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): 0.43
• 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: kr12.50 ▼(-30.56% 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

A near-zero debt profile and conservative financing materially reduce solvency and refinancing risk, giving management time and optionality to restructure or invest. This durability supports runway even with weak operations and preserves strategic flexibility over months.

Public listing / market access

Being listed on Nasdaq OMX AB provides continual access to public capital, regulatory oversight and visibility. Over the medium term this structural access can enable capital raises, M&A or equity financing to support turnaround or growth initiatives when execution improves.

Low systematic volatility

A low beta indicates lower correlation with broad market swings, reducing downside amplification during market stress. This stability can help management focus on operational fixes, preserve investor base, and reduce the urgency of short-term financing actions over the coming months.

Negative Factors

Sharp revenue decline

Steep and persistent revenue declines erode scale and pricing power, making cost absorption harder and reducing the ability to invest in product or distribution. Without reversal, shrinking top-line constrains sustainable margins and long-term recovery prospects.

Negative operating cash flow

Consistent negative operating cash flow means the business consumes liquidity to run operations, forcing reliance on financing or asset sales. Over months this raises execution risk, limits reinvestment, and can deplete reserves absent a demonstrable cash-generation turnaround.

Recurring losses and equity erosion

Persistently negative profitability and falling equity indicate the company is not generating returns on capital. This structural value erosion restricts strategic options, weakens credibility with investors, and increases the likelihood external capital will be needed to stabilize the balance sheet.

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	kr500.97M	1.67	―	3.51%	7.83%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SEAF	54 Neutral	kr341.92M	-80.34	―	―	-1.52%	-43.08%
STWK	50 Neutral	kr135.57M	-11.41	―	―	5.41%	20.99%
NAXS	49 Neutral	kr399.39M	-15.68	―	8.78%	―	―
ATIN	46 Neutral	kr231.57M	-6.03	―	―	―	―