Fluicell AB (FLUI) AI Stock Analysis

• Market Cap: kr18.00M
• Dividend Yield: N/A
• Average Volume (3M): 16.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.11
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 10
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.07
• Shares Outstanding: 1,373,703
• 10 Day Avg. Volume: 8,193
• 30 Day Avg. Volume: 16,225
• PEG Ratio: 0.98
• Price to Book (P/B): 74.56
• Price to Sales (P/S): 135.42
• 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): kr68.60M

• Rating: 54 Neutral
• Price Target: kr13.50 ▲(35.00% Upside)
• Action: Reiterated Date: 02/23/26
• Date: Action: Reiterated 02/23/26

The score is held back primarily by weak financial performance—ongoing losses and significant cash burn—despite a strong TTM revenue rebound and a zero-debt balance sheet. Technical indicators are moderately supportive in the near term, while valuation is constrained by negative earnings and no provided dividend yield.

Positive Factors

Zero-debt capital structure

A zero-debt structure lowers refinancing and interest risk, giving management flexibility to prioritize R&D and commercialization. Over the next 2-6 months this durable low-leverage position reduces bankruptcy risk and preserves capacity to raise equity on more favorable terms if needed.

Sharp TTM revenue rebound

A ~124% TTM revenue rebound signals re-accelerating commercial traction for instruments and consumables. Sustained top-line growth indicates improving product-market fit and scaling potential, underpinning longer-term revenue durability if the company converts this momentum into repeat purchases and expanded customer base.

Niche single-cell microfluidics focus

A clear focus on microfluidics for single-cell research aligns with secular growth in single-cell biology and demand for precise cell-handling tools. This specialized product set supports differentiated IP, recurring consumable sales, and a defensible niche market position that can sustain adoption over multiple years.

Negative Factors

Ongoing cash burn

Negative operating cash flow and large negative free cash flow indicate the business currently cannot self-fund operations or expansion. Over several months this persistent burn raises the probability of needing external financing, which can dilute shareholders or constrain strategic investments if markets are unfavorable.

Persistent losses and weak margins

Sustained net losses and negative margins show the company remains far from breakeven, limiting retained earnings and reinvestment capacity. Without structural margin improvement—via pricing, mix shift to consumables, or cost reductions—profitability risks undermining long-term viability and investor support.

Eroding equity base

Declining shareholders' equity and negative ROE reflect accumulated losses that erode the capital base and reduce financial resilience. Over time this constrains the firm's ability to absorb shocks, secure non-dilutive financing, or invest in scaling without issuing new equity, increasing dilution risk and strategic vulnerability.

Fluicell AB Business Overview & Revenue Model

Company Description

Fluicell AB (publ) provides single-cell discovery platforms for biomedicine, drug development, and bioprinting applications worldwide. The company offers BioPen PRIME and BioPen FLEX microfluidic systems for maintaining localized solution delivery in single-cell experiments, as well as enabling control of the chemical environment around single intact cells in tissue or cell cultures; and Dynaflow Resolve system, a secondary ion channel screening platform, which allows for recording of various ion channel current in patch-clamp recording configuration. The company was founded in 2012 and is based in Gothenburg, Sweden.

How the Company Makes Money

Fluicell AB Financial Statement Overview

Summary

Revenue rebounded sharply TTM (~+124% YoY) and the company has no debt, reducing financial risk. However, profitability remains deeply negative (TTM net income -8.3M with very weak margins), equity has declined versus 2024, and cash flows show continued burn (negative operating cash flow and substantially negative free cash flow), keeping the financial profile weak overall.

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded sharply (up ~124% vs. the prior year) after weaker performance in 2024, showing improving commercial traction. However, profitability remains very weak: TTM net income is still deeply negative (-8.3M) with a strongly negative net margin (about -3.68), and operating losses persist (negative EBIT/EBITDA margins). Overall, growth is encouraging, but the business is still far from breakeven and earnings quality remains a key concern.

Balance Sheet

The balance sheet is helped by a zero-debt structure (debt-to-equity at 0.0 across periods), which reduces financial risk and refinancing pressure. That said, equity has declined versus 2024 (10.9M in TTM vs. 19.2M in 2024), reflecting ongoing losses, and returns on equity remain meaningfully negative (TTM ROE about -0.65). In short: low leverage is a clear strength, but continuing losses are eroding the capital base.

Cash Flow

Cash generation is weak: TTM operating cash flow is negative (-4.9M) and free cash flow is substantially negative (-14.9M), indicating ongoing cash burn and likely reliance on external funding over time. While operating cash burn improved versus 2024 (less negative), the TTM free cash flow deficit is sizable and cash flow does not currently support self-funded operations.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.00M	1.86M	3.34M	3.25M	2.60M
Gross Profit	-8.69M	3.76M	1.74M	2.59M	1.89M
EBITDA	-8.31M	-14.99M	-25.91M	-20.89M	-21.08M
Net Income	-8.33M	-15.51M	-26.55M	-21.49M	-21.72M
Balance Sheet
Total Assets	18.48M	25.51M	9.34M	31.77M	26.98M
Cash, Cash Equivalents and Short-Term Investments	2.26M	15.92M	2.76M	24.46M	20.69M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	7.57M	6.27M	8.91M	8.32M	7.87M
Stockholders Equity	10.90M	19.23M	425.00K	23.45M	19.11M
Cash Flow
Free Cash Flow	0.00	-15.67M	-27.23M	-22.18M	-19.41M
Operating Cash Flow	-4.95M	-15.67M	-27.23M	-21.04M	-18.64M
Investing Cash Flow	-8.67M	-3.49M	0.00	-1.14M	-772.00K
Financing Cash Flow	0.00	32.32M	5.53M	25.94M	21.31M

Fluicell AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FLUI	54 Neutral	kr18.00M	-2.16	-45.97%	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%