ChargePanel AB (CHARGE) AI Stock Analysis

• Market Cap: kr68.00M
• Dividend Yield: N/A
• Average Volume (3M): 27.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.32
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 10
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): N/A
• Shares Outstanding: 42,105,484
• 10 Day Avg. Volume: 26,347
• 30 Day Avg. Volume: 27,234
• PEG Ratio: 0.07
• Price to Book (P/B): 8.08
• Price to Sales (P/S): 3.62
• P/FCF Ratio: -3.02
• 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): -0.03
• Revenue Forecast (FY): kr30.00M

• Rating: 48 Neutral
• Price Target: kr1.50 ▼(-12.79% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is held back primarily by weak financial performance: negative gross profit, ongoing large losses, and worsening cash burn, alongside meaningful leverage despite improved equity. Technicals provide some support with short-term strength versus the 20/50-day averages, but the longer-term trend remains weaker. Valuation is constrained by negative earnings and no dividend data.

Positive Factors

Revenue scale

Rapid top-line scaling signals meaningful customer demand and emerging product-market fit. For a software application business, sustained revenue growth provides a runway to leverage fixed costs, invest in product, and improve unit economics over 2–6 months if management controls operating spend.

Improved solvency position

A shift back to positive equity and higher assets lowers immediate insolvency risk versus prior year. That improvement materially increases financial flexibility in the medium term, reducing the probability of an urgent financing need while the company pursues path to profitability.

Lean, scalable operating model

A small headcount in a software application business implies capital-efficient operations and potential operating leverage as revenue grows. If gross margins improve, the lean team structure supports faster margin expansion and lower incremental SG&A needs over coming quarters.

Negative Factors

Negative gross profit

Negative gross profit indicates the core economics of the product or delivery model are not yet viable. This structural issue must be resolved—via pricing, cost reduction, or product change—before revenue growth can reliably translate into sustainable margins or operating profits.

Weak operating cash flow

Persistent negative operating cash flow increases reliance on external financing and raises refinancing risk. Continued cash burn constrains strategic choices, can force dilution or cost cuts, and limits ability to invest in growth until cash generation trends sustainably improve.

Material leverage

Meaningful debt above equity combined with ongoing losses elevates solvency and refinancing risk. Interest and principal obligations reduce cash available for product development or marketing and magnify downside if revenue or cash flow weakens further.

ChargePanel AB Business Overview & Revenue Model

Company Description

ChargePanel AB (publ) provides a SaaS platform for the operation, management, and usage of electric vehicle charging stations. It offers e-mobility solutions, which include cloud, connect, and enterprise solutions. The company also provides driver applications and EV fleet management. It offers various solutions for charge point owners, resellers, and organizations. The company was founded in 2009 and is based in Stockholm, Sweden.

How the Company Makes Money

ChargePanel AB Financial Statement Overview

Summary

Despite strong revenue growth, fundamentals remain weak: gross profit is negative, operating and net losses are still sizable, and cash flow is deteriorating with higher operating and free-cash-flow burn. The balance sheet improved with a return to positive equity, but leverage is now meaningful (debt slightly above equity), keeping funding risk elevated.

Income Statement

Revenue has scaled rapidly in the latest annual period (2024 up strongly vs. 2023), but profitability remains very weak. Gross profit is negative in 2024 (and was deeply negative in 2022–2023), indicating the core economics are not yet working at the product/service delivery level. Operating losses and net losses are still sizable despite improving margins versus prior years, so the business is growing but not yet close to break-even.

Balance Sheet

The balance sheet improved meaningfully in 2024 with positive equity (recovering from negative equity in 2023) and higher assets, which reduces near-term solvency concerns versus last year. However, leverage is now material: debt is 6.0M and debt sits slightly above equity (debt-to-equity just over 1x), while returns on equity are sharply negative due to ongoing losses. Overall, financial position is improved but still carries elevated risk given leverage plus losses.

Cash Flow

Cash generation is weak with operating cash flow negative across most years and worsening in 2024 versus 2023, and free cash flow is also more negative in 2024. While free cash flow tracks net losses (cash burn broadly consistent with reported losses), the company is still consuming significant cash to operate and invest, which increases funding/refinancing risk if profitability does not improve.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	7.21M	12.61M	8.76M	4.59M	4.07M	3.50M
Gross Profit	-3.44M	-2.46M	-8.55M	-9.52M	-2.08M	2.78M
EBITDA	-7.67M	-10.65M	-14.96M	-15.27M	-4.02M	-47.00K
Net Income	-8.31M	-11.90M	-15.45M	-15.30M	-4.06M	-95.00K
Balance Sheet
Total Assets	12.61M	14.46M	6.48M	14.36M	29.74M	2.59M
Cash, Cash Equivalents and Short-Term Investments	1.49M	6.25M	1.40M	10.03M	25.18M	429.00K
Total Debt	0.00	6.00M	6.00M	0.00	0.00	0.00
Total Liabilities	8.62M	8.82M	10.42M	2.53M	2.86M	2.01M
Stockholders Equity	3.99M	5.64M	-3.94M	11.83M	26.88M	577.00K
Cash Flow
Free Cash Flow	-6.77M	-15.09M	-8.30M	-15.40M	-5.91M	327.00K
Operating Cash Flow	-7.62M	-12.76M	-8.30M	-15.40M	-5.91M	613.00K
Investing Cash Flow	-3.42M	-3.88M	0.00	0.00	300.00K	-286.00K
Financing Cash Flow	8.90M	21.48M	-320.00K	250.00K	30.37M	0.00

ChargePanel AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
FLOWS	52 Neutral	kr59.56M	25.76	―	―	―	―
COMPDM	52 Neutral	kr30.29M	-2.37	―	―	50.38%	10.68%
CHARGE	48 Neutral	kr68.00M	-3.38	―	―	―	―
GREAT	44 Neutral	kr272.35M	-2.84	―	―	-69.94%	-7367.66%