N 
0.45
+4.94%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 23.9m
FY2016FY2025
Net income
−SEK 8.0m
FY2016FY2025
Free cash flow
−SEK 12.8m
FY2016FY2025
Shareholders' equity
SEK 41.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 23.9m | SEK 16.1m | SEK 10.4m | SEK 6.8m | SEK 5.9m | SEK 1.4m | SEK 1.9m | SEK 5.3m | SEK 248,000 | — |
| Research and development | — | — | SEK 137,000 | — | — | — | — | — | — | — |
| Operating income | −SEK 8.0m | −SEK 10.3m | −SEK 46.5m | −SEK 13.8m | −SEK 6.4m | −SEK 103.8m | −SEK 74.5m | −SEK 47.4m | −SEK 32.5m | −SEK 24.2m |
| Net income | −SEK 8.0m | −SEK 10.2m | −SEK 46.6m | −SEK 17.8m | −SEK 58.6m | −SEK 229.1m | −SEK 73.8m | −SEK 42.0m | −SEK 24.9m | −SEK 18.3m |
| Diluted earnings per share | -0.03 | -0.05 | -0.26 | -0.27 | -1.21 | -0.88 | -0.28 | -0.16 | -0.10 | -0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 64.7m | SEK 20.7m | SEK 33.1m | SEK 21.7m | SEK 40.1m | SEK 116.3m | SEK 203.6m | SEK 214.6m | SEK 199.7m | SEK 171.7m |
| Cash and short-term investments | SEK 17.3m | SEK 4.3m | SEK 1.2m | SEK 2.5m | SEK 10.4m | SEK 87.8m | SEK 26.7m | SEK 41.9m | SEK 42.5m | SEK 41.5m |
| Total liabilities | SEK 23.7m | SEK 4.1m | SEK 6.3m | SEK 3.3m | SEK 980,000 | SEK 14.6m | SEK 15.8m | SEK 14.2m | SEK 7.5m | SEK 3.6m |
| Debt | SEK 716,000 | SEK 1.0m | SEK 1.9m | SEK 1.7m | SEK 9.0m | SEK 3.3m | SEK 6.8m | — | — | — |
| Shareholders' equity | SEK 41.1m | SEK 16.6m | SEK 26.8m | SEK 6.7m | SEK 39.1m | SEK 101.6m | SEK 187.8m | SEK 200.4m | SEK 192.2m | SEK 168.1m |
| Shares outstanding | 260m | 210m | 178m | 67m | 48m | 260m | 260m | 260m | 260m | 260m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 6.4m | −SEK 10.0m | −SEK 17.5m | −SEK 6.9m | −SEK 6.2m | −SEK 70.0m | −SEK 52.7m | −SEK 35.1m | −SEK 27.8m | −SEK 23.5m |
| Capital spending | −SEK 6.4m | −SEK 4.6m | −SEK 855,000 | −SEK 61,000 | −SEK 10.6m | −SEK 9.2m | −SEK 20.1m | −SEK 15.5m | −SEK 16.1m | −SEK 5.8m |
| Free cash flow | −SEK 12.8m | −SEK 14.7m | −SEK 18.4m | −SEK 7.0m | −SEK 16.8m | −SEK 79.1m | −SEK 72.8m | −SEK 50.6m | −SEK 43.9m | −SEK 29.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 8.8m | SEK 8.2m | SEK 11.2m | SEK 3.7m | SEK 4.9m | SEK 4.2m | SEK 4.8m | SEK 4.3m |
| Operating income | −SEK 1.9m | −SEK 2.0m | −SEK 808,000 | −SEK 4.2m | −SEK 1.9m | −SEK 1.3m | −SEK 2.3m | −SEK 2.2m |
| Net income | −SEK 1.3m | −SEK 1.8m | −SEK 620,000 | −SEK 4.1m | −SEK 2.0m | −SEK 1.3m | −SEK 2.1m | −SEK 2.2m |
| Diluted earnings per share | -0.00 | -0.01 | -0.00 | -0.02 | -0.01 | -0.01 | -0.01 | -0.01 |
| Cash from operations | — | — | −SEK 1.0m | −SEK 2.0m | −SEK 3.0m | — | −SEK 3.0m | −SEK 1.0m |
| Capital spending | — | — | −SEK 1.0m | −SEK 2.0m | −SEK 3.0m | — | −SEK 3.0m | — |
| Free cash flow | — | — | −SEK 2.0m | −SEK 4.0m | −SEK 6.0m | — | −SEK 6.0m | — |
| Total assets | SEK 62.5m | SEK 63.9m | SEK 64.7m | SEK 67.1m | SEK 49.3m | SEK 19.8m | SEK 20.7m | SEK 22.9m |
| Cash and short-term investments | SEK 16.1m | SEK 16.8m | SEK 17.3m | SEK 18.8m | SEK 33.6m | SEK 4.7m | SEK 4.3m | SEK 10.0m |
| Debt | SEK 343,000 | SEK 745,000 | SEK 947,000 | SEK 305,000 | SEK 521,000 | SEK 652,000 | SEK 777,000 | SEK 869,000 |
| Shareholders' equity | SEK 38.2m | SEK 39.3m | SEK 41.1m | SEK 41.7m | SEK 45.6m | SEK 15.2m | SEK 16.6m | SEK 18.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 51.7% | 77.2% | — |
| Operating income | -16.5% | -40.1% | 2.1% |
| Net income | -23.3% | -48.8% | 4.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -45.9% | -137.4% | -293.1% | — |
| Net margin | -45.5% | -144.2% | -574.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -19.6 | -19.2 | -3.0 | -1.1 | -0.7 | -1.7 | -18.3 | -41.3 | -101.0 | -123.4 |
| Price to sales | 6.6 | 12.1 | 13.6 | 2.9 | 7.4 | 281.3 | — | 330.0 | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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