S 
11.45
+2.69%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 40.5m
FY2016FY2025
Net income
−SEK 87.1m
FY2016FY2025
Free cash flow
−SEK 84.8m
FY2016FY2025
Shareholders' equity
SEK 6.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 40.5m | SEK 29.7m | SEK 23.2m | SEK 17.9m | SEK 11.7m | SEK 9.5m | SEK 9.3m | SEK 6.9m | SEK 6.9m | SEK 6.4m |
| Research and development | SEK 23.9m | SEK 18.4m | SEK 15.3m | SEK 10.8m | SEK 11.8m | SEK 8.9m | SEK 11.3m | SEK 10.4m | SEK 12.9m | SEK 18.7m |
| Operating income | −SEK 86.4m | −SEK 67.2m | −SEK 53.9m | −SEK 46.4m | −SEK 42.4m | −SEK 34.8m | −SEK 39.6m | −SEK 44.0m | −SEK 42.4m | −SEK 53.1m |
| Net income | −SEK 87.1m | −SEK 61.1m | −SEK 55.6m | −SEK 39.9m | −SEK 41.7m | −SEK 35.0m | −SEK 39.5m | −SEK 44.2m | −SEK 42.5m | −SEK 53.1m |
| Diluted earnings per share | -17.52 | -27.84 | -46.39 | -56.55 | -51.78 | -95.70 | -146.33 | -163.64 | -311.55 | -389.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 52.2m | SEK 61.7m | SEK 64.3m | SEK 49.9m | SEK 85.5m | SEK 59.3m | SEK 46.2m | SEK 81.1m | SEK 127.9m | SEK 102.1m |
| Cash and short-term investments | SEK 22.6m | SEK 11.2m | SEK 34.1m | SEK 18.8m | SEK 65.6m | SEK 41.4m | SEK 26.5m | SEK 67.5m | SEK 110.0m | SEK 85.0m |
| Total liabilities | SEK 45.5m | SEK 25.1m | SEK 21.3m | SEK 24.6m | SEK 14.7m | SEK 12.4m | SEK 14.1m | SEK 9.6m | SEK 12.2m | −SEK 83.3m |
| Debt | SEK 23.0m | SEK 4.2m | SEK 6.8m | SEK 8.1m | SEK 2.9m | SEK 3.6m | SEK 5.6m | — | — | — |
| Shareholders' equity | SEK 6.7m | SEK 36.6m | SEK 43.1m | SEK 25.2m | SEK 70.8m | SEK 46.9m | SEK 32.0m | SEK 71.5m | SEK 115.7m | SEK 185.4m |
| Shares outstanding | 5m | 2m | 1m | 1m | 1m | 0m | 0m | 0m | 0m | 0m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 84.6m | −SEK 57.4m | −SEK 52.0m | −SEK 44.5m | −SEK 39.5m | −SEK 33.9m | −SEK 38.0m | −SEK 37.5m | −SEK 44.2m | −SEK 47.9m |
| Capital spending | −SEK 228,000 | −SEK 428,000 | −SEK 383,000 | −SEK 381,000 | −SEK 617,000 | −SEK 299,000 | −SEK 1.3m | −SEK 298,000 | −SEK 1.2m | −SEK 954,000 |
| Free cash flow | −SEK 84.8m | −SEK 57.8m | −SEK 52.4m | −SEK 44.8m | −SEK 40.1m | −SEK 34.2m | −SEK 39.3m | −SEK 37.8m | −SEK 45.4m | −SEK 48.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 15.3m | SEK 14.3m | SEK 12.5m | SEK 10.3m | SEK 8.8m | SEK 8.9m | SEK 8.6m | SEK 8.4m |
| Operating income | −SEK 28.8m | −SEK 24.5m | −SEK 26.4m | −SEK 17.7m | −SEK 23.1m | −SEK 19.6m | −SEK 23.6m | −SEK 15.4m |
| Net income | −SEK 28.9m | −SEK 24.5m | −SEK 25.3m | −SEK 18.8m | −SEK 26.6m | −SEK 27.5m | −SEK 17.5m | −SEK 17.8m |
| Diluted earnings per share | -2.83 | -2.40 | -5.09 | -3.79 | -5.35 | -5.53 | -7.95 | -8.09 |
| Cash from operations | −SEK 33.0m | −SEK 26.0m | −SEK 20.0m | −SEK 17.0m | −SEK 20.0m | −SEK 26.0m | −SEK 12.0m | −SEK 16.0m |
| Total assets | SEK 73.0m | SEK 103.7m | SEK 52.2m | SEK 54.0m | SEK 52.9m | SEK 60.1m | SEK 61.7m | SEK 56.1m |
| Cash and short-term investments | SEK 37.2m | SEK 71.3m | SEK 22.6m | SEK 24.8m | SEK 24.0m | SEK 34.3m | SEK 11.2m | SEK 24.7m |
| Debt | SEK 21.7m | SEK 22.1m | SEK 20.0m | — | — | — | — | — |
| Shareholders' equity | SEK 30.2m | SEK 58.1m | SEK 6.7m | SEK 33.5m | SEK 32.3m | SEK 43.0m | SEK 36.6m | SEK 37.9m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 31.3% | 33.6% | 25.6% |
| Operating income | 23.0% | 19.9% | 7.5% |
| Net income | 29.7% | 20.0% | 7.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -218.9% | -228.2% | -249.9% | -332.4% |
| Net margin | -211.2% | -218.9% | -241.7% | -325.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.6 | -1.2 | -1.5 | -3.5 | -5.5 | -2.5 | -0.9 | -0.6 | -0.8 | -1.5 |
| Price to sales | 3.5 | 2.5 | 3.6 | 7.8 | 19.7 | 9.2 | 4.1 | 3.9 | 5.0 | 12.7 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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