | 3.8% | 0.8% | -1.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 6.9 | 3.7 | -111.7 | -0.7 | -4.2 | -2.2 | -0.8 | 47.2 | -10.4 | -0.6 |
| Price to sales | 0.9 | 0.3 | 0.2 | 0.0 | 0.1 | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 13 Dec 2024.
| FY2024 | |
|---|---|
| Paid in the year | 0.83 |
- 10-to-1 reverse split · 28 Dec 2020
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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