Arctic Blue Beverages AB (ARCTIC) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 871.38K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.37
• Revenue Growth: -1.47%
• EPS Growth: -15.75%
• Country: SE
• Employees: 6
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Beverages - Wineries & Distilleries
• EPS (TTM): -0.04
• Shares Outstanding: 78,594,270
• 10 Day Avg. Volume: 1,018,015
• 30 Day Avg. Volume: 871,385
• PEG Ratio: 0.01
• Price to Book (P/B): -0.86
• Price to Sales (P/S): 1.58
• P/FCF Ratio: -0.65
• 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): kr18.10M

• Rating: 42 Neutral
• Price Target: kr0.12 ▼(-36.32% Downside)
• Action: Reiterated Date: 02/19/26
• Date: Action: Reiterated 02/19/26

Overall score is low, driven primarily by very weak financial performance (deep losses, negative gross profit in 2025, persistent cash burn, and negative equity with debt). Technicals are also unfavorable with a weak long-term trend and negative MACD. Valuation offers limited support due to negative earnings and no stated dividend yield.

Positive Factors

Brand differentiation (Nordic/Arctic ingredients)

A distinct Arctic/Nordic product identity gives a durable consumer differentiation in premium spirits, supporting brand loyalty, specialty retail listings and export appeal. Such positioning helps sustain pricing power and shelf standout if execution and quality persist.

Diversified distribution channels

Multiple sales channels reduce single-market dependence and provide flexible revenue levers across retail, hospitality and export. This structural diversification aids resilience to localized shocks and supports longer-term scaling if distribution relationships are maintained.

Signs of operational stabilization in 2025

Improved cash burn and a modest revenue rebound in 2025 suggest initial operational stabilization. If sustained, this trend can reduce immediate refinancing needs, buy time for margin fixes and validate any restructuring, making a path toward break-even more attainable.

Negative Factors

Negative shareholders' equity

Negative equity reflects accumulated losses and severely limits financial flexibility. It raises creditor and covenant risk, complicates access to debt or equity financing, and increases sensitivity to adverse shocks, making sustained recovery materially harder without external capital.

Persistent negative operating and free cash flow

Consistent negative operating and free cash flow exhausts liquidity and mandates external funding. This constrains investment in marketing, distribution and product development, raises dilution or refinancing risk, and reduces runway to execute strategic fixes over the medium term.

Gross profit turned sharply negative in 2025

A negative gross profit means cost of goods exceeded revenue, indicating fundamental product-cost or pricing issues. This undermines viability because SG&A cuts alone can't restore margins; durable recovery requires repricing, cost restructuring, or product changes to restore unit economics.

Arctic Blue Beverages AB Business Overview & Revenue Model

Company Description

Arctic Blue Beverages AB (publ) produces and sells handcrafted beverages in Finland, Sweden, Canada, Japan, Australia, and internationally. The company offers arctic blue gin, navy strength, rose, cask vintage, laku, oat, long drinks, and tonic original products, as well as cocktails under the ARCTIC BLUE brand name. It sells its products through distributors. Arctic The company was founded in 2017 and is based in Stockholm, Sweden.

How the Company Makes Money

The company makes money primarily by selling its spirits (e.g., gin and related beverage products) under its own brands. Revenue is generated through wholesale and distribution-driven sales to alcohol retail monopolies or liquor retailers (where applicable by country), as well as sales to bars, restaurants, and hospitality venues (on-trade). Additional revenue can come from export sales via local importers/distributors and from listing/placement arrangements that increase availability in retail networks. If the company operates or participates in direct-to-consumer channels (such as brand webshops, tastings, or visitor experiences), those can contribute incremental revenue; however, specific details on the scope of such activities and named partnerships are not publicly available in the provided context and are therefore null.

Arctic Blue Beverages AB Financial Statement Overview

Summary

Financial profile is very weak: persistent large operating/net losses, revenue contraction since 2022 (only a modest rebound in 2025), sharply negative gross profit in 2025, ongoing negative operating/free cash flow (FCF about -12.0M in 2025), and elevated balance-sheet risk with negative equity since 2024 alongside meaningful debt.

Income Statement

The company remains deeply unprofitable across the period, with large operating and net losses every year. Revenue has been shrinking since 2022 (down from ~9.4M in 2022 to ~5.0M in 2025), although 2025 shows a modest rebound versus 2024. Profitability deteriorated materially in 2025 as gross profit turned sharply negative (implying cost of sales exceeded revenue), and operating losses remain very large relative to sales, signaling a business model that has not yet reached a sustainable cost structure.

Balance Sheet

Balance sheet risk is elevated: shareholders’ equity turned negative in 2024 and worsened further in 2025, which typically indicates accumulated losses and reduced financial flexibility. Debt increased substantially versus earlier years (from near-zero in 2020–2022 to ~21.4M in 2024 and ~14.4M in 2025), while total assets have declined from 2022 levels. The combination of negative equity and meaningful debt load makes funding risk and refinancing sensitivity high.

Cash Flow

Cash generation is weak and consistently negative: operating cash flow has been negative in every reported year except 2020 (which was roughly breakeven), and free cash flow is also persistently negative, including ~-12.0M in 2025. While cash burn improved from 2024 to 2025, the business still requires external financing to fund operations. Cash flow performance also appears volatile year-to-year, which increases execution and liquidity risk.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.96M	5.13M	6.42M	9.44M	8.75M
Gross Profit	-12.36M	1.34M	1.41M	518.00K	4.03M
EBITDA	-13.76M	-13.21M	-15.78M	-35.79M	-14.37M
Net Income	-15.54M	-16.70M	-18.36M	-37.95M	-15.37M
Balance Sheet
Total Assets	13.10M	14.77M	12.86M	24.64M	20.78M
Cash, Cash Equivalents and Short-Term Investments	3.99M	764.00K	367.00K	1.63M	1.02M
Total Debt	14.36M	21.39M	446.00K	0.00	0.00
Total Liabilities	22.19M	29.26M	10.59M	4.97M	2.87M
Stockholders Equity	-9.09M	-14.50M	2.27M	19.66M	17.91M
Cash Flow
Free Cash Flow	-12.01M	-16.36M	-9.94M	-31.86M	-19.86M
Operating Cash Flow	-11.89M	-14.58M	-9.94M	-31.86M	-19.86M
Investing Cash Flow	-154.00K	-620.00K	2.36M	0.00	-859.00K
Financing Cash Flow	15.31M	15.59M	6.29M	32.28M	18.24M

Arctic Blue Beverages AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.19
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ARCTIC, the sentiment is Negative. The current price of 0.19 is above the 20-day moving average (MA) of 0.15, above the 50-day MA of 0.16, and below the 200-day MA of 0.43, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 22.48 is Positive, neither overbought nor oversold. The STOCH value of 34.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ARCTIC.

Arctic Blue Beverages AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
VIVA	61 Neutral	kr2.91B	15.14	―	4.40%	19.47%	46.15%
NNH	57 Neutral	kr121.74M	17.54	―	―	5.91%	―
SNX	56 Neutral	kr526.38M	21.64	―	0.51%	22.02%	127.51%
ARCTIC	42 Neutral	―	-0.50	―	―	-1.47%	-15.75%