S 
2.44
+10.41%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 2.00bn
FY2016FY2025
Net income
−SEK 2.33bn
FY2016FY2025
Free cash flow
−SEK 677.0m
FY2016FY2025
Shareholders' equity
SEK 11.56bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 2.00bn | SEK 3.71bn | SEK 4.58bn | SEK 7.45bn | SEK 5.93bn | SEK 5.12bn | SEK 2.00bn | SEK 1.68bn | SEK 1.34bn | SEK 9.6m |
| Gross profit | SEK 1.29bn | SEK 2.57bn | SEK 3.21bn | SEK 4.86bn | SEK 4.06bn | SEK 3.48bn | SEK 1.26bn | SEK 1.07bn | SEK 877.2m | SEK 2.9m |
| Research and development | — | — | SEK 3 | SEK 2 | SEK 4 | SEK 2 | SEK 2 | SEK 1 | SEK 2 | SEK 0 |
| Operating income | SEK 683.0m | SEK 2.57bn | SEK 2.30bn | SEK 4.43bn | SEK 25.81bn | SEK 11.90bn | SEK 3.41bn | SEK 1.15bn | SEK 877.2m | SEK 2.9m |
| Net income | −SEK 2.33bn | −SEK 6.03bn | −SEK 22.05bn | −SEK 11.10bn | SEK 24.58bn | SEK 8.60bn | SEK 2.62bn | SEK 1.69bn | SEK 2.43bn | SEK 2.4m |
| Diluted earnings per share | -0.98 | -4.15 | -14.97 | -7.53 | 16.78 | 6.78 | 3.46 | 2.29 | 3.29 | 0.33 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 69.41bn | SEK 86.78bn | SEK 108.11bn | SEK 168.37bn | SEK 194.52bn | SEK 120.23bn | SEK 104.20bn | SEK 27.64bn | SEK 23.57bn | SEK 39.5m |
| Cash and short-term investments | SEK 4.98bn | SEK 2.88bn | SEK 4.23bn | SEK 3.71bn | SEK 8.58bn | SEK 13.61bn | SEK 13.90bn | SEK 156.6m | SEK 92.7m | SEK 22.6m |
| Total liabilities | SEK 52.19bn | SEK 60.42bn | SEK 70.98bn | SEK 105.03bn | SEK 111.44bn | SEK 68.09bn | SEK 73.31bn | SEK 16.44bn | SEK 15.93bn | SEK 2.4m |
| Debt | SEK 48.77bn | SEK 56.30bn | SEK 62.49bn | SEK 87.91bn | SEK 88.63bn | SEK 55.88bn | SEK 56.54bn | SEK 14.67bn | SEK 14.16bn | SEK 5.13bn |
| Shareholders' equity | SEK 11.56bn | SEK 20.72bn | SEK 34.68bn | SEK 60.64bn | SEK 79.19bn | SEK 51.73bn | SEK 28.93bn | SEK 10.87bn | SEK 7.06bn | SEK 37.1m |
| Shares outstanding | 2,365m | 1,455m | 1,474m | 1,474m | 1,465m | 1,268m | 758m | 740m | 738m | 7m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 674.0m | −SEK 226.0m | SEK 1.35bn | SEK 2.12bn | SEK 4.62bn | −SEK 7.00bn | SEK 9.54bn | −SEK 160.8m | SEK 510.1m | SEK 500,000 |
| Capital spending | −SEK 3.0m | −SEK 44.0m | −SEK 75.0m | −SEK 11.0m | −SEK 31.0m | −SEK 87.0m | −SEK 4.31bn | −SEK 23.7m | −SEK 6.2m | −SEK 13.4m |
| Free cash flow | −SEK 677.0m | −SEK 270.0m | SEK 1.27bn | SEK 2.11bn | SEK 4.59bn | −SEK 7.09bn | SEK 5.23bn | −SEK 184.4m | SEK 503.9m | −SEK 12.9m |
| Dividends paid | — | −SEK 2.54bn | −SEK 1.66bn | −SEK 2.84bn | −SEK 1.85bn | −SEK 853.0m | −SEK 426.0m | −SEK 185.8m | −SEK 70.8m | −SEK 300,000 |
Financial ratios
Data as of 10 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 64.6% | 69.3% | 70.0% | 65.3% | 68.4% | 67.9% | — | — |
| Operating margin | 200.5% | -156.1% | -421.7% | -133.0% | 435.3% | 195.6% | — | — |
| Net margin | -116.5% | -162.7% | -481.4% | -149.1% | 414.6% | 167.9% | — | — |
| Return on equity | -20.1% | -29.1% | -63.6% | -18.3% | 31.0% | 16.6% | — | — |
| Return on assets | -3.3% | -7.0% | -20.4% | -6.6% | 12.6% | 7.2% | — | — |
| Free cash flow yield | -10.9% | -4.8% | 37.2% | 55.6% | 122.1% | -209.8% | — | — |
| Revenue growth | -46.2% | -19.1% | -38.5% | 25.6% | 15.8% | 156.6% | — | — |
| Earnings growth | -61.5% | -72.6% | 98.7% | -145.2% | 185.9% | 228.2% | — | — |
| Current ratio | 1.57x | 0.51x | 0.36x | 0.46x | 0.49x | 1.32x | — | — |
| Debt to equity | 3.46x | 2.69x | 1.79x | 1.44x | 1.11x | 1.07x | — | — |
| Equity ratio | 16.7% | 23.9% | 32.1% | 36.0% | 40.7% | 43.0% | — | — |
| Interest coverage | 2.74x | -4.17x | -13.74x | -13.49x | 30.12x | 11.98x | — | — |
| R&D as a share of sales | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Buybacks as a share of market value | -62.6% | 1.3% | 0.0% | -0.6% | -15.5% | -67.4% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -35.5% | -17.2% | 68.2% |
| Operating income | -46.4% | -43.5% | 60.8% |
| Net income | -40.6% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 67.7% | 67.3% | 67.6% | 67.1% |
| Operating margin | 57.1% | 56.3% | 165.7% | 157.2% |
| Net margin | -146.5% | -234.1% | -28.9% | -4.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.7 | -1.1 | -0.3 | -2.3 | 3.5 | 3.8 | 5.9 | 4.2 | 1.7 | 24.9 |
| Price to sales | 5.5 | 1.8 | 1.6 | 3.4 | 14.7 | 6.3 | 7.8 | 4.2 | 3.0 | 6.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 26 Jun 2024.
| FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.012 | 0.60 | 1.32 | 1.00 | 0.60 | 0.249 | 0.10 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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