FlexQube AB (FLEXQ) AI Stock Analysis

• Market Cap: kr153.48M
• Dividend Yield: N/A
• Average Volume (3M): 30.87K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.19
• 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): N/A

• Rating: 43 Neutral
• Price Target: kr9.50 ▼(-7.77% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by weak financial performance, including deteriorating 2025 margins (gross loss), ongoing net losses, and structurally negative operating/free cash flow with rising leverage. Technicals are also soft with price below key shorter-term moving averages and a negative MACD. Valuation is constrained by loss-making results (negative P/E) and no dividend support.

Positive Factors

Recurring product and aftermarket revenue

FlexQube's sales model combines initial configurable equipment sales with add-ons, accessories and replacements. That creates recurring aftermarket demand and cross-sell opportunities, supporting steadier lifetime customer revenue and better long-term revenue visibility if installed bases grow.

Modular, configurable product platform

A standardized modular platform allows customer-specific configurations without fully bespoke builds. This structural advantage can lower incremental production costs, shorten delivery times, and scale engineering efforts across projects, improving margins as volumes and repeat business increase.

Positive equity provides financial cushion

Having materially positive equity (~52m) gives the company a balance-sheet buffer versus insolvency and can support operating continuity, access to credit and negotiation flexibility with lenders or partners while management addresses profitability and cash generation issues.

Negative Factors

Negative gross margin and persistent losses

A swing to a gross loss signals structural pricing, mix, or cost problems that hit core unit economics. Multi-year negative EBIT and ~-30% net margin show the business is not yet generating operating profits and requires fundamental changes to restore sustainable profitability.

Consistently negative operating and free cash flow

Persistent operating and free cash outflows mean the business is not self-funding growth or operations. Continued cash burn raises financing and execution risk, constrains investment capacity, and increases the likelihood of reliance on external capital until operating cash flow turns sustainably positive.

Rising leverage increases funding risk

Higher leverage while losses persist tightens liquidity and raises debt-servicing and covenant risks. This structural reliance on debt reduces strategic flexibility, may increase financing costs, and could force dilutive equity raises or cutbacks if operational improvements don't restore cash generation.

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 generates revenue through the sale of its modular material handling products, including standard and custom-built carts and trolleys. The company employs a direct sales model complemented by a network of distributors and partners to reach a wider market. Key revenue streams include the sale of products, as well as potential recurring revenue from maintenance services and spare parts. FlexQube also engages in partnerships with leading manufacturing companies to develop tailored solutions that meet specific operational needs, thereby enhancing customer loyalty and driving additional sales. Additionally, the company may benefit from industry trends towards automation and efficiency, which can increase demand for its innovative solutions.

FlexQube AB Financial Statement Overview

Summary

Financial performance is weak: persistent EBIT and net losses with 2025 margins deteriorating to a gross loss, revenue down meaningfully in 2025, and consistently negative operating and free cash flow. The balance sheet provides some cushion with positive equity, but leverage has risen while losses continue, increasing funding and execution 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: Negative
• STOCH: Negative

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 above the 20-day moving average (MA) of 10.17, above the 50-day MA of 10.25, and above the 200-day MA of 9.72, indicating a bullish trend. The MACD of 0.22 indicates Negative momentum. The RSI at 70.36 is Negative, neither overbought nor oversold. The STOCH value of 100.00 is Negative, 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
GGEO	68 Neutral	kr97.48M	-153.74	1.33%	―	2.20%	50.91%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SALT.B	46 Neutral	kr912.42M	-12.01	-40.77%	―	11.85%	6.39%
IMPC	44 Neutral	kr153.62M	-2.87	―	―	―	―
FLEXQ	43 Neutral	kr153.48M	-4.82	―	―	-4.14%	23.99%
OPTI	41 Neutral	kr114.00M	-1.86	―	―	140.86%	34.21%