N
0.17
-1.18%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 21.1m
FY2016FY2025
Net income
−SEK 51.3m
FY2016FY2025
Free cash flow
−SEK 40.9m
FY2016FY2025
Shareholders' equity
SEK 22.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 21.1m | SEK 14.5m | SEK 1.4m | SEK 1.6m | SEK 12.9m | SEK 16.1m | SEK 10.2m | SEK 4.1m | SEK 2.6m | SEK 2.0m |
| Research and development | — | — | SEK 7.3m | SEK 4.1m | SEK 3.8m | SEK 2.6m | SEK 2.5m | SEK 2.7m | SEK 2.6m | — |
| Operating income | −SEK 47.0m | −SEK 59.3m | −SEK 70.0m | −SEK 50.2m | −SEK 41.6m | −SEK 18.7m | −SEK 19.6m | −SEK 21.3m | −SEK 19.3m | −SEK 22.2m |
| Net income | −SEK 51.3m | −SEK 65.6m | −SEK 75.2m | −SEK 55.1m | −SEK 50.1m | −SEK 24.8m | −SEK 21.5m | −SEK 20.9m | −SEK 20.1m | −SEK 22.5m |
| Diluted earnings per share | -0.58 | -1.40 | -2.05 | -1.52 | -1.78 | -0.89 | -1.25 | -1.26 | -4.19 | -4.68 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 88.1m | SEK 143.1m | SEK 77.4m | SEK 154.5m | SEK 98.3m | SEK 146.3m | SEK 42.3m | SEK 34.3m | SEK 25.9m | SEK 31.9m |
| Cash and short-term investments | SEK 3.5m | SEK 48.4m | SEK 10.1m | SEK 70.3m | SEK 11.7m | SEK 68.0m | SEK 1.1m | SEK 21.8m | SEK 7.0m | SEK 16.8m |
| Total liabilities | SEK 65.5m | SEK 69.0m | SEK 79.3m | SEK 81.4m | SEK 46.7m | SEK 53.4m | SEK 38.2m | SEK 10.6m | SEK 24.0m | SEK 9.8m |
| Debt | SEK 21.5m | SEK 50.9m | SEK 666,000 | SEK 4.7m | SEK 9.8m | SEK 13.0m | SEK 9.1m | SEK 4.7m | SEK 19.9m | SEK 4.6m |
| Shareholders' equity | SEK 22.6m | SEK 74.1m | −SEK 1.9m | SEK 73.2m | SEK 51.6m | SEK 93.0m | SEK 4.1m | SEK 23.7m | SEK 1.9m | SEK 22.0m |
| Shares outstanding | 88m | 47m | 37m | 36m | 28m | 28m | 17m | 17m | 5m | 5m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 39.9m | −SEK 80.7m | −SEK 35.8m | −SEK 45.2m | −SEK 46.5m | −SEK 43.3m | −SEK 11.5m | −SEK 11.7m | −SEK 23.2m | −SEK 23.2m |
| Capital spending | −SEK 999,000 | −SEK 742,000 | −SEK 21.0m | −SEK 8.6m | −SEK 7.2m | −SEK 6.5m | −SEK 31.0m | −SEK 3.0m | −SEK 1.9m | −SEK 2.5m |
| Free cash flow | −SEK 40.9m | −SEK 81.5m | −SEK 56.8m | −SEK 53.8m | −SEK 53.7m | −SEK 49.9m | −SEK 42.5m | −SEK 14.7m | −SEK 25.1m | −SEK 25.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 24.3m | SEK 21.5m | SEK 5.2m | SEK 2.8m | SEK 2.3m | SEK 10.8m | SEK 6.7m | SEK 611,000 |
| Operating income | −SEK 18.3m | −SEK 9.9m | −SEK 15.7m | −SEK 10.1m | −SEK 10.8m | −SEK 9.2m | −SEK 11.9m | −SEK 22.2m |
| Net income | −SEK 18.7m | SEK 65.2m | −SEK 16.7m | −SEK 11.0m | −SEK 12.3m | −SEK 10.2m | −SEK 14.0m | −SEK 23.7m |
| Diluted earnings per share | -0.06 | 0.22 | -0.19 | -0.12 | -0.14 | -0.12 | -0.30 | -0.51 |
| Cash from operations | −SEK 30.0m | −SEK 6.0m | −SEK 9.0m | −SEK 10.0m | — | −SEK 19.0m | −SEK 24.0m | −SEK 24.0m |
| Total assets | SEK 243.6m | SEK 262.3m | SEK 88.1m | SEK 101.3m | SEK 112.6m | SEK 125.1m | SEK 143.1m | SEK 95.1m |
| Cash and short-term investments | SEK 19.1m | SEK 39.3m | SEK 3.5m | SEK 14.0m | SEK 26.4m | SEK 28.3m | SEK 48.4m | SEK 4.1m |
| Debt | SEK 10.4m | SEK 73.7m | SEK 21.3m | SEK 19.5m | SEK 6.5m | SEK 7.2m | SEK 50.7m | SEK 3.5m |
| Shareholders' equity | SEK 156.4m | SEK 97.5m | SEK 22.6m | SEK 40.5m | SEK 51.6m | SEK 63.9m | SEK 74.1m | −SEK 8.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 138.6% | 5.5% | 20.5% |
| Operating income | -2.2% | 20.2% | 12.8% |
| Net income | -2.4% | 15.6% | 13.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -297.9% | -585.7% | -423.5% | -426.2% |
| Net margin | -327.8% | -639.3% | -475.7% | -468.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.5 | -0.5 | -1.1 | -1.4 | -1.6 | -3.2 | -1.8 | -0.5 | -0.4 | -0.7 |
| Price to sales | 1.2 | 2.2 | 56.6 | 49.9 | 6.4 | 5.0 | 3.8 | 2.7 | 3.4 | 8.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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