BrainCool AB (BRAIN) AI Stock Analysis

• Market Cap: kr174.00M
• Dividend Yield: N/A
• Average Volume (3M): 201.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.36
• Revenue Growth: 16.38%
• EPS Growth: 35.71%
• Country: SE
• Employees: 20
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.00
• Shares Outstanding: 337,854,830
• 10 Day Avg. Volume: 223,544
• 30 Day Avg. Volume: 201,464
• PEG Ratio: 0.34
• Price to Book (P/B): 0.85
• Price to Sales (P/S): 4.14
• P/FCF Ratio: -2.66
• 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: 45 Neutral
• Price Target: kr0.49 ▼(-15.86% Downside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is held down primarily by weak financial performance (losses, negative gross profit, and ongoing cash burn). Technicals are neutral-to-weak with the stock below key moving averages and a negative MACD, while valuation is also constrained by loss-making metrics (negative P/E) and no dividend support.

Positive Factors

Debt-free balance sheet and rising equity/assets

A zero-debt capital structure and rising equity/assets provide durable financial flexibility for a medtech company. This reduces interest burdens, supports funding clinical studies or product development from equity or cash reserves, and lowers insolvency risk during commercialization phases.

Focused medtech product niche (targeted temperature management)

A focused product portfolio in targeted temperature management gives the company a clear market niche in acute care and therapeutic hypothermia. Specialized clinical applications create higher barriers to entry, enabling durable customer relationships with hospitals and clinicians if product efficacy and support persist.

Multi-year revenue scale-up (foundation for commercialization)

Five-year revenue growth from ~7M to ~36M shows prior commercial traction and distribution progress, indicating the business can scale sales. That historical expansion provides a foundation to rebuild growth if unit economics and go-to-market execution improve, making it a durable operational asset.

Negative Factors

Negative gross profit and persistent operating losses

Negative gross profit in 2025 and ongoing operating losses indicate core product economics are currently unfavorable. If unit-level margins remain negative, the business cannot self-sustain through sales growth alone and must materially improve manufacturing, pricing, or product mix to reach durable profitability.

Consistent cash burn and meaningful negative free cash flow

Sustained negative operating and free cash flow (≈-56.5M in 2025) creates persistent funding requirements. Reliance on external financing increases dilution and execution risk, and makes long-term product investments conditional on capital access rather than internal cash generation, weakening durability.

Uneven revenue trajectory and recent y/y decline

A 17% revenue decline in 2025 after multi-year growth signals volatile demand or execution issues. Unpredictable top-line trends hinder margin leverage, planning for manufacturing and sales investments, and delay reaching scale where fixed costs and R&D amortization improve long-term profitability.

BrainCool AB Business Overview & Revenue Model

Company Description

BrainCool AB (publ), a medical device company, together with its subsidiaries, engages in the development, marketing, and sale of medical cooling systems for the healthcare sector in Sweden. The company offers products for medical cooling treatments for a range of diseases, including stroke, sudden cardiac arrest, oral mucositis, and migraine. It provides BrainCool and RhinoChill systems that facilitates rapid medical cooling treatment in an emergency setting and ensures the continuum of care; Cooral system provides medical professionals an easy way to reduce the risk of oral mucositis; and IQool system offers an easy-to-use intuitive interface, informative graphics, and an automatic feedback loop allowing clinicians to manage their patient rather than a device. The company was incorporated in 2010 and is based in Lund, Sweden.

How the Company Makes Money

BrainCool AB generates revenue primarily through the sale of its medical cooling systems and related accessories to healthcare facilities, including hospitals and emergency medical services. The company may also engage in strategic partnerships with medical institutions and distributors to expand the market reach of its products. Additionally, BrainCool might receive funding from research grants or collaborations aimed at furthering the development and efficacy of its technologies. The company's earnings are influenced by its ability to innovate, secure regulatory approvals, and expand its market presence internationally.

BrainCool AB Financial Statement Overview

Summary

Mixed fundamentals: strong, debt-free balance sheet and rising equity/assets, but very weak operating results with persistent losses, negative gross profit in 2025, and continued negative operating/free cash flow (ongoing funding needs despite some improvement).

Income Statement

Revenue scaled up meaningfully over the last several years (from ~7.0M in 2020 to ~36.2M in 2025), but 2025 revenue declined about 17% year over year, signaling an uneven growth trajectory. Profitability remains very weak: operating losses persist each year and 2025 showed a negative gross profit, indicating the core product economics were unfavorable in the latest period. While net losses improved versus 2024, margins are still deeply negative overall, keeping the income statement quality low.

Balance Sheet

The balance sheet is a relative strength: total debt is 0 in 2022–2025 and equity has increased (to ~175.8M in 2025 from ~145.9M in 2024), providing flexibility. Total assets also grew to ~192.4M in 2025. However, returns remain negative (losses translate into negative return on equity), meaning the capital base is not yet generating profits, and the company likely relies on equity funding to sustain operations.

Cash Flow

Cash generation is weak with consistently negative operating cash flow and negative free cash flow across all years shown. 2025 free cash flow improved versus 2024 (less cash burn), but it is still meaningfully negative (about -56.5M), implying ongoing funding needs. Cash flow tracks the net loss closely (free cash flow roughly in line with net loss), suggesting losses are not merely accounting-related and are translating into real cash burn.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	36.21M	39.96M	23.23M	17.59M	9.26M
Gross Profit	-40.88M	13.13M	12.12M	-46.16M	-48.93M
EBITDA	-29.99M	-34.06M	-49.86M	-35.07M	-32.16M
Net Income	-37.05M	-44.04M	-61.28M	-45.61M	-38.75M
Balance Sheet
Total Assets	192.38M	162.04M	133.28M	133.67M	99.35M
Cash, Cash Equivalents and Short-Term Investments	39.57M	31.40M	25.06M	41.21M	13.58M
Total Debt	0.00	0.00	0.00	0.00	35.00M
Total Liabilities	16.58M	16.11M	21.54M	17.44M	54.12M
Stockholders Equity	175.80M	145.93M	111.74M	116.23M	45.23M
Cash Flow
Free Cash Flow	-56.49M	-70.20M	-67.23M	-53.67M	-35.06M
Operating Cash Flow	-52.68M	-62.64M	-61.16M	-46.27M	-24.25M
Investing Cash Flow	-6.54M	-7.57M	-6.17M	-7.59M	-10.82M
Financing Cash Flow	67.33M	76.80M	50.93M	81.28M	36.39M

BrainCool AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.58
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:BRAIN, the sentiment is Neutral. The current price of 0.58 is above the 20-day moving average (MA) of 0.48, above the 50-day MA of 0.53, and below the 200-day MA of 0.97, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 54.57 is Neutral, neither overbought nor oversold. The STOCH value of 69.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:BRAIN.

BrainCool AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRAD.B	55 Neutral	kr943.79M	89.61	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ACARIX	48 Neutral	kr336.43M	-7.07	-102.17%	―	21.88%	48.86%
MNTC	48 Neutral	kr350.17M	-7.44	-32.96%	―	-0.02%	-85.98%
BRAIN	45 Neutral	kr174.00M	-3.51	-27.22%	―	16.38%	35.71%
BACTI.B	44 Neutral	kr525.66M	-66.80	-6.81%	―	-8.10%	62.08%
SEDANA	44 Neutral	kr990.39M	-16.38	-4.42%	―	13.48%	28.98%