Svenska Aerogel Holding AB (AERO) AI Stock Analysis

• Market Cap: kr44.02M
• Dividend Yield: 0%
• Average Volume (3M): 150.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.78
• 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: 47 Neutral
• Price Target: kr1.50 ▲(0.00% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is held down primarily by weak financial performance—negative gross profitability, large ongoing losses, and sustained cash burn—despite a relatively low-debt balance sheet. Technicals are only mildly supportive with mixed trend signals, and valuation provides little support given losses and no dividend.

Positive Factors

Conservative Leverage

Very low debt relative to equity provides a durable financial buffer while the business scales. Conservative leverage preserves access to capital and reduces fixed financing costs, giving management flexibility to fund product qualification and commercialization despite ongoing cash burn.

Sustained Revenue Growth

Meaningful top-line scaling and strong 2025 growth indicate rising customer adoption of Quartzene. Durable revenue expansion supports future unit economics improvements, repeat order potential once formulations are qualified, and the ability to leverage fixed costs as volumes increase.

Broad Addressable Market

A versatile silica aerogel platform serving insulation, coatings and composites gives structural market diversification. Multiple end markets increase total addressable demand and reduce reliance on any single customer, supporting long-term volume growth if qualification hurdles are cleared.

Negative Factors

Negative Gross Margins

Negative gross margins over multiple years show unit economics are currently unviable. Unless production costs fall or ASPs rise with scale, sustained negative gross profit undermines any path to operating profitability and risks permanent impairment of capital.

Persistent Cash Burn

Consistent negative operating and free cash flow creates an enduring funding requirement. Continued cash burn forces reliance on external capital, limits reinvestment capacity, and raises dilution or liquidity risk that can impede long-term commercialization and scale-up initiatives.

Negative Returns on Equity

Strong negative ROE indicates the company is not generating returns on invested capital. Even with low leverage, sustained losses can erode equity, restrict strategic options, and make future fundraising harder or more dilutive, threatening long-term viability if profitability isn't achieved.

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 has improved, but profitability is the dominant weakness: gross profit is negative (2023–2025), operating losses remain very large, and cash flow is consistently negative despite some improvement in 2025. The balance sheet is a relative strength with low leverage, but persistent losses and cash burn keep overall financial quality weak.

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	47 Neutral	kr44.02M	-0.99	-75.93%	0.00%	―	―
XPC	44 Neutral	kr55.73M	-5.87	―	―	―	―