Fluicell AB (FLUI) AI Stock Analysis

• Market Cap: kr11.68M
• Dividend Yield: N/A
• Average Volume (3M): 16.23K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.58
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 10
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -2.09
• Shares Outstanding: 1,373,703
• 10 Day Avg. Volume: 8,193
• 30 Day Avg. Volume: 16,225
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.88
• Price to Sales (P/S): 9.14
• P/FCF Ratio: -1.08
• 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: 46 Neutral
• Price Target: kr8.50 ▼(-15.00% Downside)

The score is mainly constrained by weak financial sustainability (ongoing losses and negative operating/free cash flow) and a bearish technical backdrop (price below key moving averages with negative MACD). Improvements in TTM revenue/losses and a zero-debt balance sheet help, but do not fully offset cash burn and trend weakness.

Positive Factors

Zero net debt / low solvency risk

Carrying zero debt materially lowers solvency risk and interest burden, giving management flexibility to pursue product development, partnerships or timed equity raises. For a capital-intensive biotech, a debt-free base extends runway and reduces near-term bankruptcy risk while pursuing commercialization.

Revenue rebound and narrowing losses

A 36% TTM revenue rebound with a materially smaller net loss indicates improving product traction and early operating leverage. Sustained top-line growth paired with narrowing losses suggests the business model can scale toward break-even if revenue growth continues and cost structure is managed, supporting medium-term viability.

Platform of instruments plus consumables

A platform combining instruments and consumables creates recurring revenue potential and stronger customer lock-in in single-cell research. Consumable-driven repeat purchases and cross-sell opportunities in academic and industrial labs provide durable revenue streams if the technology remains differentiated and adoption broadens.

Negative Factors

Persistent negative operating and free cash flow

Consistent negative operating and free cash flow forces ongoing external financing, increasing dilution risk and limiting self-funded R&D or commercial expansion. Over the medium term, continued cash burn without sustained margin improvement or external capital raises could constrain strategic options and slow scaling efforts.

Structural unprofitability and negative margins

Deeply negative operating and net margins across periods signal structural issues in unit economics or fixed cost intensity. Without meaningful margin expansion or substantial revenue scaling, profitability remains distant, limiting free cash generation and reducing the company's ability to reinvest in growth sustainably.

Small revenue scale and limited equity cushion

Low and volatile equity plus revenue small relative to costs reduces the firm's buffer versus shocks and limits economies of scale. This structural fragility heightens reliance on financing rounds and makes executing longer-term commercialization or R&D plans harder without predictable, larger revenue streams.

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

Mixed fundamentals: TTM revenue rebounded and losses narrowed, and the company carries zero debt (lower solvency risk). However, it remains structurally unprofitable with persistent negative operating margins, and cash generation is weak with negative operating and free cash flow, indicating ongoing funding reliance.

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded (+36.35% growth) and losses narrowed meaningfully versus 2024 (net loss improved to -9.86m from -15.51m; margins also improved). However, the company remains structurally unprofitable with deeply negative operating and net margins in every period shown, and revenue levels are still small relative to the cost base—keeping overall earnings quality and scalability a key concern.

Balance Sheet

The balance sheet is supported by zero debt across all periods, which materially lowers financial risk and provides flexibility. That said, equity has been volatile (very low in 2023 versus other years) and returns on equity are consistently negative, reflecting ongoing losses and limiting the fundamental strength of the capital base despite the lack of leverage.

Cash Flow

Cash generation remains a major weak spot: operating cash flow is negative in every period, including TTM (Trailing-Twelve-Months) at -6.21m, and free cash flow is also negative (TTM at -13.25m) with a sharp deterioration versus 2024. While cash burn improved versus prior years on an operating basis, the business still does not self-fund operations, increasing reliance on external financing over time.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.68M	1.86M	3.34M	3.25M	2.60M	4.63M
Gross Profit	5.25M	3.76M	1.74M	2.59M	1.89M	3.65M
EBITDA	-9.32M	-14.99M	-25.91M	-20.89M	-21.08M	-16.42M
Net Income	-9.86M	-15.51M	-26.55M	-21.49M	-21.72M	-18.15M
Balance Sheet
Total Assets	16.38M	25.51M	9.34M	31.77M	26.98M	24.83M
Cash, Cash Equivalents and Short-Term Investments	990.00K	15.92M	2.76M	24.46M	20.69M	18.80M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	5.58M	6.27M	8.91M	8.32M	7.87M	5.33M
Stockholders Equity	10.80M	19.23M	425.00K	23.45M	19.11M	19.50M
Cash Flow
Free Cash Flow	-13.24M	-15.67M	-27.23M	-22.18M	-19.41M	-17.90M
Operating Cash Flow	-6.21M	-15.67M	-27.23M	-21.04M	-18.64M	-17.57M
Investing Cash Flow	-10.52M	-3.49M	0.00	-1.14M	-772.00K	-331.00K
Financing Cash Flow	150.00K	32.32M	5.53M	25.94M	21.31M	28.26M

Fluicell AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
FLUI	46 Neutral	kr11.68M	-1.18	-45.97%	―	―	―