Greater Than AB (GREAT) AI Stock Analysis

• Market Cap: kr181.25M
• Dividend Yield: N/A
• Average Volume (3M): 125.45K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.19
• 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: -7.62
• 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: 44 Neutral
• Price Target: kr9.50 ▼(-42.42% Downside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is driven down primarily by weak financial performance (unstable revenue, ongoing losses, and persistent negative operating/free cash flow) and bearish technical signals (below key moving averages with negative MACD). The low-debt balance sheet provides some support, but negative earnings (reflected in the negative P/E) and no dividend limit valuation upside.

Positive Factors

Low leverage / strong balance sheet buffer

Very low debt materially reduces bankruptcy risk and gives management flexibility to raise time or restructure operations without imminent creditor pressure. Over a 2–6 month horizon this buffer supports continued product development or strategic options while the company addresses operating cash shortfalls.

Niche data-driven platform for insurance and fleets

A focused platform targeting insurance and fleet risk intelligence benefits from structural tailwinds in telematics and data-driven underwriting. Durable demand for risk analytics and potential for recurring SaaS or data-license revenue provide a fundamental avenue to rebuild stable revenue if commercial execution and retention improve.

Prior multi-year revenue growth pre-2025

Historical multi-year expansion shows the company has previously scaled commercial adoption and product-market fit in certain periods. This track record suggests the business model can deliver growth when contracts and sales execution align, offering a realistic path to re-establishing recurring revenue if operational issues are resolved.

Negative Factors

Persistent negative operating and free cash flow

Consistent operating and free cash flow deficits indicate the company is not self-funding and is burning cash to run operations. Over months this erodes liquidity, forces reliance on financing, limits investment in go-to-market or R&D, and increases the probability of dilution or constrained growth without a durable turnaround.

Severe revenue collapse and high volatility

A dramatic revenue decline signals fragility in customer retention, contract concentration, or pricing power. Such volatility undermines predictable unit economics and makes multi-month planning difficult, reducing the likelihood of sustainable margin recovery and complicating efforts to demonstrate durable profitability.

Ongoing net losses eroding equity returns

Sustained net losses shrink equity and weaken the balance sheet over time, reducing financial flexibility even with low debt. Continued erosion increases the need for external capital, heightens dilution risk, and constrains long-term investment capacity, threatening the company’s ability to scale profitably.

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

Greater Than AB generates revenue through multiple streams, primarily from licensing its advanced analytics software to insurance companies, which use the platform for risk assessment and pricing. The company also earns income through subscription-based models for its data analytics services, providing ongoing support and updates to clients. Additionally, partnerships with automotive manufacturers and fleet operators enhance its offerings, allowing for tailored solutions that drive additional revenue. These collaborations often involve joint ventures or revenue-sharing agreements, contributing significantly to GREAT's overall earnings.

Greater Than AB Financial Statement Overview

Summary

Overall fundamentals are weak: the income statement shows highly volatile results with a sharp revenue collapse in 2025 and persistent losses, while cash flow is consistently negative with sizable free cash flow burn. The balance sheet is a relative bright spot due to minimal debt versus equity, but ongoing losses and cash burn are the dominant 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	-40.82M	-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: Negative
• Last Price: 16.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:GREAT, the sentiment is Negative. The current price of 16.5 is above the 20-day moving average (MA) of 12.81, above the 50-day MA of 15.52, and below the 200-day MA of 19.41, indicating a bearish trend. The MACD of -1.55 indicates Positive momentum. The RSI at 23.93 is Positive, neither overbought nor oversold. The STOCH value of 13.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	kr440.05M	18.38	―	3.48%	―	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
SFL	54 Neutral	kr66.05M	-5.44	-5.80%	―	5.70%	-142.93%
RPLAN	48 Neutral	kr86.37M	-2.37	―	―	―	―
BUSER	47 Neutral	kr140.02M	-0.85	―	―	―	―
MOBA	46 Neutral	kr16.33M	-0.07	―	―	―	―
GREAT	44 Neutral	kr181.25M	-5.44	―	―	-69.94%	-7367.66%