Anoto Group AB (ANOT) AI Stock Analysis

• Market Cap: kr61.40M
• Dividend Yield: N/A
• Average Volume (3M): 861.05K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.26
• Revenue Growth: -36.24%
• EPS Growth: 42.01%
• Country: SE
• Employees: 33
• Sector: General
• Sector Strength: N/A
• Industry: Software - Infrastructure
• EPS (TTM): -0.01
• Shares Outstanding: 1,102,362,800
• 10 Day Avg. Volume: 497,980
• 30 Day Avg. Volume: 861,047
• PEG Ratio: 0.01
• Price to Book (P/B): 34.24
• Price to Sales (P/S): 2.27
• P/FCF Ratio: -1.37
• 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: 44 Neutral
• Price Target: kr0.05 ▲(6.00% Upside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is held down primarily by very weak financial performance (deep losses, sustained cash burn, and sharply reduced equity increasing balance-sheet risk). Technicals provide some support with the stock trading above major moving averages and positive MACD, but the very high RSI suggests overheating. Valuation is constrained by a negative P/E (loss-making) and no dividend support.

Positive Factors

Niche digitization business model

Anoto operates a focused, durable business converting handwriting into digital workflows. This proprietary niche addresses persistent needs in forms, health, logistics and education, supporting recurring solution demand and partner integration opportunities that can sustain revenue streams over multiple years.

Meaningful gross margins

Gross margins near the 50% range indicate strong unit economics on product/service delivery. If topline stabilizes or grows, these margins create room to absorb fixed R&D and sales costs and can translate to durable operating leverage, improving long-term profitability potential.

Lean operating headcount

A small workforce of 33 implies a lean cost structure and potential for tight cost control. This enables management to allocate capital selectively, limit fixed payroll burn, and scale incremental revenue with relatively modest headcount increases, supporting resilience while seeking growth.

Negative Factors

Severe sustained cash burn

Persistent, large negative operating and free cash flows indicate ongoing cash depletion and dependence on external financing or asset draws. Over 2–6 months this constrains investment in product, sales, and can force dilutive raises or service reductions, jeopardizing strategic plans.

Collapsed equity and elevated leverage risk

Equity shrinking to a nominal base while debt remains significant creates high leverage and low financial flexibility. This structural imbalance raises refinancing risk, creditor pressure, and limits ability to absorb shocks or pursue growth without materially diluting shareholders.

Declining revenue trend

A multi-year revenue contraction reduces scale needed to cover fixed costs and weakens the path to profitability. Continued top-line decline undermines the company’s ability to convert its healthy gross margins into operating profits and prolongs reliance on external funding.

Anoto Group AB Business Overview & Revenue Model

Company Description

Anoto Group AB (publ) provides digital writing and drawing solutions in Sweden, Europe, the Middle East, Africa, the United States, and the Asia-Pacific regions. The company offers ACE, a cloud-based forms system that offers paper document handling and business process automation; Anoto DNA, an interactive security and marketing solution; and Dr. Watson, a biometric authentication and security solution. It also provides KAIT, an AI solution for offline education; and designs and manufactures smart pens under the Livescribe name. The company was incorporated in 1996 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Anoto Group AB generates revenue through multiple streams, including the sale of digital writing products, software licensing, and service agreements. The company primarily earns from the direct sales of its digital pens and the corresponding paper products that feature its unique dot pattern. Additionally, Anoto licenses its technology to third-party companies, enabling them to integrate digital writing capabilities into their own products and services. Strategic partnerships with educational institutions and healthcare providers also contribute to its revenue, as these sectors increasingly adopt digital solutions for efficiency and data management. Furthermore, ongoing service and support contracts provide a continuous revenue flow as clients seek to enhance their digital capabilities.

Anoto Group AB Financial Statement Overview

Summary

Financials are severely weak: the company is deeply loss-making (net margin around -408%), revenue has contracted versus prior years, and cash generation is materially negative (TTM operating cash flow about -33.2M; free cash flow about -46.7M). The balance sheet also deteriorated sharply with equity shrinking to roughly 1.5M, increasing leverage risk despite only moderate absolute debt (~25.7M).

Income Statement

Profitability is very weak: the company is deeply loss-making in TTM (Trailing-Twelve-Months) with negative operating profit and a very large net loss (net margin around -408%). Revenue has also trended down materially from 2021–2022 levels (and is down again in TTM), despite gross margin holding around ~48–63% historically (about ~51% in TTM). The key positive is that gross profit remains meaningful, but operating costs/other items are overwhelming the gross profit base, keeping results structurally unprofitable.

Balance Sheet

Balance sheet strength has deteriorated sharply: equity collapsed to roughly 1.5M in TTM (Trailing-Twelve-Months) versus much higher levels in prior annual periods, which drives elevated leverage and reduces financial flexibility. Debt is moderate in absolute terms (about 25.7M in TTM), but debt relative to the now-thin equity base is high, and returns on equity are deeply negative, reflecting ongoing value erosion. Total assets have also declined versus earlier years, consistent with a shrinking capital base.

Cash Flow

Cash generation is poor and worsening: operating cash flow is negative across all periods and remains significantly negative in TTM (Trailing-Twelve-Months) (about -33.2M), with free cash flow also deeply negative (about -46.7M) and showing a large decline versus the prior period (free cash flow growth about -42%). While free cash flow is numerically larger than net loss in TTM (because earnings are very negative), the core issue is sustained cash burn, implying continued reliance on external funding or further balance sheet contraction.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	22.37M	30.07M	43.01M	69.36M	71.73M
Gross Profit	7.12M	14.36M	27.04M	42.90M	38.58M
EBITDA	-54.48M	-53.76M	38.95M	-21.92M	-24.86M
Net Income	-96.23M	-55.78M	-84.24M	-30.90M	-40.22M
Balance Sheet
Total Assets	95.87M	144.82M	143.62M	238.73M	239.07M
Cash, Cash Equivalents and Short-Term Investments	196.00K	30.67M	2.62M	1.72M	3.88M
Total Debt	25.70M	4.64M	24.29M	72.17M	41.64M
Total Liabilities	94.39M	64.70M	84.28M	147.08M	106.33M
Stockholders Equity	1.48M	80.13M	59.33M	111.00M	144.51M
Cash Flow
Free Cash Flow	-37.20M	-51.96M	-40.00M	-32.33M	-46.33M
Operating Cash Flow	-33.18M	-43.98M	-40.73M	-27.95M	-39.02M
Investing Cash Flow	-18.11M	-12.44M	-1.13M	-2.27M	-7.01M
Financing Cash Flow	47.73M	84.44M	28.16M	27.70M	47.53M

Anoto Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.05
• 50DMA: Positive
• 100DMA: Positive
• 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:ANOT, the sentiment is Positive. The current price of 0.05 is above the 20-day moving average (MA) of 0.04, above the 50-day MA of 0.04, and below the 200-day MA of 0.06, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 67.14 is Neutral, neither overbought nor oversold. The STOCH value of 49.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ANOT.

Anoto Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WPAY	62 Neutral	kr130.07M	18.58	―	―	12.09%	―
SONE	57 Neutral	kr39.37M	-14.12	―	―	17.10%	-267.16%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
ADVE	55 Neutral	kr655.39M	-492.50	22.29%	0.48%	27.82%	305.33%
FREJA	50 Neutral	kr436.98M	-26.07	―	―	19.18%	48.44%
ANOT	44 Neutral	kr61.40M	-0.53	-326.45%	―	-36.24%	42.01%
CYB1	40 Underperform	€1.94M	-3.26	277.20%	―	―	―

Anoto Group AB Corporate Events

Anoto Group Secures New Convertible Loan to Bolster Growth and Simplify Financing

Anoto Group AB has secured a new convertible loan facility of up to USD 1.49 million, combining this financing with an existing USD 2.4 million convertible loan into a single structure to strengthen its capital base. The arrangement, which allows board members and employees to participate through set‑off of accrued compensation, is designed to improve liquidity management and align stakeholders over the longer term.

The loan, bearing 8 percent annual interest and maturing in October 2027, can be converted into shares at SEK 0.06 and will be mandatorily converted if Anoto completes a qualified capital raise of at least USD 3 million at a higher subscription price. By bringing in both existing shareholders and new investors, the deal broadens Anoto’s financing base and enhances financial flexibility as it pursues its product roadmap, enterprise relationships and market expansion in key regions.

The most recent analyst rating on (SE:ANOT) stock is a Hold with a SEK0.04 price target. To see the full list of analyst forecasts on Anoto Group AB stock, see the SE:ANOT Stock Forecast page.

Anoto Narrows Losses and Boosts Margins as It Restructures Financing

Anoto Group AB, a Swedish-listed technology company and pioneer in digital pen and dot pattern technology, focuses on smart pens, paper and software that connect handwriting to digital systems. Its core portfolio includes the inq and Livescribe retail lines and enterprise workflow solutions, positioning the company in the niche of digital writing tools for education and professional use.

In its year-end report for 2025, Anoto posted lower net sales but significantly improved gross margins and slightly reduced operating losses, alongside better earnings per share compared with 2024. The company also strengthened its liquidity and extended its debt maturity profile by securing a new USD 2.4 million secured convertible loan, consolidating previous bridge and convertible facilities into this longer-dated instrument.

The most recent analyst rating on (SE:ANOT) stock is a Hold with a SEK0.05 price target. To see the full list of analyst forecasts on Anoto Group AB stock, see the SE:ANOT Stock Forecast page.