Acroud AB (ACROUD) AI Stock Analysis

• Market Cap: kr166.30M
• Dividend Yield: N/A
• Average Volume (3M): 78.25K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.07
• Revenue Growth: 13.37%
• EPS Growth: 43.23%
• Country: SE
• Employees: 70
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Gambling, Resorts & Casinos
• EPS (TTM): -0.01
• Shares Outstanding: 1,279,221,100
• 10 Day Avg. Volume: 79,900
• 30 Day Avg. Volume: 78,253
• PEG Ratio: 0.04
• Price to Book (P/B): 1.06
• Price to Sales (P/S): 0.38
• P/FCF Ratio: -46.29
• 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): 0.02
• Revenue Forecast (FY): kr46.00M

• Rating: 39 Underperform
• Price Target: kr0.13 ▼(-16.00% Downside)
• Action: Downgraded Date: 02/27/26
• Date: Action: Downgraded 02/27/26

The score is primarily held down by weak financial performance—persistent net losses and a 2025 reversal into negative operating and free cash flow—despite revenue growth and some improvement in leverage. Technicals also remain soft with the price below major moving averages and negative MACD, while valuation signals are constrained by a negative P/E and no dividend yield data.

Positive Factors

Recurring affiliate / diversified monetization

Acroud’s core affiliate model (revenue-share, CPA and hybrid) creates recurring, performance-linked revenue tied to player lifetime value, while B2B/technology fees diversify income. This mix supports durable cash streams and aligns incentives with operator partners over months to years.

Consistent revenue growth

Top-line expansion (mid-teens growth in reported metrics) indicates sustained demand for Acroud’s traffic and offerings in iGaming markets. Ongoing revenue growth provides scale benefits for marketing efficiency and product investment, improving odds of margin recovery over a multi-quarter horizon.

Improving leverage / falling debt

Debt reduction and a return to positive equity in 2025 materially improve financial flexibility versus prior years of elevated leverage. Lower debt levels reduce interest burden and financing strain, giving management more runway to stabilize operations and invest in growth initiatives over the medium term.

Negative Factors

Persistent net losses

Repeated net losses over multiple years erode equity and limit internal funding for marketing and product development—critical for affiliate performance. Persistent unprofitability signals structural margin or cost issues that may require strategic change or external capital to resolve, raising execution risk.

Cash flow deterioration

A reversal to negative operating and free cash flow undermines the company’s ability to self-fund customer acquisition and platform investment. For a marketing-driven affiliate business, negative cash flow increases dependency on external financing and heightens the risk of marketing pullback that would harm revenue durability.

Margin and profitability volatility

Negative gross margin and operating profit point to weak unit economics—higher acquisition costs or unfavorable partner economics—making profitability fragile. Such margin instability complicates forecasting and suggests structural pressure on core affiliate economics that may persist absent improved conversion or deal terms.

Acroud AB Business Overview & Revenue Model

Company Description

Acroud AB (publ) owns, develops, and operates comparison and news sites in Sweden. The company operates through iGaming Affiliation and Software as a Service (SaaS) segments. It also engages in the Casino, Poker and Betting business. In addition, the company develops and offers SaaS solutions in the affiliate industry; and provides streaming services, as well as runs the gaming event – The Festival Series. Further, it offers media creator access to a large pool of gaming campaigns. The company was formerly known as Net Gaming Europe AB (publ) and changed its name to Acroud AB (publ) in July 2020. Acroud AB (publ) was founded in 2003 and is headquartered in Gzira, Malta. Acroud AB (publ) was formerly a subsidiary of Henrik Kvick AB.

How the Company Makes Money

Acroud generates revenue through its affiliate marketing model, where it earns commissions for directing traffic and customers to its partner gaming operators. The company's primary revenue streams include performance-based commissions from player acquisitions, advertising revenues from its owned media channels, and subscription fees from services offered to gaming operators. Additionally, strategic partnerships with various gaming companies enhance its market reach and profitability, contributing to sustained earnings growth.

Acroud AB Financial Statement Overview

Summary

Revenue has grown over the cycle, but profitability has deteriorated into large net losses (2022–2025), including negative gross and operating profit in 2025. Cash flow quality weakened sharply with operating cash flow and free cash flow turning negative in 2025. Balance sheet leverage improved vs. prior years (debt down; 2025 D/E ~0.72), but equity has been volatile with periods of negative equity and negative ROE, keeping overall financial risk elevated.

Income Statement

Revenue has expanded over the cycle (up in 2025 vs. 2024, and meaningfully higher than 2020), but profitability has deteriorated materially. The company swung from positive net profit in 2020–2021 to large net losses in 2022–2025, with 2025 showing negative gross profit and negative operating profit, despite still-positive EBITDA. Overall, the top-line trajectory is a plus, but the persistence of losses and margin volatility keeps the income statement profile weak.

Balance Sheet

Leverage is mixed: 2025 debt-to-equity is moderate (~0.72) with positive equity, improving versus years with very high leverage (2023) and especially 2024 where equity was negative (making leverage metrics unstable). Total debt has trended down from 2022–2025, which is supportive. However, returns on equity are negative in the latest year and the equity base has been volatile, signaling an uneven capital structure and elevated balance-sheet risk.

Cash Flow

Cash generation weakened sharply in 2025: operating cash flow and free cash flow both turned negative after being solidly positive in 2022–2024. Free cash flow growth is deeply negative in the latest year, indicating a significant reversal in underlying cash performance. While 2024 showed healthy positive cash flow, the latest year’s cash burn and inconsistency reduce confidence in cash flow quality and sustainability.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	47.23M	38.59M	39.35M	30.91M	24.77M
Gross Profit	-406.48K	33.52M	39.36M	31.74M	25.89M
EBITDA	3.84M	5.54M	-22.22M	-11.14M	5.05M
Net Income	-5.23M	-3.31M	-31.71M	-18.42M	718.00K
Balance Sheet
Total Assets	37.06M	39.97M	50.01M	79.88M	76.24M
Cash, Cash Equivalents and Short-Term Investments	1.57M	1.59M	3.15M	2.42M	1.76M
Total Debt	12.36M	17.06M	17.95M	19.93M	19.70M
Total Liabilities	20.00M	27.10M	32.63M	55.56M	34.29M
Stockholders Equity	17.06M	-654.00K	2.75M	24.32M	41.95M
Cash Flow
Free Cash Flow	-389.16K	3.63M	1.97M	3.11M	885.00K
Operating Cash Flow	-361.65K	4.23M	4.24M	5.60M	3.28M
Investing Cash Flow	-1.14M	-2.05M	-1.28M	-3.24M	-5.26M
Financing Cash Flow	1.40M	-3.71M	-2.25M	-2.26M	-3.89M

Acroud AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ACROUD, the sentiment is Negative. The current price of 0.15 is above the 20-day moving average (MA) of 0.14, above the 50-day MA of 0.14, and above the 200-day MA of 0.14, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 41.11 is Neutral, neither overbought nor oversold. The STOCH value of 6.06 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ACROUD.

Acroud AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EVO	73 Outperform	kr111.64B	11.07	―	5.04%	2.04%	-0.10%
BETS.B	73 Outperform	kr13.41B	14.44	23.20%	5.03%	11.84%	12.09%
KAMBI	65 Neutral	kr2.75B	357.14	4.76%	―	-5.16%	-48.79%
SODER	62 Neutral	kr176.78M	25.78	6.37%	3.38%	2.88%	-51.00%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
CTM	60 Neutral	kr177.11M	-0.99	-19.82%	―	-25.10%	82.01%
ACROUD	39 Underperform	kr166.30M	-3.44	-74.31%	―	13.37%	43.23%