Svenska Aerogel Holding AB (AERO) AI Stock Analysis

• Market Cap: kr53.06M
• Dividend Yield: 0%
• Average Volume (3M): 150.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.66
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 15
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): -0.26
• Shares Outstanding: 29,151,722
• 10 Day Avg. Volume: 158,203
• 30 Day Avg. Volume: 150,252
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.83
• Price to Sales (P/S): 6.68
• P/FCF Ratio: -1.21
• 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): -1.48
• Revenue Forecast (FY): kr10.60M

• Rating: 51 Neutral
• Price Target: kr2.00 ▲(33.33% Upside)
• Action: N/A Date: 03/12/26
• Date: Action: N/A 03/12/26

The score is held back primarily by weak financial performance—negative gross profitability, large losses, and sustained cash burn—despite a relatively conservative balance sheet. Technicals are supportive with the price above key moving averages and positive MACD, but valuation support is limited due to unprofitability and a 0% dividend.

Positive Factors

Product platform diversification

Quartzene is a specialty silica aerogel sold as an additive across building, coatings and industrial composites. This ingredient-driven model supports multiple end markets, reducing customer concentration risk and creating durable repeat-volume potential once customers qualify the material into production.

Improving revenue trajectory

Revenue has scaled meaningfully since 2020 with a notable acceleration in 2025, indicating growing commercial adoption. Sustained top-line growth signals successful customer qualification and a path to scale manufacturing and recurring sales if margins and unit economics are addressed over the medium term.

Conservative balance sheet

Low debt and a deleveraging trend provide a financial buffer while the business invests in commercialisation. Conservative leverage reduces refinancing risk, gives management time to improve margins or secure strategic partners, and supports operational continuity amid cash burn.

Negative Factors

Negative gross margins

Sharply negative gross margins over multiple years imply product costs or pricing are misaligned with value capture. Without structural improvements in production cost, yield, or pricing power, continued negative gross margins will prevent operating leverage and make sustainable profitability difficult to achieve.

Persistent cash burn

Consistent negative operating and free cash flow means the company relies on external funding to operate. Even with partial FCF improvement in 2025, sustained cash consumption raises financing risk, can dilute shareholders, and limits resources for scale-up and application development.

Eroding equity returns

Ongoing losses producing negative ROE can shrink shareholders' equity over time, undermining the balance-sheet buffer. Even with low leverage, capital erosion reduces flexibility for investments or downturns and increases reliance on new capital to fund growth and commercialization.

Svenska Aerogel Holding AB Business Overview & Revenue Model

Company Description

Svenska Aerogel Holding AB (publ), through its subsidiary, engages in the research, development, production, and sale of aerogel in Europe, North America, and Asia. It offers Quartzene, a non-flammable material, which is used to enhance the performance of various products and solutions, such as paint and coatings, thermal insulation, and filtration of liquids and gases. The company sells its products through direct sales channels and resellers. Svenska Aerogel Holding AB (publ) is headquartered in Gävle, Sweden.

How the Company Makes Money

Svenska Aerogel primarily makes money by selling its silica aerogel material (Quartzene) to industrial customers for use as an ingredient/additive in the customers’ own products. Revenue is therefore mainly tied to: (1) Material sales/volume-based revenue: customers purchase Quartzene in quantities aligned with their production needs; Svenska Aerogel recognizes revenue from these product sales, which scales with customer adoption and the number of applications that move from evaluation to full commercial production. (2) Application development leading to repeat orders: the company works to qualify Quartzene in specific customer formulations (e.g., coatings, insulation-related products, lightweight composites); once qualified, the recurring nature of customers’ manufacturing can generate ongoing repeat purchases. Information about additional revenue streams such as licensing income, royalties, service/consulting fees, or specific major partnerships and their financial terms is not available (null).

Svenska Aerogel Holding AB Financial Statement Overview

Summary

Revenue growth is improving (notably in 2025) and leverage is low, but fundamentals are dominated by sharply negative gross margins in 2023–2025, large operating losses, and consistently negative operating/free cash flow. The ongoing cash burn and lack of demonstrated profitability keep this component near the lower end.

Income Statement

Revenue has scaled meaningfully since 2020 and grew strongly in 2025, but profitability remains a major issue. Gross profit turned sharply negative in 2023–2025 (negative gross margins), and operating losses remain very large relative to sales, keeping net margins deeply negative despite some improvement versus 2023–2024. Overall, the top-line trajectory is improving, but the cost structure is not yet demonstrating a viable path to sustainable profitability.

Balance Sheet

Leverage looks conservative in the latest year, with very low debt relative to equity in 2025 and a clear deleveraging trend from 2020–2023 levels. Equity remains sizable versus total assets, which helps provide a financial buffer. The key weakness is persistent losses driving strongly negative returns on equity, which can erode the capital base over time if not reversed.

Cash Flow

Cash generation is weak, with operating cash flow and free cash flow consistently negative across 2020–2025, indicating the business is still cash-consuming. Free cash outflow improved in 2025 versus 2023–2024, but cash burn remains substantial. While free cash flow is roughly in line with reported losses (not materially worse than net income), the ongoing need to fund negative cash flow is a continuing risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.71M	2.59M	3.12M	6.35M	1.79M
Gross Profit	-10.80M	-13.94M	-14.72M	5.71M	1.71M
EBITDA	-24.85M	-25.82M	-33.47M	-32.77M	-33.41M
Net Income	-31.90M	-34.24M	-44.11M	-41.64M	-42.17M
Balance Sheet
Total Assets	45.64M	45.26M	58.51M	74.41M	101.03M
Cash, Cash Equivalents and Short-Term Investments	8.30M	1.54M	6.03M	14.05M	34.17M
Total Debt	697.00K	3.77M	8.39M	13.42M	18.52M
Total Liabilities	7.84M	11.50M	33.47M	31.00M	38.37M
Stockholders Equity	37.80M	33.76M	25.04M	43.40M	62.66M
Cash Flow
Free Cash Flow	-26.11M	-28.45M	-38.30M	-41.46M	-33.84M
Operating Cash Flow	-25.66M	-28.30M	-37.88M	-37.34M	-31.13M
Investing Cash Flow	-456.00K	-152.00K	-419.00K	-4.12M	-2.89M
Financing Cash Flow	32.87M	23.97M	30.27M	21.34M	41.34M

Svenska Aerogel Holding AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AERO	51 Neutral	kr53.06M	-0.99	-75.93%	0.00%	―	―
XPC	44 Neutral	kr57.14M	-5.87	―	―	―	―