S 
47.40
+2.95%
Close of 9 Nov 2026, in SEK
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 403.7m
FY2016FY2025
Net income
−SEK 172.8m
FY2016FY2025
Free cash flow
−SEK 41.4m
FY2016FY2025
Shareholders' equity
SEK 1.30bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 403.7m | SEK 355.0m | SEK 302.2m | SEK 219.5m | SEK 109.7m | SEK 65.1m | SEK 80.7m | SEK 68.8m | SEK 58.9m | SEK 54.7m |
| Research and development | SEK 205.9m | SEK 232.4m | SEK 273.7m | SEK 283.6m | SEK 125.7m | SEK 67.2m | SEK 16.6m | SEK 12.2m | SEK 9.9m | — |
| Operating income | −SEK 165.7m | −SEK 250.3m | −SEK 283.1m | −SEK 343.0m | −SEK 130.9m | −SEK 77.2m | −SEK 105.7m | −SEK 56.0m | −SEK 41.5m | −SEK 11.2m |
| Net income | −SEK 172.8m | −SEK 230.4m | −SEK 75.5m | −SEK 340.3m | −SEK 132.7m | −SEK 77.6m | −SEK 106.4m | −SEK 56.4m | −SEK 41.9m | −SEK 12.4m |
| Diluted earnings per share | -4.56 | -6.14 | -2.08 | -15.31 | -6.31 | -4.66 | -7.03 | -4.63 | -4.23 | -1.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 1.90bn | SEK 1.92bn | SEK 1.83bn | SEK 1.68bn | SEK 1.75bn | SEK 386.5m | SEK 297.1m | SEK 204.1m | SEK 101.1m | SEK 139.5m |
| Cash and short-term investments | SEK 134.8m | SEK 22.4m | SEK 79.7m | SEK 62.7m | SEK 278.4m | SEK 218.7m | SEK 145.4m | SEK 89.9m | SEK 10.3m | SEK 62.1m |
| Total liabilities | SEK 604.7m | SEK 324.1m | SEK 269.0m | SEK 378.3m | SEK 295.4m | SEK 33.8m | SEK 45.6m | SEK 34.8m | SEK 27.6m | SEK 24.2m |
| Debt | SEK 308.1m | SEK 57.6m | SEK 5.0m | SEK 62.7m | SEK 78.9m | SEK 1.7m | SEK 3.7m | SEK 5.7m | SEK 7.7m | SEK 8.0m |
| Shareholders' equity | SEK 1.30bn | SEK 1.59bn | SEK 1.56bn | SEK 1.30bn | SEK 1.45bn | SEK 352.6m | SEK 251.5m | SEK 169.3m | SEK 73.4m | SEK 115.3m |
| Shares outstanding | 38m | 38m | 36m | 22m | 21m | 17m | 15m | 12m | 10m | 9m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 39.1m | −SEK 115.9m | −SEK 121.5m | −SEK 180.1m | −SEK 102.4m | −SEK 64.3m | −SEK 81.1m | −SEK 40.9m | −SEK 19.3m | −SEK 22.5m |
| Capital spending | −SEK 2.3m | −SEK 104.9m | −SEK 8.0m | −SEK 95.4m | −SEK 56.2m | −SEK 39.7m | −SEK 49.9m | −SEK 29.6m | −SEK 30.6m | −SEK 17.0m |
| Free cash flow | −SEK 41.4m | −SEK 220.8m | −SEK 129.5m | −SEK 275.6m | −SEK 158.6m | −SEK 103.9m | −SEK 131.1m | −SEK 70.6m | −SEK 49.9m | −SEK 39.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 140.9m | SEK 126.5m | SEK 122.3m | SEK 99.1m | SEK 92.1m | SEK 90.1m | SEK 100.3m | SEK 79.1m |
| Operating income | −SEK 26.5m | −SEK 18.8m | −SEK 35.5m | −SEK 29.9m | −SEK 40.6m | −SEK 61.4m | −SEK 63.1m | −SEK 61.5m |
| Net income | −SEK 27.0m | −SEK 22.8m | −SEK 49.5m | −SEK 30.7m | −SEK 37.4m | −SEK 55.1m | −SEK 65.8m | −SEK 53.9m |
| Diluted earnings per share | -0.69 | -0.59 | -1.31 | -0.81 | -0.99 | -1.46 | -1.75 | -1.44 |
| Cash from operations | SEK 9.0m | SEK 3.0m | SEK 2.0m | −SEK 12.0m | −SEK 5.0m | −SEK 23.0m | −SEK 19.0m | −SEK 37.0m |
| Capital spending | −SEK 2.0m | −SEK 36.0m | — | −SEK 24.0m | −SEK 31.0m | −SEK 24.0m | −SEK 28.0m | −SEK 26.0m |
| Free cash flow | SEK 7.0m | −SEK 33.0m | — | −SEK 36.0m | −SEK 36.0m | −SEK 47.0m | −SEK 47.0m | −SEK 63.0m |
| Total assets | SEK 2.05bn | SEK 2.02bn | SEK 1.90bn | SEK 1.81bn | SEK 1.79bn | SEK 1.83bn | SEK 1.92bn | SEK 1.85bn |
| Cash and short-term investments | SEK 85.9m | SEK 100.0m | SEK 134.8m | SEK 24.7m | SEK 11.8m | SEK 9.6m | SEK 22.4m | SEK 45.5m |
| Debt | SEK 383.9m | SEK 374.0m | SEK 333.0m | SEK 169.3m | SEK 124.0m | SEK 85.3m | SEK 55.8m | SEK 29.7m |
| Shareholders' equity | SEK 1.37bn | SEK 1.37bn | SEK 1.30bn | SEK 1.36bn | SEK 1.39bn | SEK 1.47bn | SEK 1.59bn | SEK 1.57bn |
Financial ratios
Data as of 26 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -41.0% | -69.9% | -93.0% | -156.2% | -119.4% | -118.5% |
| Net margin | -42.8% | -64.9% | -25.0% | -155.0% | -121.0% | -119.1% |
| Return on equity | -13.3% | -14.5% | -4.8% | -26.1% | -9.2% | -22.0% |
| Return on assets | -9.1% | -12.0% | -4.1% | -20.2% | -7.6% | -20.1% |
| Free cash flow yield | -2.0% | -0.6% | -6.5% | -7.9% | -4.6% | -3.1% |
| Revenue growth | 13.7% | 17.5% | 37.7% | 100.2% | 68.5% | -19.3% |
| Earnings growth | -25.0% | 205.0% | -77.8% | 156.4% | 71.1% | -27.1% |
| Current ratio | 2.03x | 1.13x | 1.50x | 0.70x | 3.73x | 7.47x |
| Debt to equity | 0.26x | 0.04x | 0.00x | 0.02x | 0.01x | -0.00x |
| Equity ratio | 68.2% | 83.1% | 85.3% | 77.5% | 83.1% | 91.2% |
| Interest coverage | -5.30x | -56.05x | -124.66x | -328.55x | -451.41x | -301.34x |
| R&D as a share of sales | 51.0% | 65.5% | 90.6% | 129.2% | 114.6% | 103.2% |
| Buybacks as a share of market value | -0.9% | -3.3% | -63.4% | -5.7% | -26.5% | -10.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.5% | 44.0% | 23.8% |
| Operating income | -21.5% | 16.5% | 51.7% |
| Net income | -20.2% | 17.4% | 46.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -54.8% | -81.4% | -85.9% | -83.1% |
| Net margin | -53.1% | -64.0% | -70.7% | -70.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -17.3 | -10.0 | -42.7 | -2.4 | -15.4 | -23.0 | -8.3 | -7.3 | -5.8 | -22.4 |
| Price to sales | 7.4 | 6.5 | 10.7 | 3.8 | 18.6 | 27.4 | 10.9 | 6.0 | 4.1 | 5.1 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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