Acroud AB (ACROUD) AI Stock Analysis

• Market Cap: kr182.93M
• Dividend Yield: N/A
• Average Volume (3M): 78.25K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.16
• 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: 0.01
• Price to Book (P/B): -5.73
• Price to Sales (P/S): 0.10
• P/FCF Ratio: 1.03
• 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: 51 Neutral
• Price Target: kr0.15 ▲(2.00% Upside)

Acroud AB's overall stock score is primarily influenced by its financial performance, which shows operational challenges and profitability issues. Technical analysis provides a slightly positive outlook, but valuation concerns due to negative earnings weigh heavily on the score.

Positive Factors

Affiliate-based revenue model

A commission-driven affiliate model aligns revenue with partner performance and is inherently scalable with traffic growth. Multiple streams—performance commissions, advertising and subscriptions—reduce single-source risk and support durable cash flows as user engagement and partner networks expand.

Positive revenue growth trend

Mid-teens trailing revenue growth indicates sustained demand for lead generation and content in gaming verticals. Over a 2–6 month horizon, persistent organic growth supports margin recovery and reinvestment capacity, underpinning longer-term scalability of the digital affiliate model.

Improving cash generation

Recent TTM free cash flow growth and positive operating cash flow to net income suggest better cash conversion and operational discipline. This strengthens the company's ability to fund operations, reduce leverage, and invest in product and marketing without relying heavily on external financing.

Negative Factors

Negative profitability margins

Persistent negative net, EBIT and EBITDA margins indicate the business has yet to translate revenue into sustainable profits. Over months this constrains reinvestment, limits retained earnings, and raises reliance on cash reserves or financing to cover operating needs during growth initiatives.

Historical leverage and negative ROE

Although debt has improved, a negative ROE and history of high leverage increase vulnerability to revenue shocks. Capital structure constraints can limit strategic flexibility, raise financing costs, and hinder ability to pursue M&A or invest aggressively in user acquisition during competitive cycles.

Volatile free cash flow history

Even with recent FCF improvement, past volatility signals inconsistent cash generation and potential working capital swings. This undermines forecasting reliability, complicates budgeting for marketing and product investments, and raises the risk that shortfalls could disrupt strategic plans.

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

Acroud AB's financial performance is challenged by negative net profit margins and operational inefficiencies, despite some positive trends in revenue and cash flow. The balance sheet shows moderate debt improvement, but historical leverage and negative return on equity remain concerns.

Income Statement

Acroud AB's income statement shows a mixed performance. The company has a high gross profit margin, indicating efficient cost management. However, the net profit margin is negative, reflecting ongoing losses. Revenue growth is positive in the TTM period, but historical fluctuations suggest instability. EBIT and EBITDA margins are negative, highlighting operational challenges.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio in the TTM period, which is an improvement from previous years. However, the return on equity is negative, indicating inefficiencies in generating returns for shareholders. The equity ratio suggests a balanced asset structure, but past high leverage poses potential risks.

Cash Flow

Cash flow analysis shows strong free cash flow growth in the TTM period, indicating improved cash generation. The operating cash flow to net income ratio is positive, suggesting better cash conversion. However, historical volatility in free cash flow growth highlights potential cash flow management issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	44.13M	38.59M	39.35M	30.91M	24.77M	11.63M
Gross Profit	44.13M	33.52M	39.36M	31.74M	25.89M	12.66M
EBITDA	-795.00K	5.54M	-22.22M	-11.14M	5.05M	5.35M
Net Income	-7.63M	-3.31M	-31.71M	-18.42M	718.00K	1.26M
Balance Sheet
Total Assets	39.91M	39.97M	50.01M	79.88M	76.24M	61.06M
Cash, Cash Equivalents and Short-Term Investments	3.68M	1.59M	3.15M	2.42M	1.76M	7.62M
Total Debt	14.39M	17.06M	17.95M	19.93M	19.70M	22.20M
Total Liabilities	22.67M	27.10M	32.63M	55.56M	34.29M	24.64M
Stockholders Equity	17.24M	-654.00K	2.75M	24.32M	41.95M	36.42M
Cash Flow
Free Cash Flow	1.75M	3.63M	1.97M	3.11M	885.00K	3.47M
Operating Cash Flow	1.91M	4.23M	4.24M	5.60M	3.28M	5.76M
Investing Cash Flow	-1.51M	-2.05M	-1.28M	-3.24M	-5.26M	-2.29M
Financing Cash Flow	2.38M	-3.71M	-2.25M	-2.26M	-3.89M	-2.08M

Acroud AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.15
• 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 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 Negative momentum. The RSI at 49.39 is Neutral, neither overbought nor oversold. The STOCH value of 72.39 is Neutral, 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	72 Outperform	kr118.30B	9.31	―	5.04%	2.04%	-0.10%
BETS.B	72 Outperform	kr14.60B	6.54	23.20%	5.03%	11.84%	12.09%
KAMBI	65 Neutral	$3.10B	35.61	4.76%	―	-5.16%	-48.79%
SODER	63 Neutral	kr171.71M	30.66	6.37%	3.38%	2.88%	-51.00%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ACROUD	51 Neutral	kr182.93M	-0.48	-74.31%	―	13.37%	43.23%
CTM	51 Neutral	kr137.63M	-0.76	-19.82%	―	-25.10%	82.01%