Azerion Group N.V (AZRN) AI Stock Analysis

• Market Cap: €112.34M
• Dividend Yield: N/A
• Average Volume (3M): 20.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.29
• Revenue Growth: -0.63%
• EPS Growth: 74.14%
• Country: NL
• Employees: 1,000
• Sector: Services
• Sector Strength: N/A
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -0.17
• Shares Outstanding: 122,870,790
• 10 Day Avg. Volume: 12,673
• 30 Day Avg. Volume: 20,950
• PEG Ratio: 0.09
• Price to Book (P/B): 9.39
• Price to Sales (P/S): 0.26
• P/FCF Ratio: -14.09
• 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): 0.2
• Revenue Forecast (FY): €651.10M

• Rating: 45 Neutral
• Price Target: €0.94 ▼(-25.71% Downside)
• Action: Reiterated Date: 03/09/26
• Date: Action: Reiterated 03/09/26

The score is held down primarily by weak financial performance (recent losses, negative free cash flow, and a thin equity buffer alongside high debt) and bearish technicals (price below key moving averages with negative MACD). A low P/E offers some valuation support but does not outweigh the financial and trend risks.

Positive Factors

Diversified digital monetization

Azerion's two-pronged model—programmatic digital advertising plus gaming/content monetization—creates multiple durable revenue channels. This diversification reduces single-market exposure, helps smooth cyclicality in advertiser demand, and supports cross-selling of inventory and in‑app monetization over months.

Platform & ad‑tech capabilities

Owning an ad‑tech and content platform fosters scalable distribution, data assets and integration with publishers and advertisers. These platform and network effects can sustain higher long‑term operating leverage and stickier client relationships, aiding margin recovery if usage and CPMs stabilize.

Recent top‑line growth

Positive revenue growth despite other headwinds indicates market demand for Azerion's ad inventory and games. Sustained top‑line expansion provides a foundation for future profitability if cost discipline and monetization per user (CPMs, in‑app spend) improve over the coming quarters.

Negative Factors

High leverage

Extremely high leverage limits financial flexibility and increases refinancing and interest rate risk. Over a multi‑quarter horizon, servicing debt can crowd out investment in product and sales, and elevated leverage amplifies downside in any ad‑market weakness or revenue shortfall.

Negative free cash flow

Consistent negative free cash flow undermines the company's ability to self‑fund operations and invest in growth. Over several months this forces reliance on external financing or asset sales, raising execution risk and potentially impairing long‑term competitiveness if capital access tightens.

Deteriorating margins & losses

Worsening gross and operating margins with sizable net losses indicate structural cost pressures or weak monetization. Persisting negative profitability erodes equity and constrains reinvestment, making sustainable margin recovery and return on capital more challenging across the next several quarters.

Azerion Group N.V Business Overview & Revenue Model

Company Description

Azerion Group N.V. is a leading digital entertainment and media company that operates within the interactive gaming and advertising sectors. The company provides a wide array of services including online gaming platforms, ad tech solutions, and content monetization tools, primarily targeting audiences in Europe. Azerion's core products encompass casual games, social gaming experiences, and a comprehensive advertising network that connects advertisers with a diverse range of digital content.

How the Company Makes Money

Azerion makes money through multiple revenue streams, primarily by monetizing its gaming platforms and digital advertising services. The company generates income from in-game purchases, subscription fees, and advertising revenues, where advertisers pay to promote their products across Azerion's network of games and websites. Additionally, Azerion benefits from partnerships with content developers and publishers, which allow for revenue sharing and increased exposure. The company also capitalizes on data analytics to optimize ad placements and enhance user engagement, further driving its financial performance.

Azerion Group N.V Financial Statement Overview

Summary

Overall fundamentals are weak. Revenue has scaled versus 2021 but declined ~8.5% in 2025, profitability swung back to losses in 2024–2025, free cash flow is negative in 2024–2025, and the balance sheet is a key risk with high debt and a sharply reduced equity cushion in 2025.

Income Statement

Revenue has scaled materially versus 2021, but momentum has weakened with revenue down ~8.5% in 2025 after growth in 2023–2024. Profitability is volatile: the company swung from solid profitability in 2023 (positive operating profit and net income) back to losses in 2024–2025 (negative operating profit and net income). Gross profit dollars remain meaningful, but the recent inability to convert that into bottom-line earnings is the key drag.

Balance Sheet

Leverage is a central risk. Total debt remains high while equity has compressed sharply (from ~50.4M in 2024 to ~14.7M in 2025), leaving a thin capital cushion versus a sizable asset base. While total debt declined from 2024 to 2025, the drop in equity meaningfully weakens balance-sheet resilience and increases sensitivity to any further operating losses or asset write-downs.

Cash Flow

Operating cash flow stayed positive in 2024–2025, which helps, but free cash flow is negative in both years (cash is being consumed after investment needs). This is a clear deterioration from 2022–2023 when free cash flow was positive, indicating weaker cash conversion and/or higher cash outlays in the most recent periods.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Mar 2022
Income Statement
Total Revenue	540.60M	551.20M	515.00M	452.60M	308.10M
Gross Profit	146.00M	173.80M	182.70M	166.30M	120.90M
EBITDA	50.80M	17.80M	118.20M	-79.50M	33.40M
Net Income	-34.60M	-57.90M	23.70M	-134.30M	-19.60M
Balance Sheet
Total Assets	581.90M	679.10M	652.00M	638.50M	382.48M
Cash, Cash Equivalents and Short-Term Investments	58.00M	90.60M	40.30M	50.90M	1.45M
Total Debt	230.40M	293.60M	184.60M	228.60M	224.80M
Total Liabilities	558.30M	621.90M	542.40M	542.30M	404.69M
Stockholders Equity	14.70M	50.40M	104.30M	93.80M	-22.20M
Cash Flow
Free Cash Flow	-9.80M	-13.00M	25.10M	23.20M	5.90M
Operating Cash Flow	11.50M	7.80M	49.90M	44.90M	24.00M
Investing Cash Flow	13.70M	-36.80M	-5.30M	-75.80M	-83.10M
Financing Cash Flow	-56.80M	80.10M	-55.40M	47.40M	84.00M

Azerion Group N.V Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.26
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:AZRN, the sentiment is Negative. The current price of 1.26 is above the 20-day moving average (MA) of 0.98, above the 50-day MA of 1.04, and above the 200-day MA of 1.20, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 33.68 is Neutral, neither overbought nor oversold. The STOCH value of 60.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:AZRN.

Azerion Group N.V Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
LVIDE	46 Neutral	€4.19M	-1,202.24	―	―	―	―
FAST	46 Neutral	€410.23M	-5.51	―	―	48.95%	-64.87%
AZRN	45 Neutral	€112.34M	-3.99	―	―	-0.63%	74.14%