T 
0.70
+1.75%
Close of 9 Nov 2026, in SEK
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At a glance
Figures in SEK, from our data supplier.
Revenue
SEK 834.0m
FY2016FY2025
Net income
−SEK 217.0m
FY2016FY2025
Free cash flow
SEK 85.0m
FY2016FY2025
Shareholders' equity
SEK 393.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 834.0m | SEK 857.0m | SEK 758.0m | SEK 776.0m | SEK 616.0m | SEK 1.43bn | SEK 1.50bn | SEK 1.30bn | SEK 1.08bn | SEK 1.05bn |
| Research and development | SEK 181.0m | SEK 363.0m | SEK 278.0m | SEK 278.0m | SEK 271.0m | SEK 399.9m | SEK 438.3m | SEK 420.8m | SEK 382.5m | SEK 301.8m |
| Operating income | −SEK 303.0m | −SEK 113.0m | −SEK 186.0m | −SEK 94.0m | −SEK 189.0m | −SEK 252.0m | −SEK 127.9m | −SEK 190.7m | −SEK 185.9m | −SEK 67.0m |
| Net income | −SEK 217.0m | −SEK 177.0m | −SEK 199.0m | −SEK 105.0m | −SEK 184.0m | −SEK 124.2m | −SEK 159.3m | −SEK 174.6m | −SEK 186.7m | −SEK 49.7m |
| Diluted earnings per share | -0.93 | -0.76 | -1.88 | -0.99 | -1.79 | -1.25 | -1.61 | -1.76 | -1.92 | -0.54 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | SEK 1.29bn | SEK 1.83bn | SEK 1.15bn | SEK 1.22bn | SEK 1.22bn | SEK 1.65bn | SEK 1.63bn | SEK 1.32bn | SEK 1.34bn | SEK 1.49bn |
| Cash and short-term investments | SEK 117.0m | SEK 116.0m | SEK 236.0m | SEK 402.0m | SEK 438.0m | SEK 409.6m | SEK 185.2m | SEK 192.3m | SEK 536.8m | SEK 771.7m |
| Total liabilities | SEK 901.0m | SEK 1.15bn | SEK 585.0m | SEK 470.0m | SEK 382.0m | SEK 1.10bn | SEK 953.9m | SEK 489.8m | SEK 284.2m | SEK 271.5m |
| Debt | SEK 598.0m | SEK 432.0m | SEK 79.0m | SEK 69.0m | SEK 94.0m | SEK 552.2m | SEK 389.3m | SEK 34.7m | SEK 33.2m | SEK 25.8m |
| Shareholders' equity | SEK 393.0m | SEK 676.0m | SEK 562.0m | SEK 752.0m | SEK 840.0m | SEK 555.2m | SEK 675.1m | SEK 834.2m | SEK 1.06bn | SEK 1.21bn |
| Shares outstanding | 234m | 234m | 106m | 106m | 103m | 99m | 99m | 99m | 97m | 93m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | SEK 262.0m | SEK 7.0m | SEK 95.0m | SEK 137.0m | −SEK 23.0m | SEK 189.0m | −SEK 13.4m | −SEK 13.0m | −SEK 34.9m | SEK 67.6m |
| Capital spending | −SEK 177.0m | −SEK 352.0m | −SEK 214.0m | −SEK 174.0m | −SEK 129.0m | −SEK 198.1m | −SEK 248.5m | −SEK 223.1m | −SEK 186.3m | −SEK 140.3m |
| Free cash flow | SEK 85.0m | −SEK 345.0m | −SEK 119.0m | −SEK 37.0m | −SEK 152.0m | −SEK 9.1m | −SEK 261.9m | −SEK 236.1m | −SEK 221.2m | −SEK 72.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | SEK 154.0m | SEK 164.0m | SEK 194.0m | SEK 158.0m | SEK 284.0m | SEK 198.0m | SEK 284.0m | SEK 211.0m |
| Operating income | SEK 15.0m | −SEK 40.0m | −SEK 300.0m | −SEK 39.0m | SEK 24.0m | SEK 24.0m | SEK 50.0m | −SEK 17.0m |
| Net income | −SEK 5.0m | −SEK 51.0m | −SEK 201.0m | −SEK 48.0m | SEK 5.0m | SEK 27.0m | SEK 5.0m | −SEK 17.0m |
| Diluted earnings per share | -0.02 | -0.20 | -0.86 | -0.20 | 0.02 | 0.12 | 0.02 | -0.07 |
| Cash from operations | SEK 22.0m | SEK 45.0m | SEK 90.0m | SEK 3.0m | SEK 118.0m | SEK 52.0m | SEK 87.0m | −SEK 41.0m |
| Capital spending | −SEK 32.0m | −SEK 28.0m | −SEK 33.0m | −SEK 31.0m | −SEK 47.0m | −SEK 66.0m | −SEK 101.0m | −SEK 54.0m |
| Free cash flow | −SEK 10.0m | SEK 17.0m | SEK 57.0m | −SEK 28.0m | SEK 71.0m | −SEK 14.0m | −SEK 14.0m | −SEK 95.0m |
| Total assets | SEK 1.16bn | SEK 1.19bn | SEK 1.29bn | SEK 1.53bn | SEK 1.70bn | SEK 1.74bn | SEK 1.83bn | SEK 1.72bn |
| Cash and short-term investments | SEK 37.0m | SEK 39.0m | SEK 117.0m | SEK 23.0m | SEK 150.0m | SEK 89.0m | SEK 116.0m | SEK 138.0m |
| Debt | SEK 503.0m | SEK 476.0m | SEK 598.0m | SEK 562.0m | SEK 391.0m | SEK 410.0m | SEK 432.0m | SEK 397.0m |
| Shareholders' equity | SEK 347.0m | SEK 346.0m | SEK 393.0m | SEK 589.0m | SEK 641.0m | SEK 656.0m | SEK 676.0m | SEK 635.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.4% | -10.2% | -1.5% |
| Operating income | 47.7% | 3.8% | 23.8% |
| Net income | 27.4% | 11.8% | 24.3% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -24.6% | -21.6% | -21.6% | -15.6% |
| Net margin | -23.3% | -21.6% | -19.1% | -14.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1.4 | -0.9 | -1.0 | -5.5 | -6.7 | -4.3 | -2.2 | -1.5 | -1.7 | -12.0 |
| Price to sales | 0.4 | 0.2 | 0.3 | 0.7 | 2.0 | 0.4 | 0.2 | 0.2 | 0.3 | 0.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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