Bioextrax AB (BIOEX) AI Stock Analysis

• Market Cap: kr117.62M
• Dividend Yield: N/A
• Average Volume (3M): 82.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.08
• 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: kr2.50 ▼(-21.63% 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

A zero-debt capital structure materially lowers refinancing and interest-rate risk and preserves financial optionality. Over a 2–6 month horizon this reduces the immediacy of solvency pressure, enabling management to prioritize scaling production or R&D without near-term debt servicing constraints.

Specialized biopolymer capabilities

A focused technology stack—fermentation-based manufacturing and downstream processing for PHA and bacterial cellulose—constitutes a durable technical capability. This vertical specialization supports potential cost efficiencies and differentiation if the company scales, strengthening long-term commercial prospects versus generalist peers.

Lean operating footprint

A small, focused team implies lower fixed personnel costs and operational agility. Over several months this lean structure can extend runway versus larger peers, allows targeted deployment of R&D spend, and reduces the incremental revenue required to move toward break-even if operating discipline continues.

Negative Factors

Structurally negative profitability

Repeated negative gross profit and deep operating losses indicate the current cost base is materially misaligned with revenue scale. This structural unprofitability threatens long-term viability absent step-change improvements in margins or significant revenue scale, increasing reliance on external funding.

Consistent cash burn

Persistent negative operating and free cash flows, with accelerating cash burn, create a durable financing need. Over a 2–6 month horizon this raises the probability of external capital raises, potential dilution, or constrained investment in commercialization, limiting sustainable growth execution.

Very small, declining revenue

Very small and recent declining revenues signal limited product-market traction and insufficient scale to absorb fixed costs. Without a credible path to sustained revenue growth, the company faces prolonged losses and weakened ability to leverage its technical capabilities into profitable commercial operations.

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

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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: Negative
• Last Price: 3.19
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• 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 Negative. The current price of 3.19 is above the 20-day moving average (MA) of 2.85, above the 50-day MA of 2.60, and above the 200-day MA of 2.81, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 39.40 is Neutral, neither overbought nor oversold. The STOCH value of 31.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	54 Neutral	kr115.60M	-30.10	-1.58%	―	2.70%	85.94%
AXOLOT	53 Neutral	kr107.50M	-13.81	-17.60%	―	-27.29%	72.72%
BIOEX	52 Neutral	kr117.62M	-6.27	-94.54%	―	-27.18%	33.32%
CIRCHE	49 Neutral	kr40.21M	-2.71	-25.32%	―	―	―
CLEM	47 Neutral	kr111.47M	22.14	5.40%	―	8.54%	-4.76%
SES	45 Neutral	kr308.46M	-2.12	-20.69%	―	-79.18%	-257.25%