S 
3.52
+5.07%
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 104.0m
FY2016FY2025
Net income
−SEK 137.4m
FY2016FY2025
Free cash flow
−SEK 111.8m
FY2016FY2025
Shareholders' equity
SEK 304.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 104.0m | SEK 58.5m | SEK 35.8m | SEK 14.0m | SEK 11.0m | SEK 9.3m | SEK 6.7m | SEK 3.2m | SEK 189,000 | SEK 1.6m |
| Research and development | SEK 22.9m | SEK 22.2m | SEK 19.4m | SEK 19.5m | SEK 12.5m | SEK 8.2m | SEK 4.8m | SEK 3.4m | SEK 179,000 | — |
| Operating income | −SEK 122.6m | −SEK 124.1m | −SEK 136.7m | −SEK 133.9m | −SEK 84.2m | −SEK 48.9m | −SEK 36.4m | −SEK 26.8m | −SEK 13.0m | −SEK 9.4m |
| Net income | −SEK 137.4m | −SEK 118.7m | −SEK 134.1m | −SEK 132.7m | −SEK 82.1m | −SEK 47.4m | −SEK 33.7m | −SEK 25.6m | −SEK 13.0m | −SEK 9.4m |
| Diluted earnings per share | -0.87 | -0.91 | -1.13 | -1.87 | -1.02 | -0.83 | -0.68 | -0.57 | -0.32 | -0.29 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 369.8m | SEK 426.4m | SEK 433.5m | SEK 322.7m | SEK 174.6m | SEK 258.9m | SEK 187.8m | SEK 197.2m | SEK 166.0m | SEK 156.3m |
| Cash and short-term investments | SEK 74.0m | SEK 100.9m | SEK 151.0m | SEK 26.0m | SEK 74.9m | SEK 160.3m | SEK 30.9m | SEK 32.7m | SEK 8.7m | SEK 10.0m |
| Total liabilities | SEK 65.3m | SEK 80.5m | SEK 58.1m | SEK 60.8m | SEK 24.0m | SEK 27.5m | SEK 24.1m | SEK 29.7m | SEK 25.6m | SEK 24.4m |
| Debt | SEK 14.0m | SEK 22.7m | SEK 11.5m | SEK 13.0m | SEK 1.6m | SEK 2.4m | SEK 388,000 | — | — | — |
| Shareholders' equity | SEK 304.5m | SEK 345.9m | SEK 375.5m | SEK 261.9m | SEK 150.6m | SEK 231.3m | SEK 163.7m | SEK 167.4m | SEK 140.5m | SEK 131.9m |
| Shares outstanding | 157m | 130m | 119m | 71m | 81m | 57m | 50m | 45m | 41m | 33m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −SEK 109.1m | −SEK 105.9m | −SEK 113.9m | −SEK 136.8m | −SEK 81.3m | −SEK 38.3m | −SEK 27.1m | −SEK 17.7m | −SEK 12.3m | −SEK 10.0m |
| Capital spending | −SEK 2.7m | −SEK 20.3m | −SEK 7.8m | −SEK 5.1m | −SEK 3.0m | −SEK 327,000 | −SEK 3.8m | −SEK 9.4m | −SEK 10.0m | −SEK 6.6m |
| Free cash flow | −SEK 111.8m | −SEK 126.3m | −SEK 121.7m | −SEK 141.9m | −SEK 84.3m | −SEK 38.7m | −SEK 30.9m | −SEK 27.2m | −SEK 22.3m | −SEK 16.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 24.7m | SEK 23.2m | SEK 28.3m | SEK 26.5m | SEK 25.7m | SEK 23.5m | SEK 14.0m | SEK 17.4m |
| Operating income | −SEK 23.3m | −SEK 25.9m | −SEK 41.0m | −SEK 25.8m | −SEK 29.3m | −SEK 26.9m | −SEK 27.9m | −SEK 32.1m |
| Net income | −SEK 21.4m | −SEK 22.5m | −SEK 42.9m | −SEK 25.5m | −SEK 34.3m | −SEK 34.7m | −SEK 26.1m | −SEK 31.3m |
| Diluted earnings per share | -0.14 | -0.14 | -0.27 | -0.16 | -0.22 | -0.22 | -0.20 | -0.24 |
| Cash from operations | −SEK 13.0m | −SEK 23.0m | −SEK 27.0m | −SEK 23.0m | −SEK 25.0m | −SEK 32.0m | −SEK 21.0m | −SEK 24.0m |
| Capital spending | −SEK 4.0m | −SEK 2.0m | — | −SEK 1.0m | −SEK 4.0m | −SEK 5.0m | −SEK 7.0m | −SEK 4.0m |
| Free cash flow | −SEK 17.0m | −SEK 25.0m | — | −SEK 24.0m | −SEK 29.0m | −SEK 37.0m | −SEK 28.0m | −SEK 28.0m |
| Total assets | SEK 325.4m | SEK 350.0m | SEK 369.8m | SEK 411.4m | SEK 435.2m | SEK 379.3m | SEK 424.5m | SEK 355.2m |
| Cash and short-term investments | SEK 37.1m | SEK 55.4m | SEK 74.0m | SEK 106.6m | SEK 132.2m | SEK 62.1m | SEK 100.9m | SEK 50.2m |
| Debt | SEK 9.5m | SEK 9.5m | SEK 14.0m | SEK 14.5m | SEK 14.9m | SEK 21.4m | SEK 26.3m | SEK 22.8m |
| Shareholders' equity | SEK 263.8m | SEK 283.5m | SEK 304.5m | SEK 348.3m | SEK 371.4m | SEK 305.9m | SEK 345.9m | SEK 285.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 95.0% | 62.0% | 92.0% |
| Operating income | -2.9% | 20.2% | 32.1% |
| Net income | 1.2% | 23.7% | 33.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -151.8% | -243.7% | -279.6% | -304.1% |
| Net margin | -157.6% | -246.4% | -280.6% | -303.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -6.2 | -6.0 | -6.6 | -5.7 | -22.0 | -28.6 | -26.5 | -13.0 | -21.9 | -22.7 |
| Price to sales | 8.2 | 12.2 | 24.7 | 53.5 | 164.9 | 145.4 | 133.2 | 103.8 | — | 131.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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