Athanase Innovation AB (ATIN) AI Stock Analysis

• Market Cap: kr274.03M
• Dividend Yield: N/A
• Average Volume (3M): 56.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.45
• 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: kr15.50 ▼(-13.89% 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

Near-zero leverage materially reduces solvency and refinancing risk, giving management time and optionality to execute a turnaround or invest incrementally. Over 2-6 months this flexibility supports stability and lowers probability of distress despite weak operations.

Lean operating footprint (31 employees)

A small headcount implies a lower fixed-cost base and operational flexibility, which can extend runway while management focuses on stabilizing revenue or cutting discretionary spend. This structural nimbleness aids survival during multi-quarter restructurings.

Low market sensitivity (low beta)

A low beta indicates limited correlation with broader market swings, which can help preserve capital and reduce volatility in earnings expectations. For an asset manager with weak near-term results, lower systemic risk supports steadier planning and fundraising efforts.

Negative Factors

Severe revenue decline

A multi-year, sharp revenue contraction undermines fee generation and economies of scale intrinsic to asset management. Sustained declines erode client confidence and pricing power, making recovery harder and requiring meaningful business-model fixes to restore durable growth.

Recurring losses and weak margins

Persistent negative gross and net margins indicate the core business is not generating profit even before financing costs. Ongoing losses erode equity and limit internal reinvestment capacity, forcing dependence on external capital or asset sales to fund operations long term.

Negative operating cash flow

Consistent OCF deficits consume liquidity and shorten the operational runway. Even with low leverage, sustained negative cash generation forces management into dilutive financing or asset reductions, constraining strategic choices and risking service disruption to clients.

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.

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	kr490.44M	1.67	―	3.51%	7.83%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SEAF	54 Neutral	kr340.20M	-80.34	―	―	-1.52%	-43.08%
STWK	50 Neutral	kr129.80M	-11.41	―	―	5.41%	20.99%
NAXS	49 Neutral	kr361.20M	-15.68	―	8.78%	―	―
ATIN	46 Neutral	kr274.03M	-6.03	―	―	―	―