O 
37.90
+3.55%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 735.0m
FY2016FY2025
Net income
SEK 137.0m
FY2016FY2025
Free cash flow
SEK 299.0m
FY2016FY2025
Shareholders' equity
SEK 1.79bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 735.0m | SEK 334.0m | SEK 290.0m | SEK 357.0m | SEK 191.4m | SEK 160.5m | SEK 231.6m | SEK 207.9m | SEK 201.1m | SEK 209.2m |
| Research and development | — | — | — | — | SEK 446,000 | SEK 2.1m | SEK 3.7m | SEK 5.4m | SEK 4.8m | SEK 6.9m |
| Operating income | SEK 131.0m | −SEK 82.0m | −SEK 95.0m | −SEK 81.1m | −SEK 83.5m | −SEK 48.3m | SEK 39.9m | −SEK 14.0m | SEK 24.0m | SEK 37.2m |
| Net income | SEK 137.0m | −SEK 162.0m | −SEK 60.0m | −SEK 36.2m | −SEK 83.9m | −SEK 104.0m | SEK 29.2m | −SEK 25.6m | SEK 6.1m | SEK 25.1m |
| Diluted earnings per share | 1.22 | -1.45 | -0.54 | -0.58 | -1.64 | -2.25 | 0.84 | -0.83 | 0.41 | 1.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 2.82bn | SEK 2.77bn | SEK 2.54bn | SEK 1.92bn | SEK 1.85bn | SEK 1.33bn | SEK 892.0m | SEK 131.2m | SEK 95.0m | SEK 69.4m |
| Cash and short-term investments | SEK 171.0m | SEK 126.0m | SEK 247.0m | SEK 275.6m | SEK 406.1m | SEK 185.0m | SEK 257.4m | SEK 77.2m | SEK 49.7m | SEK 24.5m |
| Total liabilities | SEK 1.03bn | SEK 1.18bn | SEK 765.0m | SEK 528.8m | SEK 403.1m | SEK 36.8m | SEK 95.7m | SEK 58.2m | SEK 215.6m | SEK 204.7m |
| Debt | SEK 434.0m | SEK 778.0m | SEK 657.0m | SEK 478.0m | SEK 323.7m | SEK 5.3m | SEK 7.2m | — | SEK 33.2m | SEK 43.2m |
| Shareholders' equity | SEK 1.79bn | SEK 1.59bn | SEK 1.78bn | SEK 1.39bn | SEK 1.45bn | SEK 1.29bn | SEK 796.3m | SEK 73.0m | −SEK 120.6m | −SEK 135.3m |
| Shares outstanding | 112m | 112m | 112m | 62m | 51m | 46m | 35m | 31m | 15m | 15m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SEK 337.0m | SEK 52.0m | −SEK 14.0m | −SEK 112.2m | −SEK 75.9m | −SEK 153.7m | SEK 9.6m | −SEK 60.4m | SEK 34.6m | SEK 21.2m |
| Capital spending | −SEK 38.0m | −SEK 159.0m | −SEK 675.0m | −SEK 163.1m | −SEK 273.8m | −SEK 497.2m | −SEK 509.1m | −SEK 11.9m | −SEK 6.5m | −SEK 7.8m |
| Free cash flow | SEK 299.0m | −SEK 107.0m | −SEK 689.0m | −SEK 275.3m | −SEK 349.7m | −SEK 650.9m | −SEK 499.5m | −SEK 72.4m | SEK 28.1m | SEK 13.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 245.0m | SEK 260.0m | SEK 277.0m | SEK 202.0m | SEK 166.0m | SEK 90.0m | SEK 107.0m | SEK 95.0m |
| Operating income | SEK 46.0m | SEK 80.0m | SEK 73.0m | SEK 50.0m | SEK 27.0m | −SEK 16.0m | −SEK 11.0m | −SEK 23.0m |
| Net income | SEK 41.0m | SEK 70.0m | SEK 90.0m | SEK 28.0m | SEK 22.0m | −SEK 4.0m | −SEK 71.0m | −SEK 32.0m |
| Diluted earnings per share | 0.36 | 0.62 | 0.80 | 0.25 | 0.20 | -0.04 | -0.64 | -0.29 |
| Cash from operations | SEK 96.0m | SEK 75.0m | SEK 141.0m | SEK 199.0m | −SEK 69.0m | SEK 66.0m | SEK 61.0m | −SEK 14.0m |
| Capital spending | −SEK 20.0m | −SEK 6.0m | −SEK 3.0m | −SEK 3.0m | −SEK 23.0m | −SEK 12.0m | −SEK 8.0m | −SEK 27.0m |
| Free cash flow | SEK 76.0m | SEK 69.0m | SEK 138.0m | SEK 196.0m | −SEK 92.0m | SEK 54.0m | SEK 53.0m | −SEK 41.0m |
| Total assets | SEK 2.55bn | SEK 2.52bn | SEK 2.82bn | SEK 2.61bn | SEK 2.77bn | SEK 2.60bn | SEK 2.77bn | SEK 2.56bn |
| Cash and short-term investments | SEK 155.0m | SEK 89.0m | SEK 171.0m | SEK 216.0m | SEK 74.0m | SEK 167.0m | SEK 115.0m | SEK 87.0m |
| Debt | SEK 267.0m | SEK 276.0m | SEK 434.0m | SEK 547.0m | SEK 663.0m | SEK 699.0m | SEK 775.0m | SEK 723.0m |
| Shareholders' equity | SEK 1.88bn | SEK 1.85bn | SEK 1.79bn | SEK 1.69bn | SEK 1.66bn | SEK 1.62bn | SEK 1.59bn | SEK 1.69bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | 17.8% | -22.5% | -22.4% | -10.1% | -43.6% | -66.5% | — | — | — | — |
| Net margin | 18.6% | -48.5% | -20.7% | -10.1% | -43.8% | -64.8% | — | — | — | — |
| Return on equity | 7.7% | -10.2% | -3.4% | -2.6% | -5.8% | -8.0% | — | — | — | — |
| Return on assets | 4.9% | -5.9% | -2.4% | -1.9% | -4.5% | -7.8% | — | — | — | — |
| Free cash flow yield | 9.9% | 5.6% | 17.6% | 2.4% | 11.4% | 22.0% | — | — | — | — |
| Revenue growth | 120.1% | 15.2% | -18.8% | 86.5% | 19.3% | -30.7% | — | — | — | — |
| Earnings growth | -184.6% | 170.0% | 65.8% | -56.8% | -19.4% | -456.0% | — | — | — | — |
| Current ratio | 0.69x | 0.38x | 2.98x | 7.62x | 6.01x | 10.17x | — | — | — | — |
| Debt to equity | 0.24x | 0.48x | 0.37x | 0.34x | 0.22x | 0.00x | — | — | — | — |
| Equity ratio | 63.5% | 57.4% | 69.9% | 72.5% | 78.3% | 97.2% | — | — | — | — |
| Interest coverage | 1.70x | -0.87x | -32.50x | -72.00x | -226.95x | -7.06x | — | — | — | — |
| R&D as a share of sales | — | — | — | — | 0.2% | 1.3% | 1.6% | 2.6% | 2.4% | 3.3% |
| Buybacks as a share of market value | -0.4% | 0.0% | -78.9% | -21.6% | -10.9% | -32.6% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 27.2% | 35.6% | 20.7% |
| Operating income | — | — | 48.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 4.6% | -7.4% | -12.5% | -5.6% |
| Net margin | -2.3% | -7.1% | -14.9% | -9.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 34.9 | -11.8 | -26.9 | -81.6 | -31.6 | -27.5 | 62.9 | -40.7 |
| Price to sales | 6.5 | 5.7 | 5.6 | 8.3 | 13.8 | 17.8 | 7.9 | 5.0 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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