PANTAFLIX AG (PAL) AI Stock Analysis

• Market Cap: €33.30M
• Dividend Yield: N/A
• Average Volume (3M): 1.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.21
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: DE
• Employees: 81
• Sector: Communication Services
• Sector Strength: 97
• Industry: Entertainment
• EPS (TTM): -0.06
• Shares Outstanding: 34,153,156
• 10 Day Avg. Volume: 1,039
• 30 Day Avg. Volume: 1,228
• PEG Ratio: 1.23
• Price to Book (P/B): -39.21
• Price to Sales (P/S): 7.19
• P/FCF Ratio: -3.65
• 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): 0.04
• Revenue Forecast (FY): €15.00M

• Rating: 45 Neutral
• Price Target: €0.95 ▼(-7.25% Downside)
• Action: Reiterated Date: 01/20/26
• Date: Action: Reiterated 01/20/26

The score is driven primarily by weak financial performance, including sustained losses, a steep 2024 revenue decline, and balance-sheet strain from higher debt and negative equity. Technical indicators provide some short-term support, but valuation is constrained by loss-making fundamentals and the absence of dividend yield data.

Positive Factors

Positive operating cash flow

Consistent positive operating cash flow (improving to ~€11.9M in 2024) provides an enduring funding source for operations despite accounting losses. This OCF supports runway, reduces immediate refinancing need, and enables continued investment in content and platform capabilities over months.

Relatively healthy gross margins

Sustained gross margins near mid-to-high double digits indicate content and platform economics that can cover variable costs. If revenue stabilizes, these margins enable operating leverage and faster recovery of profitability because a large share of incremental revenue can drop to the bottom line.

Streaming + B2B platform services

A dual business model—direct streaming/VOD and third-party streaming infrastructure—creates diversified, potentially recurring revenue streams. B2B services can generate longer-term contracts and stickiness, reducing single-market exposure and benefiting from structural growth in digital distribution.

Negative Factors

Recurring losses & revenue collapse

Multi-year net losses combined with a ~74% revenue decline and a ~-82% net margin in 2024 indicate persistent demand or monetization issues. Such structural underperformance weakens reinvestment capacity, damages market position, and lengthens recovery time even if operational fixes are implemented.

Rising debt and negative equity

A sharp increase in leverage and negative equity materially raise refinancing and solvency risk. This reduces strategic flexibility, increases interest burden, and makes the company vulnerable to funding shocks—constraints that can persist for months and impair long-term investment plans.

Negative free cash flow

A move to materially negative free cash flow despite positive OCF signals heavy capex or working-capital pressure. Sustained FCF deficits require external financing or asset sales, which can dilute shareholders, increase leverage, or force strategic retrenchment over the medium term.

PANTAFLIX AG Business Overview & Revenue Model

Company Description

Pantaflix AG operates as an entertainment company. It develops, finances, produces, and licenses films and series. The company also offers PANTAFLIX, a video-on-demand platform that captures various parts of value chain for film and video; and produces or co-produces fiction and non-fiction advertising formats, as well as provides advises on channel planning. In addition, it engages in the audio and podcasting activities. The company was formerly known as PANTALEON Entertainment AG and changed its name to Pantaflix AG in August 2017. The company was founded in 2009 and is based in Munich, Germany. Pantaflix AG is a subsidiary of Blackmars Capital Gmbh.

How the Company Makes Money

PANTAFLIX AG Financial Statement Overview

Summary

Very weak profitability and stability: recurring net losses (2020–2024), a sharp 2024 revenue drop (~-74% YoY), and worsening margins (2024 net margin about -82%). Balance sheet risk is elevated with higher debt and negative equity in 2024, partly offset by positive operating cash flow (~11.9M in 2024) despite negative free cash flow (~-8.2M).

Income Statement

Profitability remains weak: the company has reported net losses each year from 2020–2024, with 2024 net margin deteriorating to about -82% versus roughly -10% in 2023. Revenue performance is also volatile and recently collapsed, with 2024 revenue down ~74% year over year after a strong 2023 rebound. While gross margins stayed relatively healthy in 2023–2024 (~67% to ~58%), operating performance turned sharply negative in 2024 (negative EBITDA), highlighting a cost base that is not scaling down with revenue.

Balance Sheet

Leverage and solvency risk increased materially. Total debt rose sharply to ~59.8M in 2024 from ~36.3M in 2023, while equity turned negative in 2024 (from ~2.6M positive in 2023), implying balance sheet strain and limited financial flexibility. The combination of higher debt and negative equity meaningfully raises refinancing risk and reduces the company’s cushion against continued operating losses.

Cash Flow

Cash generation is mixed. Operating cash flow was positive across the period and improved to ~11.9M in 2024 (vs ~7.1M in 2023), which is a key support despite accounting losses. However, free cash flow swung to a sizable deficit in 2024 (~-8.2M) from positive in 2023 (~1.6M) and very strong in 2021–2022, signaling heavier cash investment and/or working-capital drag. Overall, cash flow quality is less consistent than earlier years.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.00M	4.16M	35.38M	19.70M	42.60M	7.80M
Gross Profit	2.40M	2.40M	23.85M	15.11M	18.95M	2.32M
EBITDA	-1.91M	-1.32M	19.81M	9.78M	16.49M	-5.41M
Net Income	-2.70M	-3.39M	-3.62M	-7.88M	-2.13M	-7.10M
Balance Sheet
Total Assets	70.35M	72.32M	42.37M	51.61M	37.56M	45.65M
Cash, Cash Equivalents and Short-Term Investments	40.83M	44.29M	29.02M	15.64M	14.08M	7.19M
Total Debt	53.39M	59.80M	36.31M	29.25M	12.91M	9.40M
Total Liabilities	72.54M	73.08M	39.77M	50.05M	28.55M	38.96M
Stockholders Equity	-2.19M	-762.80K	2.60M	1.75M	9.08M	7.13M
Cash Flow
Free Cash Flow	0.00	-8.19M	1.63M	14.31M	12.15M	8.99M
Operating Cash Flow	0.00	11.95M	7.08M	14.37M	12.20M	8.99M
Investing Cash Flow	0.00	-20.13M	-5.40M	-29.59M	-14.54M	-15.97M
Financing Cash Flow	0.00	3.76M	4.01M	-223.00K	4.24M	3.69M

PANTAFLIX AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KA8	66 Neutral	€14.47M	19.07	17.66%	4.87%	-0.74%	31.08%
EDL	65 Neutral	€114.63M	8.88	18.72%	6.85%	-0.48%	-13.65%
CLIQ	63 Neutral	€9.72M	-0.23	-43.92%	5.87%	―	―
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
PAL	45 Neutral	€33.30M	-9.23	-1053.34%	―	―	―