MAUNA KEA TECHNOLOGIES (ALMKT) AI Stock Analysis

• Market Cap: €24.84M
• Dividend Yield: N/A
• Average Volume (3M): 830.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.15
• Revenue Growth: -0.80%
• EPS Growth: 24.14%
• Country: FR
• Employees: 65
• Sector: General
• Sector Strength: N/A
• Industry: Medical - Devices
• EPS (TTM): -0.07
• Shares Outstanding: 174,945,140
• 10 Day Avg. Volume: 1,028,958
• 30 Day Avg. Volume: 830,169
• PEG Ratio: >-0.01
• Price to Book (P/B): -0.44
• Price to Sales (P/S): 1.41
• P/FCF Ratio: -1.65
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: €0.14 ▲(73.75% Upside)

The score is primarily constrained by poor financial performance (sharp revenue decline, large losses, and negative equity). Technicals provide partial support from an uptrend and positive MACD, but overbought momentum signals increase near-term risk. Valuation remains unattractive/unclear due to negative earnings and no dividend support.

Positive Factors

Recurring Consumables Revenue

The company earns recurring revenue from disposables and leasing, which creates a predictable, repeatable revenue stream tied to procedure volume. Over months this supports unit economics and aftermarket margins, aiding cash generation if installed base and procedure rates stabilize.

High Gross Margin

An 84.1% gross margin indicates attractive product-level economics and pricing power for the Cellvizio platform and consumables. This durable margin profile provides room to absorb operating costs and scale profitably if revenue growth resumes and fixed-cost leverage improves.

Proprietary Imaging Technology

Cellvizio's real-time cellular imaging is a specialized technology with applications in gastroenterology, pulmonology and oncology. This niche, clinically integrated device and associated consumables create barriers to entry and durable competitive positioning among diagnostic imaging solutions.

Negative Factors

Significant Revenue Decline

A 30.6% year-over-year revenue drop materially weakens scale and the installed-base economics that underpin consumable sales. Prolonged top-line contraction can erode pricing leverage, limit margin recovery, and impede investment in commercialization over the next several quarters.

Negative Equity / Balance Sheet Risk

The balance sheet shows negative equity with total liabilities exceeding assets, signaling elevated solvency and leverage risk. This structural weakness constrains financing options, increases refinancing dilution risk, and may force restructuring if cash needs persist over the medium term.

Persistent Negative Cash Flow

Operating and free cash flows are negative despite slight free-cash-flow improvement, indicating the company is burning cash to operate. Sustained negative cash generation requires external funding, which can dilute shareholders or curtail R&D and commercialization investments over months.

MAUNA KEA TECHNOLOGIES Business Overview & Revenue Model

Company Description

Mauna Kea Technologies SA, a medical device company, manufactures and sells medical devices in Europe and internationally. It offers range of medical devices in gastroenterology, pulmonology, and urology areas. Its product portfolio includes Cellvizio, a real-time in vivo cellular imaging platform which enables physicians to monitor progression of disease over time, assess point-in-time reactions, classify indeterminate areas, and guide surgical interventions. The company was incorporated in 2000 and is headquartered in Paris, France.

How the Company Makes Money

MAUNA KEA TECHNOLOGIES generates revenue through the sale of its proprietary imaging systems, including the Cellvizio platform, as well as disposable accessories required for its operation. The company earns money from direct sales to healthcare institutions, such as hospitals and outpatient clinics, as well as through leasing arrangements for its equipment. In addition to product sales, MAUNA KEA benefits from recurring revenue streams through the sale of consumables that are needed for each procedure performed using their technology. The company has also established strategic partnerships with key players in the medical device and healthcare sectors, which facilitate market access and enhance distribution channels, contributing significantly to its earnings.

MAUNA KEA TECHNOLOGIES Financial Statement Overview

Summary

Weak fundamentals: revenue declined 30.6% (2023 to 2024), losses remain severe (2024 net margin -135.9%), and the company has negative equity (liabilities exceed assets), indicating elevated financial risk despite a strong 84.1% gross margin.

Income Statement

Mauna Kea Technologies faced significant challenges with declining revenue and profitability. The revenue dropped by 30.6% from 2023 to 2024, and the company experienced negative net income, leading to a net profit margin of -135.9% in 2024. The gross profit margin was relatively strong at 84.1% but was insufficient to prevent substantial operating losses.

Balance Sheet

The balance sheet reveals a troubling debt-to-equity ratio due to negative equity, indicating high financial risk and leverage. With total liabilities exceeding total assets, the company is in a negative equity position, which may pose significant challenges in sustaining operations without restructuring its finances.

Cash Flow

Cash flow statements show negative operating and free cash flows, with a minor improvement in free cash flow compared to the previous year. However, the company remains in a precarious cash position, exacerbated by significant negative operating cash flows relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	8.18M	7.66M	11.03M	7.48M	7.70M	6.53M
Gross Profit	7.07M	6.44M	8.93M	3.91M	5.71M	3.63M
EBITDA	-4.45M	-7.97M	-1.46M	-9.93M	-11.23M	-11.43M
Net Income	-10.39M	-10.40M	-3.73M	-11.18M	-13.45M	-12.79M
Balance Sheet
Total Assets	12.66M	16.25M	22.94M	19.79M	24.75M	20.61M
Cash, Cash Equivalents and Short-Term Investments	663.00K	1.92M	7.91M	3.15M	11.89M	8.66M
Total Debt	32.87M	31.93M	29.77M	29.20M	28.70M	26.96M
Total Liabilities	42.08M	40.63M	40.21M	39.72M	35.08M	32.69M
Stockholders Equity	-29.42M	-24.39M	-17.28M	-19.92M	-10.33M	-12.08M
Cash Flow
Free Cash Flow	-5.00M	-6.54M	-1.14M	-8.97M	-11.37M	-9.07M
Operating Cash Flow	-4.80M	-6.32M	-753.00K	-8.83M	-10.27M	-7.99M
Investing Cash Flow	10.00K	-149.00K	-354.00K	-57.00K	-1.14M	-999.00K
Financing Cash Flow	1.68M	483.00K	5.96M	109.00K	14.65M	7.68M

MAUNA KEA TECHNOLOGIES Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.08
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALMKT, the sentiment is Positive. The current price of 0.08 is below the 20-day moving average (MA) of 0.11, below the 50-day MA of 0.09, and below the 200-day MA of 0.10, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 68.14 is Neutral, neither overbought nor oversold. The STOCH value of 73.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:ALMKT.

MAUNA KEA TECHNOLOGIES Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
ALIKO	50 Neutral	€25.26M	-6.75	-16.42%	―	138.92%	11.14%
ALMDT	47 Neutral	€151.89M	-3.55	―	―	6.75%	15.48%
ALMKT	46 Neutral	€24.84M	-0.93	―	―	-0.80%	24.14%
ALTHE	46 Neutral	€38.38M	-5.16	-2351.12%	―	-4.70%	-64.31%