Athanase Innovation AB (ATIN) AI Stock Analysis

• Market Cap: kr248.94M
• Dividend Yield: N/A
• Average Volume (3M): 56.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.37
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 31
• Sector: Technology
• Sector Strength: 88
• Industry: Asset Management
• EPS (TTM): -0.44
• Shares Outstanding: 19,297,642
• 10 Day Avg. Volume: 41
• 30 Day Avg. Volume: 56
• PEG Ratio: -0.02
• Price to Book (P/B): 0.81
• Price to Sales (P/S): 9.42
• P/FCF Ratio: 0.00
• 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: 46 Neutral
• Price Target: kr13.50 ▼(-25.00% Downside)
• Action: Reiterated Date: 02/23/26
• Date: Action: Reiterated 02/23/26

The score is primarily held back by weak financial performance—declining revenue, persistent losses, and generally negative operating cash flow—despite a conservatively financed balance sheet. Technicals add modest pressure with price below longer-term averages and negative MACD, while valuation is neutral due to a negative P/E and no dividend support.

Positive Factors

Conservative balance sheet (low leverage)

A near-zero debt position materially lowers solvency and refinancing risk over the medium term. This structural strength gives the company flexibility to sustain operations through losses, pursue strategic investments or raise equity without heavy interest burdens, supporting stability over 2–6 months.

Listed on Nasdaq OMX AB

Being listed on a major exchange provides durable access to public capital, regulatory oversight and governance standards. That structural positioning helps the company tap equity markets or attract institutional investors if needed, improving strategic optionality over coming months.

Low systematic volatility (low beta)

A low beta indicates the stock and underlying business are less sensitive to broad market swings. Structurally lower volatility can make capital raising and planning easier, reduce short-term cash pressure from market-driven financing moves, and support steadier execution.

Negative Factors

Steep multi-year revenue decline

A sustained, large revenue decline undermines scale economics and long-term competitiveness. Falling top-line makes it harder to cover fixed costs, erodes negotiating power with clients and suppliers, and requires either rapid restructuring or new revenue sources to restore durable profitability.

Recurring negative operating cash flow

Persistent negative operating cash flow means the business consumes cash to run operations, forcing reliance on financing or asset draws. Even with low leverage, that structural cash deficit constrains investment, increases liquidity risk, and limits ability to execute turnaround plans sustainably.

Persistent losses and materially negative margins

Chronic negative margins indicate the business model currently fails to generate unit-level profits. Continued losses erode equity and investor confidence, requiring meaningful operational or strategic change to achieve positive margins and generate durable returns for shareholders.

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

Overall fundamentals are weak: the income statement and cash flow show sharp revenue decline, recurring losses, and mostly negative operating cash flow/free cash flow. This is partially offset by a strong, low-leverage balance sheet that reduces solvency risk but has not translated into positive returns.

Income Statement

Profitability is weak and volatile. The latest annual period (2025) shows a sharp revenue decline (-23.3% YoY) and deeply negative profitability (gross and net margins both materially negative), following 2024’s much higher revenue base but still negative net results. While revenue has fluctuated significantly across years, the company has not demonstrated sustained earnings power, and losses remain a recurring feature.

Balance Sheet

The balance sheet is conservatively financed with essentially no leverage (debt-to-equity near 0% across periods), which reduces financial risk and provides flexibility. However, equity has trended down from 2021 to 2025, and returns on equity are consistently negative, indicating the capital base is not currently generating profits. Overall: strong solvency, weaker value creation.

Cash Flow

Cash generation is a key concern. Operating cash flow is negative in most recent years (including 2025), implying the business is consuming cash rather than producing it, which can pressure liquidity over time. Free cash flow is also often negative (or, in 2025, not meaningfully supportive), and cash flow performance has been inconsistent—highlighting execution and sustainability risk despite occasional better periods (e.g., 2020).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	36.86M	176.83M	40.60M	6.38M	7.06M
Gross Profit	-81.41M	74.94M	17.78M	-84.02M	-31.01M
EBITDA	-67.29M	696.00K	-63.20M	-108.04M	-18.75M
Net Income	-57.62M	-19.64M	-56.26M	-114.53M	-26.55M
Balance Sheet
Total Assets	481.31M	551.97M	683.18M	827.25M	918.70M
Cash, Cash Equivalents and Short-Term Investments	245.39M	310.64M	457.25M	644.36M	746.92M
Total Debt	0.00	0.00	328.00K	422.00K	515.00K
Total Liabilities	53.90M	67.20M	49.09M	35.36M	11.30M
Stockholders Equity	427.20M	484.76M	634.09M	791.89M	907.40M
Cash Flow
Free Cash Flow	0.00	-14.96M	-83.58M	-45.70M	-14.95M
Operating Cash Flow	-65.63M	-14.96M	-83.40M	-43.65M	-14.89M
Investing Cash Flow	-2.79M	-1.49M	5.90M	-64.98M	-159.47M
Financing Cash Flow	3.20M	-129.63M	-101.84M	-1.03M	920.80M

Athanase Innovation AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INFREA	65 Neutral	kr496.46M	7.90	―	3.51%	7.83%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SEAF	54 Neutral	kr344.49M	-86.17	―	―	-1.52%	-43.08%
STWK	50 Neutral	kr139.53M	-5.90	―	―	5.41%	20.99%
NAXS	49 Neutral	kr398.36M	-16.48	―	8.78%	―	―
ATIN	46 Neutral	kr248.94M	-4.32	―	―	―	―