Fingerprint Cards (FING.B) AI Stock Analysis

• Market Cap: kr63.82M
• Dividend Yield: N/A
• Average Volume (3M): 66.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.66
• Revenue Growth: -82.93%
• EPS Growth: 94.83%
• Country: SE
• Employees: 40
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): -1.74
• Shares Outstanding: 7,583,750
• 10 Day Avg. Volume: 34,392
• 30 Day Avg. Volume: 66,255
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.48
• Price to Sales (P/S): 1.65
• 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): -3.16
• Revenue Forecast (FY): kr110.00M

• Rating: 47 Neutral
• Price Target: kr16.50 ▼(-10.91% Downside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is held down mainly by weak financial performance (losses, revenue deterioration, and ongoing cash burn) despite a relatively low-leverage balance sheet. Technicals are neutral-to-weak with the stock below key longer-term moving averages. The latest earnings call is a partial offset due to strong gross margins, FY growth, and early profitability signals, but liquidity and execution risks remain.

Positive Factors

Product Differentiation (AllKey)

AllKey’s higher ASP and growing upgrade adoption create a durable product moat: better per-device economics and stronger customer stickiness support longer-term margin and revenue upside as the installed base migrates. This reduces reliance on commodity sensor pricing and improves unit profitability once volume scales.

High Gross Margins

Sustained, very high gross margins indicate structural unit economics that can support operating leverage as sales scale. High gross margins provide capacity to fund R&D and sales investments, cushion pricing pressure in components, and make break-even and profitability achievable with modest volume recovery.

Low Leverage Balance Sheet

A lightly levered balance sheet reduces refinancing and solvency risk, giving the company flexibility to negotiate licensing, asset deals, or targeted fundraising without heavy interest burdens. This structural financial freedom supports strategic pivoting while pursuing AllKey commercialization.

Negative Factors

Revenue Contraction & Losses

Declining scale and persistent losses weaken competitive positioning: shrinking revenue undermines ability to invest in go‑to‑market and product development, erodes bargaining power with OEMs/ODMs, and accelerates equity depletion. Without a durable reversal, fixed costs and R&D underinvestment risk long-term viability.

Weak Cash Flow & Low Liquidity

Chronic operating cash burn and a modest cash balance create structural liquidity risk: the business may need recurring external funding or rely on episodic asset deals to bridge runway. That dependence can force dilutive financings or limit the company’s ability to execute multi‑year productization and scale cycles.

Pipeline Conversion & Execution Risk

Long design‑win and productization cycles create timing and conversion risk: even with a growing pipeline, revenue realization can lag materially. Combined with reduced headcount and reliance on episodic monetization, execution slippage could delay scale, compress margins, and sustain dependence on external funding.

Fingerprint Cards Business Overview & Revenue Model

Company Description

Fingerprint Cards AB (publ) develops, produces, and markets biometric systems and technologies. Its biometric systems include sensors, algorithms, software, and packaging technologies. The company offers biometric solutions for smartphones, PCs, tablets, smart cards, door locks, authentication keys, vehicles, payment cards, internet of thing (IoT), and the automotive industry. It also offers various development tools for software development and production. The company sells its products through distributors and resellers. The company serves customers in Sweden, Asia, South and North America, Europe, the Middle East, and Africa. Fingerprint Cards AB (publ) was incorporated in 1971 and is headquartered in Gothenburg, Sweden.

How the Company Makes Money

Fingerprint Cards makes money primarily by selling fingerprint sensor solutions (and related technology) to device manufacturers and other customers that integrate biometric authentication into their products. Revenue is typically generated through: (1) product sales of fingerprint sensors/modules shipped in volume for end devices (e.g., phones and other electronics), with pricing and margins influenced by unit volumes, product mix, and customer concentration; (2) licensing and/or royalties for use of proprietary biometric IP and software/algorithm components when sold separately or bundled with sensor solutions; and (3) engineering, development, and support services tied to customer design-wins and integration (where applicable). The company’s earnings are driven by winning designs with OEMs/ODMs and platform partners, then scaling shipments as those end products reach mass production; factors such as end-market demand, pricing pressure in components, and the cadence of customer product launches materially affect revenue. Specific named partnerships or customer terms: null.

Fingerprint Cards Financial Statement Overview

Summary

Financials are the primary weakness: income statement and cash flow show multi-year revenue contraction, sustained losses, and persistent operating cash burn (Income Statement 18; Cash Flow 20). The balance sheet is comparatively healthier with low leverage (Balance Sheet 62), but shrinking equity/assets and continued losses elevate risk.

Income Statement

The income statement shows a sharp multi-year deterioration in scale and profitability. Revenue fell materially from 2020–2025 (with a steep drop in 2025), and results have been consistently loss-making since 2022 after a near-breakeven 2021. While 2025 gross margin improved significantly versus 2022–2024, operating losses remain very large (negative operating margin and negative net margin), indicating that cost structure and/or pricing pressure continue to overwhelm gross profit.

Balance Sheet

The balance sheet is a relative bright spot: leverage appears low in the most recent year (very low debt compared with equity in 2025), which reduces refinancing and solvency risk. However, equity and the asset base have trended down substantially versus prior years, consistent with ongoing losses and potential balance-sheet shrinkage. Overall, the company looks lightly levered but still exposed to continued value erosion if losses persist.

Cash Flow

Cash flow quality is weak, driven by persistent cash burn. Operating cash flow has been negative in 2022–2025, including a large outflow in 2024 and continued outflow in 2025, which is not supportive of self-funding operations. Free cash flow has also been negative in most years (and effectively absent in 2025 based on the provided data), meaning the business likely relies on external funding or balance-sheet resources to sustain operations despite some year-to-year improvement in cash burn from 2024 to 2025.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	78.20M	403.20M	705.40M	861.80M	1.36B
Gross Profit	47.50M	45.60M	89.60M	166.40M	396.90M
EBITDA	-85.30M	-519.70M	-280.40M	-580.40M	45.00M
Net Income	-58.60M	-688.30M	-339.80M	-586.00M	100.00K
Balance Sheet
Total Assets	298.80M	425.00M	1.08B	1.45B	1.80B
Cash, Cash Equivalents and Short-Term Investments	27.10M	12.10M	109.90M	274.10M	374.30M
Total Debt	2.90M	20.40M	107.50M	317.30M	315.50M
Total Liabilities	28.00M	148.40M	392.00M	579.00M	771.80M
Stockholders Equity	270.80M	276.60M	691.60M	866.50M	1.03B
Cash Flow
Free Cash Flow	0.00	-207.60M	-135.60M	-438.70M	-65.40M
Operating Cash Flow	-55.90M	-207.60M	-88.30M	-334.10M	24.30M
Investing Cash Flow	-1.00M	-11.60M	-46.10M	-104.60M	-91.00M
Financing Cash Flow	74.10M	118.10M	-25.70M	328.40M	58.40M

Fingerprint Cards Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 18.52
• 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:FING.B, the sentiment is Negative. The current price of 18.52 is above the 20-day moving average (MA) of 16.51, above the 50-day MA of 17.55, and below the 200-day MA of 20.83, indicating a neutral trend. The MACD of -0.16 indicates Negative momentum. The RSI at 48.76 is Neutral, neither overbought nor oversold. The STOCH value of 35.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:FING.B.

Fingerprint Cards 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%
FING.B	47 Neutral	kr63.82M	-2.20	-37.93%	―	-82.93%	94.83%
ACCON	47 Neutral	kr787.30M	-42.57	-9.00%	―	-1.32%	51.89%
GPX	45 Neutral	kr68.09M	-9.07	―	―	-15.54%	-263.54%
RO	44 Neutral	kr59.99M	-2.67	-26.75%	―	-0.73%	-136.62%
INSP	41 Neutral	kr4.51M	-0.29	-153.88%	―	-0.75%	65.47%

Fingerprint Cards Corporate Events

Fingerprint Cards launches AllKey platform to push deeper into secure IoT and embedded markets

Fingerprint Cards has unveiled the AllKey Software Platform, a fully integrated biometric solution that lets customers build and run applications directly on secure AllKey devices using the company’s fingerprint authentication technology. By moving from standalone sensors to a programmable platform targeting enterprise security, access control and IoT, the company seeks to deepen customer integration, increase revenue per design win and tap growth beyond the smartphone market.

The platform combines FPC’s fingerprint capabilities with a secure microcontroller environment featuring technologies such as TrustZone and secure boot, aiming to cut product complexity, cost and time to market for OEMs. With demonstrator units and evaluation kits already available, the launch reinforces FPC’s strategic shift up the value chain and strengthens its positioning as a global provider of complete secure authentication platforms, potentially extending product lifecycles and fostering repeat business.

The most recent analyst rating on ($SE:FING.B) stock is a Hold with a SEK14.50 price target. To see the full list of analyst forecasts on Fingerprint Cards stock, see the SE:FING.B Stock Forecast page.

CardLab launches FPC-powered FIDO biometric smart card for enterprise access

CardLab Innovation has launched Access FIDO, a multi-function smart card that combines physical and logical access control using Fingerprint Cards’ biometric technology and FIDO2-certified, password-free authentication. The card targets use cases from secure building entry and desktop login to VPN access and payments, aiming to cut credential theft, simplify compliance with regulations such as GDPR and eIDAS, and enable more convenient enterprise security.

The new card supports NFC and Bluetooth Low Energy connectivity, includes rechargeable power via contact or wireless charging, and is designed for large-scale enterprise deployment with minimal integration effort. By embedding FPC’s fingerprint solution at the core of Access FIDO, the partners are positioning biometrics as a key layer in modern identity and access management across corporate, government, education, healthcare and critical infrastructure environments.

The most recent analyst rating on ($SE:FING.B) stock is a Hold with a SEK14.50 price target. To see the full list of analyst forecasts on Fingerprint Cards stock, see the SE:FING.B Stock Forecast page.

Fingerprint Cards Narrows Losses as AllKey Growth Lifts 2025 Revenue

Fingerprint Cards reported a 30 percent rise in full-year 2025 revenue to SEK 78.2 million, driven by its biometrics and secure access offerings, while gross margins held steady at around 61 percent. The company also strengthened its product portfolio by launching FPC AllKey Ultra, a Secure Element-based addition to its AllKey range aimed at expanding scalable, high-security authentication solutions.

Operationally, the group showed a sharp improvement in earnings quality, with fourth-quarter EBITDA turning slightly positive and cash flow from operating activities improving compared with heavy losses a year earlier. Despite this progress, the company still posted a full-year operating loss of SEK 59.2 million and negative cash flow, prompting the board to propose no dividend for 2025 as management prioritizes cash preservation, profitability and continued restructuring of the business.

The most recent analyst rating on ($SE:FING.B) stock is a Sell with a SEK17.50 price target. To see the full list of analyst forecasts on Fingerprint Cards stock, see the SE:FING.B Stock Forecast page.

Fingerprint Cards Board Member John Lord Steps Down Amid Routine Governance Refresh

Fingerprint Cards AB announced that board member John Lord is stepping down from the Board of Directors due to increasing professional commitments, though he expressed continued support for the company and its leadership. Chairman Christian Lagerling thanked Lord for his contributions and emphasized that the board remains focused on executing the company’s operational and strategic priorities.

The company’s Nomination Committee has begun the process of identifying and proposing new board candidates for election at a future general meeting, signaling an orderly transition in governance rather than a shift in strategic direction. The change is framed as a routine board refresh that is not expected to disrupt Fingerprint Cards’ ongoing initiatives in the biometrics market or its engagement with key stakeholders.

The most recent analyst rating on ($SE:FING.B) stock is a Sell with a SEK17.50 price target. To see the full list of analyst forecasts on Fingerprint Cards stock, see the SE:FING.B Stock Forecast page.

Fingerprint Cards to Present Q4 2025 Results in Webcast on 13 February

Fingerprint Cards AB has invited investors, analysts and media to a combined webcast and telephone conference on 13 February 2026 at 09:00 CET, when CEO Adam Philpott and CFO Fredrik Hedlund will present the company’s fourth-quarter 2025 results in English. The quarterly report, along with presentation materials and a question facility, will be available via the company’s website and webcast platform, underlining FPC’s efforts to maintain transparent communication with the market as it seeks to reinforce its position as a leading biometrics provider.

The most recent analyst rating on ($SE:FING.B) stock is a Sell with a SEK17.50 price target. To see the full list of analyst forecasts on Fingerprint Cards stock, see the SE:FING.B Stock Forecast page.

Fingerprint Cards powers new biometric server-rack access control for India’s data centres

Fingerprint Cards AB (FPC) has supplied its FPC AllKey biometric technology to ActChip and Dynamic Technologies for a new biometric server rack access control solution tailored to India’s fast-growing data centre market. The system shifts biometric security from the perimeter and room level down to individual server racks, adding a granular security layer aimed at reducing the risk of unauthorized access to critical infrastructure. The collaboration broadens FPC’s presence in data-centre and bio-security applications, while enabling ActChip and Dynamic Technologies to expand into biometric access control; it underscores India’s importance as a key growth market for FPC as demand rises for robust, integrated biometric solutions in data centres and avionics infrastructure.

The most recent analyst rating on ($SE:FING.B) stock is a Sell with a SEK17.50 price target. To see the full list of analyst forecasts on Fingerprint Cards stock, see the SE:FING.B Stock Forecast page.