N 
0.95
+0.21%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€30.4m
FY2016FY2025
Net income
€3.7m
FY2016FY2025
Free cash flow
−€7.4m
FY2016FY2025
Shareholders' equity
€6.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €30.4m | €24.0m | €38.9m | €50.3m | €51.3m | €58.5m | €93.7m | €73.3m | €62.7m | €40.8m |
| Research and development | — | — | — | €369,887 | €23,207 | €955,918 | €1.9m | €529,548 | €42,197 | €768,100 |
| Operating income | €3.1m | €3.2m | −€6.8m | −€872,482 | €3.0m | −€22.0m | −€6.4m | −€7.8m | −€6.4m | €563,989 |
| Net income | €3.7m | €3.0m | −€9.0m | −€14.2m | −€3.7m | −€24.4m | −€9.0m | −€9.5m | −€7.2m | €118,617 |
| Diluted earnings per share | 0.01 | 0.01 | -0.03 | -0.04 | -0.01 | -0.08 | -0.03 | -0.03 | -0.10 | 0.00 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €64.6m | €46.4m | €41.2m | €53.2m | €54.2m | €49.4m | €71.8m | €73.4m | €52.9m | €42.2m |
| Cash and short-term investments | €5.9m | €782,000 | €2.5m | €2.8m | €5.8m | €5.2m | €2.2m | €3.3m | €1.6m | €4.4m |
| Total liabilities | €51.9m | €53.6m | €79.2m | €84.2m | €83.0m | €74.2m | €72.6m | €76.9m | €55.8m | €38.5m |
| Debt | €35.1m | €11.8m | €59.1m | €62.9m | €62.5m | €49.5m | €43.0m | €38.8m | €37.1m | €26.3m |
| Shareholders' equity | €6.3m | −€9.3m | −€38.2m | −€30.9m | −€28.8m | −€24.8m | −€791,299 | −€3.5m | −€2.9m | €3.7m |
| Shares outstanding | 433m | 404m | 344m | 344m | 316m | 316m | 316m | 305m | 73m | 291m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€3.4m | €1.8m | −€6.5m | €2.0m | −€4.6m | −€635,437 | −€2.6m | −€5.6m | −€5.7m | −€2.7m |
| Capital spending | −€4.0m | −€8.2m | −€4.6m | −€9.0m | −€2.4m | −€1.6m | −€3.6m | −€3.3m | −€664,493 | −€781,773 |
| Free cash flow | −€7.4m | −€6.4m | −€11.0m | −€7.0m | −€7.0m | −€2.2m | −€6.2m | −€8.9m | −€6.4m | −€3.5m |
| Dividends paid | — | — | — | — | — | — | — | — | −€18.1m | −€133,037 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €27.2m | €14.7m | €14.1m | €7.9m | €8.6m | €8.6m | −€6.0m | −€6.0m |
| Operating income | €4.4m | €2.1m | €4.5m | €1.9m | €797,000 | €797,000 | €335,000 | €335,000 |
| Net income | €3.0m | €1.5m | €2.4m | €1.2m | €636,500 | €636,500 | €2.3m | €2.3m |
| Diluted earnings per share | 0.01 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
| Cash from operations | −€3.0m | −€1.0m | — | — | −€1.0m | −€1.0m | — | — |
| Capital spending | — | — | −€2.0m | −€1.0m | — | — | −€1.0m | −€1.0m |
| Total assets | €85.3m | €85.3m | €64.6m | €64.6m | €60.6m | €60.6m | €46.4m | €42.1m |
| Cash and short-term investments | €12.3m | €12.3m | €5.9m | €5.9m | €6.8m | €6.8m | €782,000 | €196,000 |
| Debt | €22.6m | €17.6m | €16.3m | €12.7m | €10.0m | €6.2m | €14.8m | €2.3m |
| Shareholders' equity | €10.9m | €10.9m | €6.3m | €6.3m | €6.3m | €6.3m | −€9.3m | €7.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -15.4% | -12.3% | -2.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 11.6% | -0.9% | -8.0% | -8.6% |
| Net margin | 12.3% | -11.4% | -17.5% | -13.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 107.7 | 49.2 | -14.5 | -10.3 | -34.6 | -6.6 | -31.4 | -23.0 | -8.3 | — |
| Price to sales | 13.1 | 6.2 | 3.4 | 2.9 | 2.5 | 2.8 | 3.0 | 3.0 | 0.9 | 6.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 4-for-1 split · 3 Aug 2018
- 10-to-1 reverse split · 24 Apr 2014
- 1-to-1 reverse split · 21 Nov 2001
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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