Hexicon AB (HEXI) AI Stock Analysis

• Market Cap: kr50.93M
• Dividend Yield: N/A
• Average Volume (3M): 336.99K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.02
• Revenue Growth: 1461.02%
• EPS Growth: -48.56%
• Country: SE
• Employees: 27
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): -0.54
• Shares Outstanding: 363,802,670
• 10 Day Avg. Volume: 187,825
• 30 Day Avg. Volume: 336,989
• PEG Ratio: >-0.01
• Price to Book (P/B): -0.07
• Price to Sales (P/S): 2.37
• 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): 1.22
• Revenue Forecast (FY): kr656.18M

• Rating: 42 Neutral
• Price Target: kr0.13 ▲(1.54% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is driven primarily by very weak financial performance (losses, cash burn, and negative equity), which materially increases execution and financing risk. Technicals also lean bearish with the price below key moving averages and a negative MACD. Valuation offers limited support because the negative P/E reflects unprofitable operations and there is no dividend yield provided.

Positive Factors

Specialist in floating offshore wind

A focused niche in floating offshore wind gives Hexicon a durable competitive position: technical and permitting expertise in a specialized subsegment can secure scarce site rights and early-mover partnerships, supporting a multi-year development pipeline and differentiated project economics.

Project-development monetization model

A capital-light, development-stage business model (divestments, development fees, milestone payments) lets Hexicon realize value without holding all construction risk. This model supports scalable value capture per project, enables partner-funded build phases, and is durable as projects progress to buyers.

Improving cash burn trend (TTM)

TTM improvement in free cash flow indicates operational progress and tighter cash management. While absolute cash flow remains negative, a sustained reduction in burn lowers near-term financing pressure, extends runway, and improves the company's ability to advance projects toward monetizable milestones.

Negative Factors

Negative shareholders' equity and high leverage

Negative equity reflects accumulated losses and materially reduces capital cushions. High effective leverage limits financial flexibility, increases refinancing risk, and can force dilutive recapitalizations or distressed asset sales if project monetization timing slips, elevating execution risk over the medium term.

Persistent negative operating and free cash flow

Chronic operating and free cash flow deficits create ongoing funding needs. Continued cash burn increases reliance on external capital or partner advances, which can constrain project timing, increase cost of capital, and raise the chance of interrupted development activity within the next several quarters.

Loss-making operations despite revenue gains

Sustained net losses signal structural issues converting project activity into profitable results. Even with higher revenues TTM, negative margins suggest scale or cost-structure problems that will likely keep requiring external support, limiting reinvestment in the pipeline and constraining long-term self-sufficiency.

Hexicon AB Business Overview & Revenue Model

Company Description

Hexicon AB (HEXI) is a Swedish company specializing in the development of floating offshore wind farms, focusing on innovative solutions for sustainable energy production. The company operates in the renewable energy sector, offering advanced technologies and services related to the design, construction, and operation of floating wind turbine systems. Hexicon is known for its commitment to providing clean energy solutions that help reduce carbon emissions and promote environmental sustainability.

How the Company Makes Money

Hexicon AB generates revenue primarily through the development and commercialization of its proprietary floating wind technology. The company earns income by securing contracts for the design and construction of offshore wind projects, often in collaboration with energy companies, government agencies, and other stakeholders in the renewable energy sector. Key revenue streams include project development fees, technology licensing agreements, and long-term service contracts for the maintenance and operation of wind farms. Significant partnerships with established energy firms and investments from public and private entities also contribute to its earnings, enabling Hexicon to scale its operations and expand its market reach.

Hexicon AB Financial Statement Overview

Summary

Financial strength is very weak: persistent net losses and negative operating results, ongoing negative operating/free cash flow, and a highly stressed balance sheet with negative shareholders’ equity and elevated effective leverage. Limited positives include prior periods of positive gross profit and some improvement in cash burn in the TTM period, but overall execution and financing risk remains high.

Income Statement

Profitability remains very weak: the company is loss-making across the cycle, with deeply negative operating results and net losses in both annual periods and TTM (Trailing-Twelve-Months). While TTM revenue is much higher than the prior annual period, it still declined year-over-year and the company is not translating revenue into earnings (net margin remains heavily negative). A notable positive is that gross profit turned positive in 2021–2022, but it deteriorated materially afterward and is not sufficient to offset operating costs.

Balance Sheet

The balance sheet is highly stressed due to negative shareholders’ equity in the latest annual period and in TTM (Trailing-Twelve-Months), which signals accumulated losses and weak capital protection. Debt is substantial relative to the asset base, and leverage is effectively very high given the negative equity position. The company moved from positive equity (2020–2022) to minimal/negative equity (2023 onward), increasing financial risk and reducing flexibility.

Cash Flow

Cash generation is consistently negative: operating cash flow and free cash flow are negative across all periods shown, indicating ongoing cash burn. There is some improvement versus the prior year in TTM (Trailing-Twelve-Months) (free cash flow is less negative than 2024), and free cash flow improved sharply on a growth basis, but absolute cash flow remains negative and continued funding needs appear likely until operations stabilize.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	19.20M	9.80M	5.70M	11.58M	23.11M
Gross Profit	-184.30M	-80.72M	-15.50M	12.27M	23.02M
EBITDA	-43.50M	-58.80M	-77.30M	-132.74M	-44.16M
Net Income	-327.10M	-258.20M	-187.33M	-170.34M	-50.86M
Balance Sheet
Total Assets	441.20M	599.20M	501.64M	451.58M	432.18M
Cash, Cash Equivalents and Short-Term Investments	20.30M	258.24M	256.89M	86.64M	289.59M
Total Debt	996.30M	753.80M	387.70M	80.68M	1.91M
Total Liabilities	1.07B	884.20M	500.43M	252.20M	109.33M
Stockholders Equity	-631.30M	-284.20M	1.87M	202.84M	322.76M
Cash Flow
Free Cash Flow	0.00	-61.30M	-187.20M	-178.06M	-94.33M
Operating Cash Flow	-34.70M	-45.10M	-158.93M	-95.11M	-52.89M
Investing Cash Flow	-10.50M	-152.00M	-110.47M	-188.71M	-47.97M
Financing Cash Flow	42.60M	98.20M	304.09M	80.77M	283.13M

Hexicon AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.13
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:HEXI, the sentiment is Negative. The current price of 0.13 is below the 20-day moving average (MA) of 0.14, below the 50-day MA of 0.14, and below the 200-day MA of 0.18, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 44.98 is Neutral, neither overbought nor oversold. The STOCH value of 69.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:HEXI.

Hexicon AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
EOLU.B	49 Neutral	kr887.29M	-3.09	18.63%	5.62%	―	―
ELTEL	48 Neutral	kr1.41B	58.96	0.72%	―	-6.38%	―
HEXI	42 Neutral	kr50.93M	-0.14	―	―	1461.02%	-48.56%