Athanase Innovation AB (ATIN) AI Stock Analysis

• Market Cap: kr231.57M
• Dividend Yield: N/A
• Average Volume (3M): 56.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.40
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 31
• Sector: Technology
• Sector Strength: 88
• Industry: Asset Management
• EPS (TTM): -0.80
• Shares Outstanding: 19,297,642
• 10 Day Avg. Volume: 41
• 30 Day Avg. Volume: 56
• PEG Ratio: 0.44
• Price to Book (P/B): 0.99
• Price to Sales (P/S): 2.71
• P/FCF Ratio: -32.08
• 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: 51 Neutral
• Price Target: kr13.00 ▼(-27.78% Downside)

The score is held back primarily by weak financial performance: steep TTM revenue decline, very poor margins, and negative operating/free cash flow. Technicals are moderately supportive in the near term (positive MACD; price above 20/50-DMA), but longer-term trend levels remain overhead (below 100/200-DMA). Valuation is difficult to support with a negative P/E and no dividend yield provided.

Positive Factors

Low Leverage / Debt-Free Balance Sheet

Reportedly essentially no debt provides durable financial flexibility. Low leverage reduces refinancing and interest-rate risk, lets management fund operations, portfolio monetizations or restructuring without immediate external debt, and preserves optionality during recovery.

Sizable Equity Cushion

A large equity base relative to assets creates a solvency cushion that supports losses and strategic actions. This equity buffer reduces liquidation risk, allows gradual portfolio monetizations, and gives time to execute cost or revenue recovery plans without imminent balance-sheet distress.

Historical Margin Recovery Potential

Evidence of materially better gross margin and near-break-even EBITDA in 2024 indicates the business can achieve improved unit economics under certain conditions. This suggests controllable cost structure and operational levers exist to restore profitability if revenue stabilizes.

Negative Factors

Steep Revenue Decline

A persistent, large drop in revenue materially weakens scale and fee generation in an asset-management business. Lower top-line reduces ability to cover fixed costs, undermines client economics, and makes margin recovery and growth initiatives harder without structural revenue stabilization.

Deeply Negative Profitability

Net margin near -103% shows severe operating losses that erode shareholder equity and reflect unsustainable economics. Continued heavy losses depress ROE, limit reinvestment capacity, and raise the likelihood of asset sales or cuts to preserve capital over a multi-quarter horizon.

Persistent Cash Burn

Negative OCF and FCF indicate the company is not self-financing operations. Ongoing cash burn forces reliance on asset monetizations, equity or debt funding, or deep cost reductions, which constrains strategic flexibility and heightens funding risk if markets tighten over the coming months.

Athanase Innovation AB Business Overview & Revenue Model

Company Description

Athanase Innovation AB is an alternative investment firm in Sweden. It invests in companies that operate in the forefront of robotics, digitalization, and automation. The company was incorporated in 2016 and is based in Stockholm, Sweden.

How the Company Makes Money

Athanase Innovation AB Financial Statement Overview

Summary

Operating performance is weak: TTM revenue fell sharply (-46.1%) and margins deteriorated to deeply negative levels (net margin ~-103%), with negative operating and free cash flow (OCF ~-57m, FCF ~-41m). The main offset is a strong balance sheet with essentially zero debt and sizable equity, providing flexibility despite negative ROE (~-10.8%).

Income Statement

Results remain weak. TTM (Trailing-Twelve-Months) revenue fell sharply (-46.1%) versus the prior annual level, and profitability deteriorated materially with deeply negative operating and net margins (net margin about -103%). While 2024 showed healthier gross margin (~42%) and near-breakeven EBITDA, the TTM period shows a significant setback with much lower gross margin (~9%) and large operating losses, indicating an unstable earnings profile.

Balance Sheet

The balance sheet is a relative strength: reported debt is essentially zero in both TTM (Trailing-Twelve-Months) and the latest annual periods, providing meaningful financial flexibility. Equity remains sizable (TTM equity ~436m vs assets ~488m), suggesting moderate balance-sheet support. The key weakness is ongoing negative returns on equity (TTM ROE ~-10.8%), reflecting continued value erosion from losses despite low leverage.

Cash Flow

Cash generation is pressured. TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both negative (about -57m and -41m), and free cash flow declined versus the prior period (growth ~-16%). Although cash burn is less extreme than some earlier years (e.g., 2023), the company is still not funding itself through operations, which raises reliance on portfolio monetizations, cost cuts, or external funding over time.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	48.05M	176.83M	40.60M	6.38M	7.06M	0.00
Gross Profit	4.49M	74.94M	17.78M	-84.02M	-31.01M	0.00
EBITDA	-36.33M	696.00K	-63.20M	-108.04M	-18.75M	-1.73M
Net Income	-49.71M	-19.64M	-56.26M	-114.53M	-26.55M	-8.76M
Balance Sheet
Total Assets	488.29M	551.97M	683.18M	827.25M	918.70M	3.88M
Cash, Cash Equivalents and Short-Term Investments	255.49M	310.64M	457.25M	644.36M	746.92M	473.00K
Total Debt	0.00	0.00	328.00K	422.00K	515.00K	0.00
Total Liabilities	52.45M	67.20M	49.09M	35.36M	11.30M	145.00K
Stockholders Equity	435.84M	484.76M	634.09M	791.89M	907.40M	3.73M
Cash Flow
Free Cash Flow	-41.18M	-14.96M	-83.58M	-45.70M	-14.95M	23.10M
Operating Cash Flow	-57.46M	-14.96M	-83.40M	-43.65M	-14.89M	23.10M
Investing Cash Flow	-4.16M	-1.49M	5.90M	-64.98M	-159.47M	212.34M
Financing Cash Flow	-108.87M	-129.63M	-101.84M	-1.03M	920.80M	-253.55M

Athanase Innovation AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INFREA	72 Outperform	kr427.26M	19.18	―	3.51%	7.83%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
STWK	56 Neutral	kr149.27M	-6.05	―	―	5.41%	20.99%
ATIN	51 Neutral	kr231.57M	-4.67	―	―	―	―
NAXS	51 Neutral	kr401.45M	-16.40	―	8.78%	―	―
SEAF	50 Neutral	kr389.90M	-3.64	―	―	-1.52%	-43.08%