Aino Health AB (AINO) AI Stock Analysis

• Market Cap: kr32.73M
• Dividend Yield: N/A
• Average Volume (3M): 37.35K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.71
• Revenue Growth: 10.03%
• EPS Growth: 66.78%
• Country: SE
• Employees: 19
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Healthcare Information Services
• EPS (TTM): -0.02
• Shares Outstanding: 204,569,100
• 10 Day Avg. Volume: 57,458
• 30 Day Avg. Volume: 37,353
• PEG Ratio: 0.07
• Price to Book (P/B): -75.15
• Price to Sales (P/S): 1.44
• P/FCF Ratio: -7.57
• 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: 41 Neutral
• Price Target: kr0.17 ▼(-8.33% Downside)
• Action: Reiterated Date: 01/06/26
• Date: Action: Reiterated 01/06/26

The score is primarily weighed down by weak financial performance—persistent losses, negative equity, and consistently negative operating/free cash flow. Technicals add pressure with price below key moving averages and negative MACD, while valuation is constrained by a negative P/E and no provided dividend yield.

Positive Factors

Gross Margin Rebound

The sharp improvement in gross margin indicates enhanced operational efficiency, which could support future profitability if sustained.

Debt Elimination

Eliminating debt reduces financial risk and interest obligations, improving financial stability and flexibility for future investments.

Revenue Growth

Positive revenue growth suggests increasing market demand and potential for scaling operations, supporting long-term business expansion.

Negative Factors

Negative Equity

Negative equity indicates financial instability, limiting the company's ability to raise capital and invest in growth opportunities.

Cash Flow Deficit

Persistent negative cash flow suggests the core business is not self-sustaining, necessitating external funding to maintain operations.

Ongoing Losses

Continued losses reflect challenges in achieving profitability, which could hinder long-term viability and investor confidence.

Aino Health AB Business Overview & Revenue Model

Company Description

Aino Health AB (publ) provides corporate health management solutions for private and public organizations in Finland. It offers HealthManager, a software as a service solution that provides surveys, analytics, exposure checks, and security and GDPR services; and e-learning platform. The company also provides telemedicine services; professional services, including analytics, management and employee support, and well-being services; onboarding services, such as project management and planning, implementation, and training and communication services; and other services to occupational health care providers, insurance companies, IT software and service companies, HR, payroll service centers, nurses, online therapists, etc. Aino Health AB (publ) is based in Stockholm, Sweden.

How the Company Makes Money

Aino Health AB generates revenue through a subscription-based model, where businesses pay for access to its digital health management platform. The platform provides tools and analytics that help organizations monitor and enhance employee health and productivity. Key revenue streams include subscription fees for the platform, consultancy services related to health management, and partnerships with healthcare providers. The company may also generate income through additional services such as training and workshops aimed at promoting healthy workplace practices.

Aino Health AB Financial Statement Overview

Summary

Overall fundamentals are weak: revenue has been broadly flat and the company continues to post operating losses and negative net margins. Balance-sheet risk is elevated due to negative shareholders’ equity despite debt being reduced to zero. Cash flow is the biggest drag, with operating cash flow and free cash flow negative across all periods, indicating ongoing cash burn.

Income Statement

Revenue has been broadly flat over the last several years (2024 roughly in-line with 2023), but profitability remains weak with persistent operating losses and negative net margins each year. A positive is the sharp improvement in gross profit in 2024 versus 2023 (gross margin rebounded to ~90% from ~16%), yet this has not translated into positive operating profit, as operating expenses still outweigh gross profit and keep EBIT and net income negative.

Balance Sheet

Leverage is low in absolute terms, and total debt has been reduced to zero in 2024, which lowers financial risk. The key concern is capital structure: shareholders’ equity is negative in 2022–2024, which weakens balance-sheet resilience and limits financial flexibility. Total assets have also trended down since 2020, suggesting a smaller balance sheet while losses continue.

Cash Flow

Cash generation is a major weak point: operating cash flow and free cash flow are negative across all periods shown, indicating the core business is consuming cash. There is some improvement in cash burn in 2024 versus 2023 (less negative operating cash flow), but free cash flow still deteriorated year-over-year in 2024 and remains meaningfully negative, implying continued reliance on external funding or cash reserves to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	26.56M	23.94M	23.92M	19.91M	23.04M	24.92M
Gross Profit	25.12M	21.51M	3.80M	17.77M	21.56M	23.61M
EBITDA	-2.36M	-6.21M	-7.53M	-12.26M	-12.09M	-9.95M
Net Income	-6.10M	-9.91M	-10.66M	-14.96M	-15.22M	-13.17M
Balance Sheet
Total Assets	7.43M	9.86M	13.51M	17.33M	19.02M	33.38M
Cash, Cash Equivalents and Short-Term Investments	834.00K	741.00K	1.44M	2.16M	453.00K	9.00M
Total Debt	836.00K	0.00	164.00K	659.00K	1.06M	1.49M
Total Liabilities	8.96M	10.32M	14.37M	19.57M	16.44M	17.36M
Stockholders Equity	-1.53M	-458.00K	-851.00K	-2.23M	2.58M	16.02M
Cash Flow
Free Cash Flow	-4.01M	-4.55M	-6.26M	-12.87M	-8.11M	-12.07M
Operating Cash Flow	-4.01M	-4.55M	-6.26M	-12.87M	-8.11M	-12.07M
Investing Cash Flow	-124.00K	0.00	0.00	1.32M	0.00	1.69M
Financing Cash Flow	4.78M	3.82M	5.57M	13.19M	-450.00K	16.38M

Aino Health AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.18
• 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:AINO, the sentiment is Negative. The current price of 0.18 is above the 20-day moving average (MA) of 0.16, above the 50-day MA of 0.17, and below the 200-day MA of 0.20, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 43.43 is Neutral, neither overbought nor oversold. The STOCH value of 49.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:AINO.

Aino Health AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
AINO	41 Neutral	kr32.73M	-5.35	-8607.90%	―	10.03%	66.78%