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LightOn S.A.
(ALTAI)
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Rating:44Neutral
Price Target:
€4.50
▼(-23.73% Downside)
Action:Reiterated
Date:06/30/26
The score is driven primarily by weak financial performance: sharp profitability deterioration since 2023 and escalating cash burn in 2024–2025 despite some revenue rebound. Low leverage provides some balance-sheet support, but equity erosion and negative cash flow keep risk elevated. Technical analysis and dividend-based support cannot be assessed meaningfully due to missing inputs, and the negative P/E reflects ongoing losses rather than an attractive earnings valuation.
Positive Factors
Revenue rebound
A 54% revenue rebound in 2025 indicates recovering demand and that product-market fit or sales execution may be returning. If sustained, this trend can enable scale efficiencies and higher margin potential as fixed costs are leveraged across growing sales volumes over the next several quarters.
Negative Factors
Growing cash burn
Operating and free cash flow swung from positive to sizable burn by 2024–2025, creating persistent funding risk. Sustained negative cash generation undermines investment capacity and requires external financing or dilution, limiting strategic optionality over multiple quarters if losses persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
A 54% revenue rebound in 2025 indicates recovering demand and that product-market fit or sales execution may be returning. If sustained, this trend can enable scale efficiencies and higher margin potential as fixed costs are leveraged across growing sales volumes over the next several quarters.
Read all positive factors
LightOn S.A. (ALTAI) vs. iShares MSCI France ETF (EWQ)
Market Cap
€31.46M
Dividend YieldN/A
Average Volume (3M)30.32K
Price to Earnings (P/E)―
Beta (1Y)1.08
Revenue Growth54.12%
EPS Growth-46.16%
CountryFR
Employees33
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)0.00
Shares Outstanding6,714,333
10 Day Avg. Volume12,844
30 Day Avg. Volume30,315
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)7.89
Price to Sales (P/S)18.49
P/FCF Ratio-4.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.83
Revenue Forecast (FY)€4.10M
LightOn S.A. Business Overview & Revenue Model
Company Description
LightOn SAS, a Paris-based company founded in 2016 by Igor Carron, Laurent Daudet, Florent Krzakala, and Sylvain Gigan, creates secure and tailored generative artificial intelligence solutions designed to boost enterprise productivity and competit...
How the Company Makes Money
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LightOn S.A. Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 1.74M | 1.13M | 7.97M | 1.85M |
| Gross Profit | -2.62M | -1.64M | 6.36M | 969.00K |
| EBITDA | -6.58M | -4.23M | 4.08M | 159.00K |
| Net Income | -7.39M | -4.81M | 3.74M | -133.00K |
Balance Sheet | ||||
| Total Assets | 8.30M | 15.22M | 7.18M | 3.00M |
| Cash, Cash Equivalents and Short-Term Investments | 3.91M | 12.05M | 4.59M | 531.00K |
| Total Debt | 69.00K | 184.00K | 1.76M | 1.83M |
| Total Liabilities | 4.22M | 3.75M | 2.79M | 2.27M |
| Stockholders Equity | 4.08M | 11.47M | 4.38M | 740.00K |
Cash Flow | ||||
| Free Cash Flow | -7.97M | -2.86M | 3.94M | -424.00K |
| Operating Cash Flow | -7.91M | -2.80M | 3.97M | -416.00K |
| Investing Cash Flow | -114.00K | -60.00K | 144.00K | -203.00K |
| Financing Cash Flow | -112.00K | 10.32M | -53.00K | 755.00K |
LightOn S.A. Technical Analysis
Negative
5.90
Price Trends
5.04
Negative
5.05
Negative
5.64
Negative
Market Momentum
-0.10
Positive
41.10
Neutral
7.04
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALTAI, the sentiment is Negative. The current price of 5.9 is below the 20-day moving average (MA) of 6.37, above the 50-day MA of 5.04, and above the 200-day MA of 5.64, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 41.10 is Neutral, neither overbought nor oversold. The STOCH value of 7.04 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALTAI.
LightOn S.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | €2.89B | 9.76 | 14.39% | 3.03% | -2.23% | 20.83% | |
64 Neutral | €15.48B | 12.48 | 10.95% | 2.35% | 1.67% | -3.83% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | €31.46M | ― | ― | ― | 54.12% | -46.16% | |
43 Neutral | €121.01M | 42.33 | ― | ― | -6.45% | 322.15% | |
41 Neutral | €597.24M | -0.42 | 319.82% | ― | -16.46% | 93.72% |
* General Sector Average
FR:ALTAI
LightOn S.A.
4.69
-5.53
-54.11%
FR:ATO
Atos SE
30.24
2.00
7.08%
FR:CAP
Capgemini SE
91.32
-40.93
-30.95%
FR:SOP
Sopra Steria
148.70
-47.58
-24.24%
FR:ALKEY
Keyrus SA
7.62
-0.38
-4.75%
FR:MLCHE
Cheops Technology SA
55.50
-6.50
-10.48%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.