Bioextrax AB (BIOEX) AI Stock Analysis

• Market Cap: kr138.92M
• Dividend Yield: N/A
• Average Volume (3M): 82.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.03
• Revenue Growth: -27.18%
• EPS Growth: 33.32%
• Country: SE
• Employees: 14
• Sector: Industrials
• Sector Strength: 72
• Industry: Waste Management
• EPS (TTM): -0.11
• Shares Outstanding: 46,306,927
• 10 Day Avg. Volume: 104,394
• 30 Day Avg. Volume: 82,137
• PEG Ratio: 0.47
• Price to Book (P/B): 5.23
• Price to Sales (P/S): 146.53
• P/FCF Ratio: -4.23
• 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): kr5.34M

• Rating: 52 Neutral
• Price Target: kr3.00 ▼(-5.96% Downside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is held back primarily by weak financial performance (persistent losses, negative gross profit in most years, and ongoing/free cash flow burn that worsened in 2025), with only the debt-free balance sheet offering meaningful support. Technicals are a key positive (price above major moving averages with positive MACD and RSI), but valuation is constrained by negative earnings (negative P/E) and no available dividend yield.

Positive Factors

Debt-free balance sheet

Zero reported debt materially reduces refinancing and interest-rate risk, preserving financial flexibility. For a capital-intensive biotech scaling fermentation production, a debt-free balance sheet lengthens runway, eases partnership or equity funding negotiations, and supports project continuity over months.

Scalable fermentation manufacturing

Ownership of fermentation-based manufacturing and downstream processing is a durable operational capability. It underpins potential cost reductions and scale efficiencies for PHA and bacterial cellulose, enabling the company to convert R&D into repeatable commercial production if yields and scale-up execution improve.

Position in sustainable materials market

Exposure to PHA bioplastics and bacterial cellulose aligns the company with long-term structural demand for sustainable materials. These secular trends expand the addressable market over years, offering lasting market tailwinds if the firm can commercialize cost-competitive, scalable bio-based products.

Negative Factors

Structural unprofitability

Negative gross margins and persistently deep operating/net losses across reported years indicate structural unprofitability. Without demonstrable gross-profit recovery or a clear path to scale revenue, losses will likely continue, eroding capital and constraining reinvestment capacity over the medium term.

Chronic negative cash flow

Consistent negative operating and free cash flow, with accelerating cash burn in 2025, signals the business is not self-funding. This raises the probability of external financing needs, shareholder dilution, or dependence on partners, increasing execution and liquidity risk over the next several quarters.

Small, declining and volatile revenue

Very small, volatile revenue that declined in 2024–2025 undermines operating leverage and the ability to absorb fixed costs. Lack of stable top-line growth delays margin expansion, weakens negotiating power with suppliers/customers, and heightens the need for recurring funding or restructuring to reach scale.

Bioextrax AB Business Overview & Revenue Model

Company Description

Bioextrax AB (BIOEX) is a Swedish biotechnology company that focuses on developing and commercializing environmentally sustainable technologies for converting waste materials into valuable products. The company operates in the sectors of bio-based materials and waste management, offering innovative solutions for the production of bioplastics, animal feed, and other materials using its proprietary microbial processes.

How the Company Makes Money

Bioextrax AB makes money primarily through licensing its proprietary technologies to companies in various industries seeking sustainable solutions for waste conversion and bioplastic production. The company's revenue streams include licensing fees, royalties from industrial partners utilizing their technology, and collaborative development agreements. Strategic partnerships with companies in sectors such as packaging, agriculture, and waste management also contribute significantly to its earnings by driving the adoption of Bioextrax's environmentally friendly processes.

Bioextrax AB Financial Statement Overview

Summary

Financial quality is weak: revenue is very small and declining in 2024–2025, profitability is structurally negative (negative gross profit in most years and deeply negative operating/net results), and operating/free cash flow are consistently negative with an accelerating cash burn in 2025. The main offsetting strength is a conservatively financed balance sheet with zero reported debt, but equity is shrinking from ongoing losses.

Income Statement

Revenue remains very small and volatile, with declines in 2024 (down ~0.7%) and 2025 (down ~5.0%) after a stronger 2023. Profitability is structurally weak: gross profit is negative in most years (including 2024 and 2025), and operating results and net income are consistently deeply negative, implying the cost base is far above the current revenue scale. A positive gross profit in 2023 shows some potential operating leverage, but it has not been sustained.

Balance Sheet

The balance sheet is conservatively financed with zero reported debt across all periods, reducing refinancing and interest-rate risk. However, equity has trended down from 2022 to 2025 (reflecting ongoing losses), and returns on equity are materially negative in each year shown, signaling continuing capital erosion risk if profitability does not improve.

Cash Flow

Cash generation is a key weakness: operating cash flow and free cash flow are negative every year provided, indicating the business is not self-funding. Cash burn accelerated in 2025 versus 2024 (more negative operating cash flow and free cash flow), raising the likelihood of future external funding needs despite occasional improvements in free cash flow growth in prior years.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	757.00K	515.00K	2.06M	395.00K	275.76K
Gross Profit	-18.37M	-915.00K	718.00K	-18.64M	-11.29M
EBITDA	-17.24M	-16.18M	-20.65M	-18.19M	-10.18M
Net Income	-17.70M	-17.34M	-21.51M	-18.67M	-10.53M
Balance Sheet
Total Assets	24.73M	29.00M	22.52M	37.92M	12.64M
Cash, Cash Equivalents and Short-Term Investments	3.93M	17.27M	13.40M	27.53M	8.98M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	3.51M	2.94M	1.98M	6.15M	5.14M
Stockholders Equity	21.21M	26.06M	20.54M	31.77M	7.50M
Cash Flow
Free Cash Flow	-26.20M	-18.99M	-24.41M	-24.38M	-9.45M
Operating Cash Flow	-26.05M	-18.78M	-23.31M	-17.60M	-8.48M
Investing Cash Flow	-152.00K	-215.00K	-1.10M	-6.78M	-975.13K
Financing Cash Flow	12.86M	22.86M	10.28M	42.94M	16.38M

Bioextrax AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3.19
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BIOEX, the sentiment is Positive. The current price of 3.19 is above the 20-day moving average (MA) of 2.88, above the 50-day MA of 2.43, and above the 200-day MA of 2.82, indicating a bullish trend. The MACD of 0.20 indicates Positive momentum. The RSI at 57.82 is Neutral, neither overbought nor oversold. The STOCH value of 48.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:BIOEX.

Bioextrax AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
LEVEL	56 Neutral	kr132.42M	-31.98	-1.58%	―	2.70%	85.94%
AXOLOT	53 Neutral	kr117.33M	-18.13	-17.60%	―	-27.29%	72.72%
BIOEX	52 Neutral	kr138.92M	-6.73	-111.91%	―	-27.18%	33.32%
CLEM	47 Neutral	kr116.31M	21.13	5.40%	―	8.54%	-4.76%
CIRCHE	46 Neutral	kr45.03M	-3.51	-15.79%	―	―	―
SES	42 Neutral	kr152.75M	-0.40	-20.69%	―	-79.18%	-257.25%