FlexQube AB (FLEXQ) AI Stock Analysis

• Market Cap: kr254.68M
• Dividend Yield: N/A
• Average Volume (3M): 30.87K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.11
• Revenue Growth: -4.14%
• EPS Growth: 23.99%
• Country: SE
• Employees: 42
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): -0.20
• Shares Outstanding: 13,404,152
• 10 Day Avg. Volume: 13,752
• 30 Day Avg. Volume: 30,868
• PEG Ratio: 0.18
• Price to Book (P/B): 3.37
• Price to Sales (P/S): 1.67
• P/FCF Ratio: -5.04
• 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): kr348.60M

• Rating: 50 Neutral
• Price Target: kr20.00 ▲(94.17% Upside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is held down primarily by weak financial performance (deep losses, a 2025 gross loss, and ongoing cash burn) and a valuation profile that reflects loss-making results (negative P/E). Strong technical momentum and trading well above key moving averages partially offsets these risks, but the indicators are extremely overextended (very high RSI/Stoch), tempering the technical contribution.

Positive Factors

Modular product business model

FlexQube’s core offering is configurable, modular carts and trolleys sold with add-ons and replacement parts. That product architecture supports repeat aftermarket sales and scalable deployments across factories and warehouses, creating durable revenue levers if industrial customers continue optimizing intralogistics.

Balance sheet equity cushion

Despite losses, the company reports positive equity of roughly SEK 52m in 2025, which gives a solvency buffer versus immediate insolvency risk. This cushion improves the firm’s ability to absorb temporary operating shortfalls and buy time for structural improvements or financing plans to restore profitability.

Improving cash burn trend

Operating cash outflows have narrowed over recent years, indicating management moves or operational efficiencies are reducing burn. While free cash flow is still negative, a sustained trend toward lower cash consumption increases the chance the company can reach self-funding operations without immediate heavy external financing.

Negative Factors

Gross margin deterioration

A swing to a gross loss signals fundamental issues with pricing, cost of goods sold, or an adverse product mix. Gross losses undermine any path to sustainable operating profitability because even fixed-cost leverage cannot offset losses at the core product level without substantive pricing changes, cost reductions, or product redesign.

Consistent negative cash flow

The business has not generated positive operating or free cash flow, forcing reliance on external funding or balance sheet reserves. Ongoing negative cash generation elevates refinancing and dilution risk, and unless operating cash flow turns sustainably positive, long-term viability will depend on successful structural fixes or capital injections.

Rising leverage

Leverage has increased materially while the company remains loss-making, raising interest and repayment pressure. Higher debt relative to equity reduces financial flexibility, increases refinancing risk if credit conditions tighten, and limits the company’s ability to invest in growth or absorb further operating deterioration.

FlexQube AB Business Overview & Revenue Model

Company Description

FlexQube AB (publ) designs, develops, manufactures, and markets flexible and robust industrial carts for material handling in Europe and North America. The company offers carts, such as eQart, a smart and motorized cart, pallet and container, shelf, flow, hanging, mother-daughter, and kit carts and specialized solutions, as well as parts comprising standard building blocks, casters, fasteners/hardware, handle bars, tow bar components, attachments, shelves, tools, springs, pallet guides, rollers, and pallet changing system components. It serves automobile industries; distribution and storage; cars; commercial vehicles, such as buses, trucks, and trains; wind turbines and other energy related products; defense equipment; appliances and electronics; medical equipment; and construction and industrial machinery industries. FlexQube AB (publ) was founded in 2010 and is headquartered in Gothenburg, Sweden.

How the Company Makes Money

FlexQube makes money primarily by selling its modular intralogistics products to industrial customers. Revenue is generated from (1) product sales of configurable carts/trolleys and related material-handling solutions, typically delivered as customer-specific configurations based on standard modules; and (2) associated sales that are commonly tied to those deliveries such as add-on modules, accessories, and replacements used to expand, reconfigure, or maintain fleets over time. The company’s earnings are therefore driven by order volume from industrial clients, the mix of standardized modules versus customized configurations in each project, and repeat business as customers scale or adjust internal logistics setups. Specific details on significant partnerships or contractual arrangements are null.

FlexQube AB Financial Statement Overview

Summary

Fundamentals are weak: persistent EBIT/net losses, a deterioration to a gross loss in 2025, and continued negative operating and free cash flow. The balance sheet provides some cushion with positive equity, but leverage has increased and ongoing losses/cash burn elevate financing risk.

Income Statement

The income statement remains weak due to persistent losses: EBIT and net income have been negative every year, with 2025 net margin deteriorating to roughly -30% (vs. about -28% in 2024). A key red flag in 2025 is the swing to a negative gross margin (gross loss), suggesting pricing pressure, unfavorable mix, or cost issues. Revenue has also turned down meaningfully in 2025 (about -8%) after growth in 2024, and the multi-year trajectory shows high volatility rather than steady scale benefits.

Balance Sheet

The balance sheet is mixed. Leverage has risen: debt-to-equity increased to ~0.86 in 2025 (from ~0.52 in 2023), indicating a higher reliance on debt while profitability is still negative. Equity remains positive (~52m in 2025), providing some cushion, but continued net losses increase the risk of further equity erosion and potential funding needs if losses persist.

Cash Flow

Cash flow quality is weak with consistently negative operating cash flow and negative free cash flow across all years, indicating the business is not self-funding. While the cash burn improved versus 2023 (operating cash outflow narrowed in 2024 and 2025), 2025 free cash flow still deteriorated versus 2024 (more negative), keeping liquidity and financing risk elevated until operating cash flow turns sustainably positive.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	105.22M	131.42M	115.75M	204.59M	112.63M
Gross Profit	-28.74M	64.37M	60.57M	107.95M	53.04M
EBITDA	-21.06M	-23.61M	-55.03M	-4.15M	-19.93M
Net Income	-32.03M	-36.36M	-60.62M	-7.07M	-22.56M
Balance Sheet
Total Assets	150.35M	141.00M	171.42M	153.70M	130.00M
Cash, Cash Equivalents and Short-Term Investments	35.51M	35.49M	48.55M	30.45M	34.92M
Total Debt	44.80M	46.13M	43.06M	28.66M	13.40M
Total Liabilities	98.31M	90.08M	88.06M	84.37M	57.89M
Stockholders Equity	52.04M	50.92M	83.36M	69.33M	72.12M
Cash Flow
Free Cash Flow	-34.77M	-15.72M	-71.76M	-30.05M	-32.16M
Operating Cash Flow	-22.94M	-11.15M	-57.33M	-21.96M	-29.32M
Investing Cash Flow	-13.32M	-4.57M	-14.43M	-8.09M	-2.83M
Financing Cash Flow	36.81M	1.43M	91.54M	24.45M	53.68M

FlexQube AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 10.30
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:FLEXQ, the sentiment is Positive. The current price of 10.3 is below the 20-day moving average (MA) of 15.88, below the 50-day MA of 12.41, and below the 200-day MA of 10.56, indicating a bullish trend. The MACD of 2.51 indicates Negative momentum. The RSI at 65.83 is Neutral, neither overbought nor oversold. The STOCH value of 52.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:FLEXQ.

FlexQube 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%
GGEO	52 Neutral	kr104.39M	-195.09	1.33%	―	2.20%	50.91%
FLEXQ	50 Neutral	kr254.68M	-5.47	―	―	-4.14%	23.99%
SALT.B	46 Neutral	kr865.12M	-12.66	-39.97%	―	11.85%	6.39%
IMPC	44 Neutral	kr145.20M	-2.70	―	―	―	―
OPTI	41 Neutral	kr161.56M	-15.94	―	―	140.86%	34.21%