Greater Than AB (GREAT) AI Stock Analysis

• Market Cap: kr219.76M
• Dividend Yield: N/A
• Average Volume (3M): 125.45K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.27
• Revenue Growth: -69.94%
• EPS Growth: -7367.66%
• Country: SE
• Employees: 26
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Software - Application
• EPS (TTM): -1.22
• Shares Outstanding: 18,782,486
• 10 Day Avg. Volume: 10,467
• 30 Day Avg. Volume: 125,454
• PEG Ratio: >-0.01
• Price to Book (P/B): 3.90
• Price to Sales (P/S): 54.24
• P/FCF Ratio: -6.47
• 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: 42 Neutral
• Price Target: kr11.00 ▼(-33.33% Downside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is held down primarily by weak financial performance (sharp 2025 revenue decline, persistent losses, and sustained negative operating/free cash flow). Technicals add further pressure due to a clear downtrend across key moving averages and negative MACD. The low-debt balance sheet provides some support, but valuation remains difficult to justify with negative earnings and no dividend yield provided.

Positive Factors

Low leverage / strong balance sheet

Very low reported debt relative to equity provides durable financial flexibility. With minimal leverage the company can fund short-term operations, absorb cyclical shocks, and pursue strategic initiatives or financing alternatives without immediate solvency pressure despite operating losses.

Prior multi-year revenue expansion

Multi-year revenue growth through 2024 indicates historical product-market traction and scalable demand for the platform. That prior expansion suggests the business model can scale when execution and customer retention align, a structural positive if management stabilizes growth drivers.

Niche data-driven platform in auto/insurance

A focused, data-driven platform serving insurance, fleet safety, and telematics taps structural industry trends toward usage-based insurance and fleet risk management. Platform assets and accumulated driving data can create long-term competitive advantages and recurring B2B revenue potential.

Negative Factors

Sharp 2025 revenue collapse

A severe year-over-year revenue decline is a lasting red flag for market traction and contract stability. Losing scale undermines unit economics and makes it harder to leverage fixed costs, raising the burden on management to rebuild recurring demand and re-establish sustainable revenue streams.

Consistent negative cash generation

Persistent operating and free cash flow deficits indicate ongoing cash burn that erodes runway. Even with low debt, continued negative cash generation forces reliance on equity or external funding, constrains investment in sales or product, and risks dilution or curtailed growth options.

Sustained unprofitability and margin instability

Chronic losses and volatile margins show the company has yet to achieve durable unit economics. Continued negative profitability undermines return on equity and increases the likelihood of further equity funding, making it difficult to plan long-term investments or demonstrate a credible path to self-funded growth.

Greater Than AB Business Overview & Revenue Model

Company Description

Greater Than AB (GREAT) is a technology-driven company that specializes in advanced data analytics and artificial intelligence solutions, primarily focusing on the insurance and automotive sectors. The company leverages its proprietary algorithms and machine learning models to enhance risk assessment, optimize pricing strategies, and improve customer engagement. GREAT is committed to providing innovative tools that empower businesses to make data-driven decisions and enhance operational efficiency.

How the Company Makes Money

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Greater Than AB Financial Statement Overview

Summary

Financials are pressured by unstable operations and ongoing losses. Revenue reversed sharply in 2025 (SEK 5.7m vs SEK 40.6m in 2024), profitability remains negative, and operating/free cash flow are consistently negative (2025 FCF about -SEK 40.8m). The main offset is a low-debt balance sheet (e.g., 2025 debt SEK 0.2m vs equity SEK 79.8m), which reduces near-term financial risk.

Income Statement

Performance remains weak and volatile. Revenue grew strongly from 2022 to 2024 (SEK 13.3m to SEK 40.6m), but 2025 annual revenue collapsed to SEK 5.7m (down ~55% year-over-year), reversing momentum. Profitability is consistently negative: net losses persist every year, and 2025 shows a sharp deterioration with gross profit and operating profit deeply negative. While 2024 briefly showed a positive gross margin and positive EBITDA, the company has not demonstrated sustained operating leverage or a stable path to profitability.

Balance Sheet

Balance sheet is a relative strength due to very low leverage. Total debt is minimal versus equity across recent years (e.g., 2025 debt of SEK 0.2m vs equity of SEK 79.8m; 2024 debt-to-equity ~0.03), which reduces financial risk and gives flexibility. However, repeated losses are eroding returns on equity (negative in all periods provided) and can pressure the equity base over time if cash burn continues.

Cash Flow

Cash generation is the key weakness. Operating cash flow is negative every year shown, and free cash flow is also consistently negative (e.g., 2025 free cash flow of about -SEK 40.8m). While some years showed improving free cash flow versus the prior year, the overall pattern is ongoing cash burn with limited evidence of a durable turn toward self-funding operations, increasing dependence on existing balance-sheet resources.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.74M	40.59M	28.27M	13.26M	16.70M
Gross Profit	-47.50M	20.84M	-1.30M	-29.81M	-9.36M
EBITDA	-41.92M	5.60M	-25.04M	-53.68M	-27.38M
Net Income	-57.16M	-1.30M	-32.22M	-54.18M	-30.28M
Balance Sheet
Total Assets	98.78M	93.76M	51.16M	84.43M	146.81M
Cash, Cash Equivalents and Short-Term Investments	46.04M	36.63M	18.17M	50.25M	114.70M
Total Debt	172.00K	1.64M	1.71M	656.00K	2.15M
Total Liabilities	18.96M	40.14M	16.52M	18.18M	23.50M
Stockholders Equity	79.82M	53.62M	34.63M	66.24M	123.31M
Cash Flow
Free Cash Flow	-48.08M	-24.21M	-31.08M	-62.88M	-30.92M
Operating Cash Flow	-40.82M	-17.16M	-26.02M	-59.94M	-26.76M
Investing Cash Flow	-6.81M	-7.05M	-5.06M	-2.94M	-4.16M
Financing Cash Flow	57.04M	42.67M	-1.00M	-1.57M	128.03M

Greater Than AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 16.50
• 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:GREAT, the sentiment is Neutral. The current price of 16.5 is above the 20-day moving average (MA) of 11.74, above the 50-day MA of 14.67, and below the 200-day MA of 19.06, indicating a bearish trend. The MACD of -1.26 indicates Negative momentum. The RSI at 46.27 is Neutral, neither overbought nor oversold. The STOCH value of 67.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:GREAT.

Greater Than AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GENI	75 Outperform	kr435.14M	18.38	―	3.48%	―	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
SFL	54 Neutral	kr75.66M	-5.44	-5.80%	―	5.70%	-142.93%
BUSER	53 Neutral	kr175.43M	-0.85	―	―	―	―
RPLAN	48 Neutral	kr86.37M	-2.37	―	―	―	―
MOBA	46 Neutral	kr17.69M	-0.03	―	―	―	―
GREAT	42 Neutral	kr219.76M	-5.44	―	―	-69.94%	-7367.66%