Brilliant Future AB (BRILL) AI Stock Analysis

• Market Cap: kr59.59M
• Dividend Yield: N/A
• Average Volume (3M): 1.95K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.14
• Revenue Growth: -0.97%
• EPS Growth: 41.20%
• Country: SE
• Employees: 67
• Sector: Industrials
• Sector Strength: 72
• Industry: Consulting Services
• EPS (TTM): -0.10
• Shares Outstanding: 13,792,961
• 10 Day Avg. Volume: 4,568
• 30 Day Avg. Volume: 1,946
• PEG Ratio: -0.35
• Price to Book (P/B): 2.33
• Price to Sales (P/S): 0.72
• P/FCF Ratio: 6.50
• 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): kr182.06M

• Rating: 52 Neutral
• Price Target: kr4.50 ▲(4.17% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is held back primarily by ongoing net losses (negative P/E) and declining equity despite improving cash flow and a debt-free balance sheet. Technical indicators are broadly neutral, offering limited near-term momentum support.

Positive Factors

Debt-free balance sheet

A debt-free position over multiple years materially reduces interest burden and financial distress risk, giving management flexibility to fund operations or invest from cash flow. This structural leverage advantage supports resilience through cyclical downturns and strategic moves without debt service constraints.

Improving cash generation

The shift to positive operating cash flow and solid free cash flow in 2025 indicates the business is beginning to convert revenues into cash, improving self-funding ability. Sustained cash generation reduces reliance on external financing and supports reinvestment, making growth plans more attainable if the trend persists.

Revenue growth & EBITDA improvement

A strong rebound in top-line growth alongside positive EBITDA margins suggests improving demand and underlying cost control. If sustained, this combination enhances operating leverage, supports margin expansion, and forms a foundation for converting operational improvements into sustained operating profitability over the medium term.

Negative Factors

Persistent net losses

Continuous net losses over multiple years have eroded retained earnings and signal the company has not yet achieved durable profitability. This weakens shareholder equity, constrains internal funding for growth, and means future value creation depends on a credible path to sustained positive net income.

Negative gross profit & operating loss

A negative gross profit indicates revenue does not cover direct costs, pointing to structural pricing or cost issues. Even with positive EBITDA, negative gross and operating profits suggest core business unit economics are not yet healthy, limiting durable margin expansion until raw cost or pricing dynamics are fixed.

Declining equity base

A multi-year decline in equity reflects cumulative losses and weakens the capital base, reducing financial flexibility. Over time this heightens vulnerability to shocks, may force dilutive financing or constrain strategic investments, and makes recovery more difficult without a sustained return to profitability.

Brilliant Future AB Business Overview & Revenue Model

Company Description

Brilliant Future AB (publ) provides data-driven survey and action platforms for measuring customer and employee experience worldwide. It develops and markets Brilliant Employee, a web-based solution for employee surveys; and Brilliant Customer, a web-based solution for customer surveys. The company was incorporated in 1990 and is based in Stockholm, Sweden.

How the Company Makes Money

Brilliant Future AB generates revenue primarily through the sale of its software solutions and subscription services. The company offers its products on a Software-as-a-Service (SaaS) model, charging clients a recurring subscription fee for access to its platforms. Additional revenue streams include professional services such as implementation support, training, and consulting that help businesses maximize the value of their investment in Brilliant Future's solutions. Key partnerships with technological and business service providers further enhance the company's market reach and service offerings, contributing to its revenue growth.

Brilliant Future AB Financial Statement Overview

Summary

Mixed fundamentals: strong 2025 revenue growth and improving cash generation with no debt, but profitability remains the key weakness with continued net losses and negative operating profit; equity has also trended down, reflecting sustained losses.

Income Statement

Revenue has been volatile but ended 2025 with strong growth (+35%), following a flat-to-down 2024. Profitability remains the key issue: net losses persisted across all years provided, though losses have narrowed materially from 2021–2022 levels to roughly mid-single-digit negative margins in 2024–2025. A positive EBITDA margin in 2024–2025 suggests improving underlying cost control, but negative gross profit in 2025 and continued negative operating profit indicate the business has not yet reached consistent operating profitability.

Balance Sheet

The balance sheet is a relative strength with no reported debt in 2023–2025 (after leverage in 2022), reducing financial risk and interest burden. However, equity has trended down from 2021 through 2025, consistent with ongoing net losses, which weakens the capital base over time. Overall leverage looks conservative, but sustained losses could continue to pressure equity if profitability does not stabilize.

Cash Flow

Cash generation improved meaningfully: operating cash flow turned positive in 2024 and grew further in 2025, and 2025 free cash flow was solidly positive. That said, free cash flow has been inconsistent (notably negative in 2021–2023 and again in 2024), highlighting volatility and potential working-capital or investment timing effects. Cash flow quality has recently improved versus earnings (cash flow positive while net income remains negative), but the track record is not yet stable.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	85.92M	85.56M	88.50M	79.56M	98.88M
Gross Profit	-6.61M	91.52M	92.67M	87.61M	89.59M
EBITDA	5.45M	5.75M	-3.82M	-25.05M	-19.64M
Net Income	-6.14M	-4.78M	-11.18M	-32.52M	-25.92M
Balance Sheet
Total Assets	83.15M	90.35M	90.16M	88.01M	76.29M
Cash, Cash Equivalents and Short-Term Investments	14.39M	18.08M	22.36M	21.97M	17.32M
Total Debt	0.00	0.00	0.00	20.00M	0.00
Total Liabilities	56.80M	57.86M	50.59M	70.28M	35.82M
Stockholders Equity	26.35M	32.49M	39.57M	17.73M	40.48M
Cash Flow
Free Cash Flow	9.47M	-4.53M	-12.63M	-25.12M	-40.42M
Operating Cash Flow	9.84M	7.98M	-1.62M	-11.97M	-38.55M
Investing Cash Flow	-13.53M	-12.26M	-11.01M	-13.15M	-1.73M
Financing Cash Flow	0.00	0.00	13.02M	29.77M	38.39M

Brilliant Future AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.32
• 50DMA: Positive
• 100DMA: Negative
• 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:BRILL, the sentiment is Negative. The current price of 4.32 is below the 20-day moving average (MA) of 4.38, above the 50-day MA of 4.32, and below the 200-day MA of 4.69, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.33 is Neutral, neither overbought nor oversold. The STOCH value of 37.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:BRILL.

Brilliant Future 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%
BRILL	52 Neutral	kr59.59M	-9.08	-15.25%	―	-0.97%	41.20%
GGEO	52 Neutral	kr101.15M	-159.52	1.33%	―	2.20%	50.91%
CIRCHE	46 Neutral	kr45.03M	-3.51	-15.79%	―	―	―
BOMILL	44 Neutral	kr60.33M	-4.35	-115.02%	―	-65.29%	-33.93%
WISE	43 Neutral	kr121.21M	-8.61	-29.57%	―	-20.88%	14.14%
HEXI	42 Neutral	kr50.20M	-0.15	―	―	1461.02%	-48.56%