O 
1.70
-0.58%
Close of 9 Nov 2026, in EUR
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At a glance
Figures in EUR, from our data supplier.
Revenue
€2.6m
FY2016FY2025
Net income
−€37.7m
FY2016FY2025
Free cash flow
−€34.1m
FY2016FY2025
Shareholders' equity
€27.3m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | €2.6m | €69.9m | €2.2m | €18.3m | €26.3m | €10.4m | €26.0m | €24.5m | €6.7m | €383,000 |
| Gross profit | €2.6m | €69.9m | €2.2m | €18.3m | €26.3m | €10.4m | €25.9m | €24.5m | €6.7m | €383,000 |
| Research and development | €33.9m | €32.9m | €17.2m | €26.9m | €30.6m | €22.4m | €25.1m | €15.1m | €14.6m | €8.0m |
| Operating income | −€48.1m | €43.7m | −€23.0m | −€18.5m | −€16.6m | −€19.0m | −€1.5m | €4.8m | −€12.6m | €17.5m |
| Net income | −€37.7m | €37.4m | −€23.0m | −€17.8m | −€16.9m | −€16.6m | −€4.7m | €5.5m | −€10.5m | €20.7m |
| Diluted earnings per share | -1.68 | 1.73 | -1.12 | -0.96 | -0.91 | -1.03 | -0.31 | 0.35 | -0.73 | 1.45 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | €78.4m | €124.0m | €82.1m | €91.7m | €101.5m | €96.8m | €88.9m | €76.9m | €77.4m | €89.5m |
| Cash and short-term investments | €22.6m | €16.7m | €18.7m | €25.6m | €33.6m | €29.4m | €25.8m | €12.4m | €12.5m | €17.8m |
| Total liabilities | €51.1m | €60.1m | €59.1m | €59.1m | €54.0m | €35.6m | €30.4m | €15.1m | €21.9m | €25.0m |
| Debt | €35.4m | €46.1m | €45.8m | €44.8m | €37.1m | €19.5m | €11.5m | €4.5m | €4.9m | €1.8m |
| Shareholders' equity | €27.3m | €63.8m | €22.8m | €32.5m | €47.9m | €61.2m | €58.5m | €61.8m | €55.4m | €64.5m |
| Shares outstanding | 22m | 22m | 21m | 18m | 18m | 16m | 15m | 16m | 14m | 14m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −€34.0m | €48.4m | −€19.8m | −€18.3m | −€9.9m | −€19.6m | €9.0m | €1.1m | −€8.0m | €684,000 |
| Capital spending | −€98,000 | −€77,000 | −€232,000 | −€274,000 | −€472,000 | −€210,000 | −€336,000 | −€593,000 | −€353,000 | −€30,000 |
| Free cash flow | −€34.1m | €48.4m | −€20.0m | −€18.5m | −€10.4m | −€19.8m | €8.6m | €484,000 | −€8.3m | €654,000 |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | Sept 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | €1.3m | €1.3m | €831,000 | €82.6m | €869,000 | €1.4m | €2.3m | €1.1m |
| Gross profit | — | — | €862,000 | €69.0m | €869,000 | €1.4m | €2.3m | €1.1m |
| Operating income | −€24.6m | −€23.5m | −€19.6m | €46.1m | −€13.2m | −€13.5m | −€17.3m | −€5.0m |
| Net income | −€22.6m | −€15.1m | −€19.7m | €57.2m | −€11.1m | −€11.9m | −€15.8m | −€8.0m |
| Diluted earnings per share | -1.01 | -0.67 | -0.91 | 2.64 | -0.54 | -0.58 | -0.86 | -0.43 |
| Cash from operations | −€16.0m | −€17.0m | −€18.0m | €66.0m | −€8.0m | −€11.0m | −€16.0m | −€8.0m |
| Capital spending | — | — | — | — | — | −€11.0m | — | — |
| Free cash flow | — | — | — | — | — | −€22.0m | — | — |
| Total assets | €78.4m | €104.2m | €124.0m | €140.9m | €81.9m | €80.4m | €91.7m | — |
| Cash and short-term investments | €22.6m | €41.6m | €16.7m | €75.7m | €18.7m | €15.0m | €25.6m | €25.6m |
| Debt | €32.6m | €38.7m | €46.7m | €43.9m | €45.8m | €43.8m | €44.8m | — |
| Shareholders' equity | €27.3m | €50.6m | €63.8m | €81.4m | €23.0m | €22.5m | €32.5m | −€14.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -47.7% | -24.1% | 91.3% |
| Operating income | 37.5% | 20.4% | 24.4% |
| Net income | 28.5% | 17.9% | 21.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | -6.0% | -49.2% | -62.7% | -42.0% |
| Net margin | -0.4% | -44.1% | -57.4% | -36.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.1 | 4.2 | -3.8 | -6.9 | -11.3 | -7.0 | -11.9 | 9.6 | -5.3 | 4.9 |
| Price to sales | 44.1 | 2.2 | 39.4 | 6.7 | 7.2 | 11.1 | 2.1 | 2.2 | 8.3 | 263.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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