Exasol AG (EXL) AI Stock Analysis

• Market Cap: €51.91M
• Dividend Yield: N/A
• Average Volume (3M): 20.14K
• Price to Earnings (P/E): 14.2
• Beta (1Y): 0.76
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: DE
• Employees: 176
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.06
• Shares Outstanding: 26,882,757
• 10 Day Avg. Volume: 8,688
• 30 Day Avg. Volume: 20,145
• PEG Ratio: 0.04
• Price to Book (P/B): 8.68
• Price to Sales (P/S): 1.26
• P/FCF Ratio: 23.03
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.1
• Revenue Forecast (FY): €39.85M

• Rating: 65 Neutral
• Price Target: €2.00 ▼(-24.81% Downside)
• Action: Reiterated Date: 03/22/26
• Date: Action: Reiterated 03/22/26

Score is supported primarily by improving fundamentals (strong recent revenue acceleration, profitability and cash-flow turnaround, and a debt-free balance sheet). The main offset is weak technical momentum with the stock trading below key moving averages and bearish MACD/low RSI, while valuation appears reasonable but not strongly compelling without a dividend yield.

Positive Factors

Revenue acceleration

Sustained double-digit then high growth through 2025 indicates improving product-market fit and stronger demand for Exasol's analytics database. Durable revenue acceleration supports scale, better fixed-cost absorption and reinvestment capacity, strengthening fundamentals over the coming months.

Cash-flow turnaround

A sustained shift to positive operating and free cash flow provides internal funding for operations and growth without relying on external capital. Improved cash generation enhances financial resilience and validates the quality of earnings during a multi-quarter horizon if execution remains consistent.

Debt-free balance sheet

Essentially no leverage materially reduces financial risk and interest burden, giving management flexibility to invest, weather downturns or pursue bolt-on initiatives. Over a 2–6 month horizon this supports stability and optionality compared with leveraged peers.

Negative Factors

Thin, volatile margins

Relatively narrow margins mean profitability is sensitive to cost swings or slower-than-expected revenue. Historically volatile operating results imply the current profit levels may be fragile, requiring sustained revenue scale or margin improvement to be durable across quarters.

Prior multi-year losses and cash strain

A recent turnaround follows prolonged losses and cash outflows, which means the recovery has limited track record. If growth or margins falter, the company could revert to cash consumption, forcing financing needs or cost cuts that would impair strategic initiatives.

Modest equity base

A relatively small equity cushion leaves limited room to absorb renewed losses or large operating shocks without external capital. This constrains downside protection and could limit investment flexibility or increase dependency on raises if performance weakens.

Exasol AG Business Overview & Revenue Model

Company Description

Exasol AG develops database for analytics and data warehousing in Germany, Austria, Switzerland, Great Britain, North America, and internationally. It provides solutions to retail and e-commerce, finance analytics, and healthcare sectors. The company was founded in 2000 and is headquartered in Nuremberg, Germany.

How the Company Makes Money

Exasol primarily makes money by licensing its analytics database software and providing related services. Key revenue streams include: (1) Software licenses and subscriptions: customers pay for the right to use Exasol’s database software, typically structured as recurring subscription/term-based licensing and/or usage- or capacity-based arrangements depending on the deployment and contract terms. (2) Maintenance and support: customers pay recurring fees for technical support, updates, and ongoing product maintenance. (3) Professional services: implementation, consulting, training, and optimization services that help customers deploy and operate the database and integrate it with their data stack. Partnerships and ecosystem integrations (e.g., with cloud platforms, system integrators, and BI/analytics tool vendors) can contribute to sales by expanding distribution, enabling joint go-to-market activity, and reducing adoption friction, but specific partnership-derived revenue figures are not available here and are therefore null.

Exasol AG Financial Statement Overview

Summary

Clear turnaround underway: accelerating revenue growth (2023 ~5.9% to 2025 ~40.8%), return to profitability (modest in 2024, stronger in 2025), and a decisive swing to positive operating cash flow/free cash flow in 2024–2025. Balance sheet strength is notable with essentially no debt. Key risk is durability given high volatility and multi-year losses/negative cash flow as recently as 2023, with still-thin margins.

Income Statement

Revenue growth has been consistently positive and accelerated recently (2023: ~5.9%, 2024: ~12.8%, 2025: ~40.8%), indicating improving demand and scale. Profitability has also inflected meaningfully: the company moved from large losses in 2020–2023 (deeply negative net margins) to modest profitability in 2024 (net margin ~0.6%) and a stronger profit level in 2025 (positive EBIT and net income). The key weakness is that margins remain relatively thin versus the revenue base (especially in 2024), and the business has a history of high volatility in operating results, which raises confidence risk around durability of the turnaround.

Balance Sheet

The balance sheet is conservatively positioned with essentially no leverage (total debt is 0 in 2022–2025 and near-zero earlier), which materially reduces financial risk. Equity has rebuilt from 2023 to 2025 (2024 equity ~€4.6M to 2025 ~€7.7M), while total assets have remained in a manageable range (~€19–23M in 2023–2025). The main drawback is that equity is still modest in absolute terms relative to the company’s prior loss history, so a return to negative profitability could pressure the capital base again.

Cash Flow

Cash generation has improved sharply: operating cash flow and free cash flow swung from significantly negative in 2020–2023 to positive in 2024 (OCF ~€1.7M; FCF ~€1.6M) and stronger in 2025 (OCF ~€4.4M; FCF ~€3.8M). This supports the quality of the earnings recovery and provides internal funding capacity. The weakness is the historical volatility—multi-year periods of negative operating and free cash flow (2020–2023) suggest execution risk, and the trajectory needs to prove sustainable across cycles.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	41.83M	39.63M	35.14M	33.19M	27.46M
Gross Profit	10.82M	8.61M	2.88M	-1.54M	-15.61M
EBITDA	3.09M	2.33M	-5.56M	-12.17M	-25.63M
Net Income	2.99M	229.34K	-8.22M	-15.01M	-29.30M
Balance Sheet
Total Assets	22.67M	19.20M	20.00M	23.20M	41.50M
Cash, Cash Equivalents and Short-Term Investments	18.71M	14.95M	13.34M	12.73M	27.21M
Total Debt	0.00	0.00	0.00	0.00	29.30K
Total Liabilities	14.97M	14.63M	15.60M	17.73M	22.47M
Stockholders Equity	7.70M	4.57M	4.40M	5.47M	19.03M
Cash Flow
Free Cash Flow	3.84M	1.56M	-6.28M	-14.64M	-40.48M
Operating Cash Flow	4.40M	1.74M	-6.18M	-14.36M	-36.03M
Investing Cash Flow	-554.00K	1.19M	-1.10M	-281.00K	31.07M
Financing Cash Flow	4.00K	-4.00K	6.90M	139.00K	-1.82M

Exasol AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OBS	75 Outperform	€48.29M	18.75	10.43%	1.77%	2.84%	21.48%
EXL	65 Neutral	€51.91M	14.16	35.17%	―	―	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%