LL Lucky Games AB (EMB) AI Stock Analysis

• Market Cap: kr190.09M
• Dividend Yield: N/A
• Average Volume (3M): 156.01K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.21
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 101
• Sector: Communication Services
• Sector Strength: 97
• Industry: Electronic Gaming & Multimedia
• EPS (TTM): -0.02
• Shares Outstanding: 297,020,540
• 10 Day Avg. Volume: 72,483
• 30 Day Avg. Volume: 156,010
• PEG Ratio: 0.08
• Price to Book (P/B): 4.00
• Price to Sales (P/S): 1.62
• P/FCF Ratio: -16.67
• 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: kr0.79 ▼(-19.07% Downside)
• Action: Reiterated Date: 01/22/26
• Date: Action: Reiterated 01/22/26

The score is held down primarily by continued unprofitability and negative free cash flow despite improving operations. Technicals are neutral-to-slightly bearish in the near term, and valuation signals are weak due to a negative P/E and no indicated dividend yield.

Positive Factors

Revenue Growth & Scale

Sharp revenue scaling (140% growth) indicates strong product-market fit and expanding user adoption. Sustained top-line expansion improves fixed-cost absorption and operating leverage, creating a clearer path to margin improvement and durable profitability if maintained.

Improving Cash Generation

Transitioning to positive operating cash flow in 2024 validates core unit economics and reduces reliance on short-term financing. Durable operating cash generation increases runway, supports reinvestment in product and growth initiatives, and improves resilience to shocks.

Leverage and Balance-Sheet Health

Material improvement in leverage with positive equity versus prior years strengthens financial flexibility. Lower balance-sheet risk reduces interest burden and increases capacity to fund strategic initiatives without immediate dilutive financing, aiding long-term stability.

Negative Factors

Persistent Operating Losses

Despite EBITDA progress, sustained EBIT and net losses limit retained earnings and internal funding capacity. Ongoing losses necessitate external capital or significant cost restructuring, constraining strategic choices and slowing the path to durable shareholder value creation.

Negative Free Cash Flow

Persistently negative free cash flow, even after operating cash improvements, shows capex or working-capital demands still consume cash. Continued negative FCF forces reliance on external financing, which can constrain investment and elevate execution risk over the medium term.

Consistently Negative Return on Equity

Negative ROE across reported years indicates the company has not converted equity into positive returns, reflecting structural profitability issues. This undermines investor confidence, raises the cost of capital, and signals deeper margin or allocation problems to address.

LL Lucky Games AB Business Overview & Revenue Model

Company Description

EMB Mission Bound AB (publ) designs, develops, and markets digital slot machines for gaming operators in Asia and internationally. The company offers slot game development, platform development, white label solutions, game content aggregation, payment solutions, UI/UX design, and digital marketing services. The company was formerly known as Embark Group AB (publ) and changed its name to EMB Mission Bound AB (publ) in January 2025. EMB Mission Bound AB (publ) was incorporated in 2019 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

LL Lucky Games AB Financial Statement Overview

Summary

Despite strong revenue scaling and clear improvement in 2024 (positive EBITDA and positive operating cash flow), the company remains loss-making at EBIT and net income, and free cash flow is still negative. Balance-sheet leverage is healthier than in 2021–2022, but consistently negative ROE reflects ongoing profitability challenges.

Income Statement

Revenue has scaled sharply over the last several years, with 2024 showing strong year-over-year growth off a larger base. Profitability is improving meaningfully versus prior years: 2024 delivered positive EBITDA and a very high gross profit margin, but the company is still loss-making with negative EBIT and net income, indicating operating costs (and/or non-operating items) remain too heavy for the current revenue level.

Balance Sheet

Leverage has improved substantially from earlier periods, with debt-to-equity moving from very high levels (2021–2022) to a more moderate level in 2023–2024. Equity is positive and assets have grown, but returns remain weak with negative return on equity in every year provided, reflecting ongoing losses and limiting balance-sheet quality despite the better leverage profile.

Cash Flow

Cash generation improved materially in 2024 with positive operating cash flow after several years of significant cash burn. However, free cash flow remains negative in 2024, suggesting continued investment and/or working-capital demands are still consuming cash, and overall cash-flow durability is not yet proven given the volatility in prior years.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	146.42M	92.06M	28.86M	5.02M	1.93M	75.29K
Gross Profit	146.42M	84.37M	22.08M	7.66M	890.90K	1.07M
EBITDA	33.46M	7.46M	-41.21M	-31.37M	-19.27M	-4.27M
Net Income	-837.00K	-22.13M	-64.90M	-41.57M	-21.36M	-4.32M
Balance Sheet
Total Assets	89.82M	82.18M	73.06M	24.46M	21.36M	3.00M
Cash, Cash Equivalents and Short-Term Investments	11.91M	8.74M	8.96M	341.42K	728.08K	1.56M
Total Debt	23.04M	24.50M	23.58M	14.00M	16.13M	0.00
Total Liabilities	46.76M	44.90M	36.21M	20.92M	20.02M	322.71K
Stockholders Equity	43.06M	37.28M	36.85M	104.00K	1.34M	2.68M
Cash Flow
Free Cash Flow	17.85M	-8.94M	-41.10M	-39.21M	-32.49M	-5.52M
Operating Cash Flow	33.31M	7.84M	-26.09M	-32.10M	-17.02M	-4.53M
Investing Cash Flow	-16.37M	-18.86M	-18.03M	2.53M	-15.97M	-997.53K
Financing Cash Flow	-13.78M	11.12M	53.22M	29.16M	32.16M	6.47M

LL Lucky Games AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
EMB	45 Neutral	kr190.09M	-64.85	-8.02%	―	―	―