Divio Technologies AB Class B (DIVIO.B) AI Stock Analysis

• Market Cap: kr32.67M
• Dividend Yield: N/A
• Average Volume (3M): 657.32K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.89
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 13
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): >-0.01
• Shares Outstanding: 373,090,100
• 10 Day Avg. Volume: 411,085
• 30 Day Avg. Volume: 657,315
• PEG Ratio: 0.07
• Price to Book (P/B): 14.20
• Price to Sales (P/S): 1.18
• P/FCF Ratio: 0.00
• 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: 44 Neutral
• Price Target: kr0.10 ▼(-12.73% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is driven primarily by weak financial performance: persistent losses, negative/unstable cash generation, and a sharply reduced equity base, partially offset by the lack of debt. Technicals add modest downside bias with the stock trading below key moving averages and only muted momentum. Valuation is constrained by negative earnings and no indicated dividend yield.

Positive Factors

Debt-free balance sheet

A debt-free balance sheet materially lowers insolvency and interest burden risks for a small software firm. Without fixed finance costs management has more flexibility to prioritize product development or raise capital under better terms, supporting resilience during restructuring or growth phases.

Prior strong revenue growth (2022–2023)

Historical growth in 2022–2023 indicates the company achieved meaningful product-market fit and commercial traction. That prior demand can be a durable foundation: if execution and go-to-market stabilize, the business has evidence it can scale revenue again rather than needing to reinvent core offerings.

EBITDA improvement in 2025

A turnaround toward positive EBITDA suggests operating leverage and cost controls are beginning to take effect. Sustaining this margin inflection would enable the firm to translate revenue into repeatable cash generation, improving the chance of a structurally self-sustaining business model over the medium term.

Negative Factors

Persistent net losses and negative margins

Negative gross and operating profits indicate the core offering is not yet generating unit-level profitability. Persistent losses erode returns and constrain reinvestment; without a structural change in pricing, cost base, or scale, the company will struggle to achieve durable profitability.

Weak, inconsistent cash generation

Volatile and recently negative operating cash flow shows the business is not reliably funding operations from core activities. Ongoing cash burn increases dependence on external financing, limits strategic investment, and raises the risk of dilution or liquidity stress over a multi-month horizon.

Sharply reduced equity cushion

A steep decline in equity significantly narrows the balance-sheet buffer available to absorb operating losses or invest in growth. With a thin capital base and ongoing losses, the firm is more vulnerable to shocks and may face constrained options when seeking additional funding or favorable terms.

Divio Technologies AB Class B Business Overview & Revenue Model

Company Description

Divio Technologies AB (publ) engages in the development and sale of software platforms that allows companies to build, operate, and maintain complex websites in a cloud-based infrastructure. The company's platform enables enterprise IT departments to create websites and dynamic web apps by managing cloud infrastructure, as well as offering flexible, secure, and high-performance solutions that easily scale with growing business needs. It also handles migration and management of external and internal web-based applications in the cloud services. The company was incorporated in 2016 and is based in Stockholm, Sweden.

How the Company Makes Money

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Divio Technologies AB Class B Financial Statement Overview

Summary

Financials remain weak despite some improvement: revenue has been volatile and recently declined, profitability is still negative (including negative gross and operating profit in 2025), and operating cash flow turned deeply negative again in 2024–2025. The key positive is a debt-free balance sheet, but equity has shrunk sharply, reducing the capital cushion.

Income Statement

Revenue has been volatile and recently declined (2025 down ~1% after a small decline in 2024), following stronger growth in 2022–2023. Profitability remains weak: 2025 shows negative gross profit and negative operating profit, with net losses persisting across all years provided. The one positive is a sharp improvement in 2025 versus 2024 (losses narrowed materially and EBITDA turned slightly positive), but the business is still not demonstrating consistent margin stability.

Balance Sheet

The balance sheet shows no debt, which meaningfully reduces financial risk and provides flexibility. However, equity has fallen sharply from earlier years (down from ~18.8M in 2021 to ~2.8M in 2025), reflecting cumulative losses and leaving a thinner capital cushion relative to the asset base. Returns on equity are deeply negative, signaling continued value erosion despite the low-leverage structure.

Cash Flow

Cash generation is inconsistent and currently pressured: operating cash flow swung from positive in 2023 to deeply negative again in 2024 and 2025, indicating the core business is not reliably funding itself. Free cash flow was positive in 2023 but negative in 2024 and reported as zero in 2025, pointing to ongoing cash burn risk. Overall, the cash flow profile does not yet support a stable path to self-sustaining operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	34.08M	25.20M	27.07M	18.84M	15.70M
Gross Profit	-5.71M	-15.18M	5.67M	23.40M	20.13M
EBITDA	339.00K	-8.81M	-7.04M	-8.63M	-10.64M
Net Income	-7.76M	-15.89M	-13.20M	-9.07M	-10.88M
Balance Sheet
Total Assets	32.41M	33.00M	30.18M	26.46M	27.53M
Cash, Cash Equivalents and Short-Term Investments	7.85M	9.27M	12.64M	2.06M	9.29M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	29.57M	29.62M	22.47M	8.38M	8.77M
Stockholders Equity	2.84M	3.38M	7.71M	18.07M	18.76M
Cash Flow
Free Cash Flow	0.00	-17.85M	5.08M	-9.47M	-11.68M
Operating Cash Flow	-7.49M	-11.28M	12.75M	-4.80M	-7.23M
Investing Cash Flow	-3.50M	-6.57M	-7.64M	-4.62M	-4.47M
Financing Cash Flow	9.72M	14.40M	10.42M	2.00M	19.80M

Divio Technologies AB Class B 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%
LOYAL	52 Neutral	kr35.34M	―	―	―	-4.44%	-14.29%
FLOWS	52 Neutral	kr54.46M	24.78	―	―	―	―
COMPDM	48 Neutral	kr36.83M	-2.02	―	―	50.38%	10.68%
DIVIO.B	44 Neutral	kr32.67M	-5.19	―	―	―	―