S 
9.64
+1.15%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 200.2m
FY2016FY2025
Net income
−SEK 59.2m
FY2016FY2025
Free cash flow
−SEK 75.2m
FY2016FY2025
Shareholders' equity
SEK 900.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 200.2m | SEK 178.8m | SEK 153.9m | SEK 122.9m | SEK 159.2m | SEK 141.8m | SEK 71.6m | SEK 57.9m | SEK 40.4m | SEK 32.2m |
| Research and development | SEK 20.6m | SEK 20.3m | SEK 20.8m | SEK 19.9m | SEK 19.7m | SEK 7.9m | SEK 7.3m | SEK 362,000 | SEK 281,600 | — |
| Operating income | −SEK 32.2m | −SEK 50.8m | −SEK 65.5m | −SEK 105.9m | −SEK 61.2m | −SEK 23.9m | −SEK 16.9m | −SEK 8.2m | −SEK 2.8m | SEK 618,000 |
| Net income | −SEK 59.2m | −SEK 10.7m | −SEK 59.6m | −SEK 73.5m | −SEK 58.0m | −SEK 27.1m | −SEK 16.4m | −SEK 6.9m | −SEK 3.9m | SEK 1.3m |
| Diluted earnings per share | -0.60 | -0.11 | -0.60 | -0.74 | -0.62 | -0.29 | -0.21 | -0.09 | -0.06 | 0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 954.5m | SEK 1.02bn | SEK 1.01bn | SEK 1.08bn | SEK 1.17bn | SEK 600.1m | SEK 593.3m | SEK 231.5m | SEK 131.4m | SEK 22.9m |
| Cash and short-term investments | SEK 91.0m | SEK 194.0m | SEK 381.8m | SEK 607.7m | SEK 836.2m | SEK 376.2m | SEK 464.6m | SEK 159.4m | SEK 85.3m | SEK 8.3m |
| Total liabilities | SEK 53.7m | SEK 61.2m | SEK 44.1m | SEK 52.4m | SEK 66.1m | SEK 49.0m | SEK 23.9m | SEK 13.7m | SEK 15.0m | SEK 21.6m |
| Debt | SEK 4.7m | SEK 5.9m | SEK 4.3m | SEK 8.7m | SEK 8.9m | SEK 8.3m | — | — | SEK 3,600 | SEK 4.9m |
| Shareholders' equity | SEK 900.8m | SEK 958.3m | SEK 970.0m | SEK 1.03bn | SEK 1.10bn | SEK 551.1m | SEK 569.4m | SEK 217.8m | SEK 116.4m | SEK 1.3m |
| Shares outstanding | 99m | 99m | 99m | 99m | 93m | 92m | 79m | 76m | 67m | 68m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 12.8m | −SEK 11.8m | −SEK 38.1m | −SEK 115.4m | −SEK 41.2m | −SEK 7.8m | −SEK 8.7m | −SEK 5.8m | SEK 495,600 | SEK 238,000 |
| Capital spending | −SEK 62.4m | −SEK 175.0m | −SEK 168.9m | −SEK 137.8m | −SEK 110.3m | −SEK 84.6m | −SEK 54.1m | −SEK 29.1m | −SEK 25.9m | −SEK 4.9m |
| Free cash flow | −SEK 75.2m | −SEK 186.8m | −SEK 206.9m | −SEK 253.2m | −SEK 151.5m | −SEK 92.5m | −SEK 62.8m | −SEK 34.9m | −SEK 25.4m | −SEK 4.7m |
| Dividends paid | — | — | — | −SEK 4.6m | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 49.1m | SEK 53.4m | SEK 51.8m | SEK 41.2m | SEK 49.8m | SEK 57.5m | SEK 49.2m | SEK 39.7m |
| Operating income | −SEK 9.4m | −SEK 5.3m | −SEK 6.1m | −SEK 10.5m | −SEK 9.5m | −SEK 5.9m | −SEK 10.8m | −SEK 14.3m |
| Net income | −SEK 9.6m | −SEK 3.7m | −SEK 10.1m | −SEK 12.4m | −SEK 13.3m | −SEK 23.4m | SEK 8.5m | −SEK 22.6m |
| Diluted earnings per share | -0.10 | -0.04 | -0.10 | -0.12 | -0.13 | -0.24 | 0.09 | -0.23 |
| Cash from operations | −SEK 7.0m | SEK 2.0m | −SEK 5.0m | −SEK 1.0m | −SEK 12.0m | SEK 6.0m | SEK 7.0m | −SEK 29.0m |
| Capital spending | −SEK 20.0m | −SEK 13.0m | −SEK 12.0m | — | −SEK 18.0m | −SEK 16.0m | −SEK 30.0m | −SEK 37.0m |
| Free cash flow | −SEK 27.0m | −SEK 11.0m | −SEK 17.0m | — | −SEK 30.0m | −SEK 10.0m | −SEK 23.0m | −SEK 66.0m |
| Total assets | SEK 937.5m | SEK 960.2m | SEK 954.5m | SEK 965.8m | SEK 978.9m | SEK 995.5m | SEK 1.02bn | SEK 998.2m |
| Cash and short-term investments | SEK 51.8m | SEK 80.7m | SEK 91.0m | SEK 112.0m | SEK 130.7m | SEK 165.1m | SEK 194.0m | SEK 226.4m |
| Debt | SEK 4.5m | SEK 4.1m | SEK 4.7m | SEK 4.1m | SEK 4.9m | SEK 4.9m | SEK 5.9m | SEK 7.2m |
| Shareholders' equity | SEK 888.4m | SEK 897.9m | SEK 900.8m | SEK 908.4m | SEK 920.2m | SEK 934.9m | SEK 958.2m | SEK 950.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 17.7% | 7.1% | 21.7% |
| Operating income | -32.8% | 6.1% | 36.9% |
| Net income | -6.9% | 16.9% | 47.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -21.9% | -38.8% | -35.5% | -31.0% |
| Net margin | -18.4% | -31.0% | -30.1% | -26.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -17.2 | -177.6 | -38.6 | -25.3 | -157.3 | -291.3 | -163.9 | -215.3 | -163.6 |
| Price to sales | 5.1 | 10.6 | 14.9 | 15.1 | 57.3 | 55.8 | 37.4 | 25.5 | 15.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 4-for-1 split · 26 May 2021
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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