R
0.07
-8.74%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 4.3m
FY2016FY2025
Net income
−SEK 25.3m
FY2016FY2025
Free cash flow
−SEK 20.2m
FY2016FY2025
Shareholders' equity
SEK 48.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 4.3m | SEK 18.6m | SEK 9.9m | SEK 14.2m | SEK 12.6m | SEK 9.5m | SEK 21.4m | SEK 23.8m | SEK 16.3m | SEK 19.6m |
| Research and development | — | SEK 6.7m | — | SEK 800,000 | SEK 786,000 | SEK 1.3m | SEK 1.3m | SEK 290,000 | — | — |
| Operating income | −SEK 26.5m | −SEK 18.6m | −SEK 7.6m | −SEK 1.6m | −SEK 4.3m | −SEK 9.4m | −SEK 14.0m | −SEK 12.0m | −SEK 10.0m | −SEK 3.4m |
| Net income | −SEK 25.3m | −SEK 18.4m | −SEK 6.1m | −SEK 1.4m | −SEK 970,000 | −SEK 8.2m | −SEK 12.9m | −SEK 11.8m | −SEK 8.7m | −SEK 3.4m |
| Diluted earnings per share | -1.05 | -0.93 | -0.31 | -0.07 | -0.05 | -0.52 | -0.92 | -0.99 | -0.73 | -0.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 72.4m | SEK 89.0m | SEK 89.5m | SEK 92.3m | SEK 82.0m | SEK 65.3m | SEK 37.8m | SEK 20.8m | SEK 26.1m | SEK 14.1m |
| Cash and short-term investments | SEK 14.5m | SEK 19.7m | SEK 12.5m | SEK 30.8m | SEK 40.8m | SEK 42.4m | SEK 17.2m | SEK 5.1m | SEK 17.1m | SEK 4.2m |
| Total liabilities | SEK 23.9m | SEK 37.3m | SEK 22.0m | SEK 18.5m | SEK 10.5m | SEK 10.5m | SEK 9.6m | SEK 16.1m | SEK 9.9m | SEK 13.6m |
| Debt | SEK 12.6m | SEK 21.2m | SEK 2.9m | SEK 4.3m | SEK 4.8m | SEK 3.8m | SEK 4.0m | SEK 10.3m | SEK 5.4m | SEK 6.3m |
| Shareholders' equity | SEK 48.5m | SEK 51.8m | SEK 67.5m | SEK 73.8m | SEK 71.5m | SEK 54.9m | SEK 28.3m | SEK 4.7m | SEK 16.2m | SEK 508,910 |
| Shares outstanding | 24m | 20m | 20m | 20m | 19m | 16m | 14m | 12m | 12m | 24m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 19.7m | −SEK 9.6m | −SEK 2.3m | SEK 4.5m | −SEK 1,000 | −SEK 3.2m | −SEK 11.0m | −SEK 14.3m | −SEK 9.8m | −SEK 1.5m |
| Capital spending | −SEK 536,000 | −SEK 15,000 | −SEK 18.4m | −SEK 17.7m | −SEK 17.7m | −SEK 7.4m | −SEK 7.4m | −SEK 1.8m | −SEK 181,000 | — |
| Free cash flow | −SEK 20.2m | −SEK 9.6m | −SEK 20.7m | −SEK 13.2m | −SEK 17.7m | −SEK 10.6m | −SEK 18.5m | −SEK 16.2m | −SEK 9.9m | −SEK 1.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 856,000 | SEK 811,000 | SEK 1.7m | SEK 606,000 | SEK 1.1m | SEK 874,000 | SEK 4.6m | SEK 9.8m |
| Operating income | −SEK 5.5m | −SEK 5.5m | −SEK 5.6m | −SEK 6.4m | −SEK 6.6m | −SEK 7.3m | −SEK 4.7m | SEK 699,000 |
| Net income | −SEK 6.4m | −SEK 6.5m | −SEK 1.7m | −SEK 7.5m | −SEK 7.7m | −SEK 8.4m | −SEK 1.3m | −SEK 382,000 |
| Diluted earnings per share | -0.27 | -0.27 | -0.07 | -0.31 | -0.32 | -0.35 | -0.07 | -0.02 |
| Cash from operations | −SEK 3.0m | −SEK 4.0m | — | −SEK 7.0m | −SEK 4.0m | −SEK 6.0m | SEK 6.0m | −SEK 4.0m |
| Capital spending | −SEK 3.0m | — | — | — | — | — | — | — |
| Free cash flow | −SEK 6.0m | — | — | — | — | — | — | — |
| Total assets | SEK 60.7m | SEK 66.8m | SEK 72.4m | SEK 77.8m | SEK 71.0m | SEK 75.1m | SEK 89.0m | SEK 92.7m |
| Cash and short-term investments | SEK 5.0m | SEK 10.3m | SEK 14.5m | SEK 15.3m | SEK 6.9m | SEK 11.9m | SEK 19.7m | SEK 14.3m |
| Debt | SEK 11.8m | SEK 13.3m | SEK 12.6m | SEK 11.7m | SEK 21.0m | SEK 20.4m | SEK 21.2m | SEK 21.3m |
| Shareholders' equity | SEK 36.7m | SEK 42.5m | SEK 48.5m | SEK 51.3m | SEK 33.8m | SEK 40.0m | SEK 51.8m | SEK 51.7m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -33.0% | -14.8% | -15.2% |
| Operating income | 155.8% | 23.1% | 23.2% |
| Net income | 163.0% | 25.2% | 25.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -197.1% | -115.5% | -98.3% | -64.2% |
| Net margin | -190.8% | -108.8% | -87.3% | -57.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.3 | -0.4 | -2.1 | -4.0 | -10.4 | -1.3 | -0.5 | -0.3 | -1.0 |
| Price to sales | 1.7 | 0.4 | 1.3 | 0.4 | 0.8 | 1.1 | 0.3 | 0.1 | 0.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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